Todays’ financial professionals use the latest 64-bit, in-memory, technology and vendor Agile Financial Performance Management solutions to assist with their reporting, analysis, planning and measurement of financial performance.
Modern software applications and self-service tools that are delivered on-premise or via hybrid-cloud IT platforms that provide that single integrated, one version of the truth, that are both fast, accurate and user-friendly. However, financial performance management is often seen as the poor relation to either Corporate Performance Management (CPM) or Enterprise Performance Management (EPM) solutions.
The terminology game probably started with the acronym (BPM) Business Performance Management which had its’ roots in (BI) Business Intelligence formerly known as (DSS) decision support software.
Traditionally, Finance departments were perceived as Number-crunchers and Guardians of the Plans, translating the figures into statutory accounts, tax computations and monthly management reports. Those ‘back-room guys’ were called upon to offer "explanation of variance to management expectation" and perform reconciliations of outstanding receipts, payments and inter-company (or inter-divisional) trades.
As organisations and businesses become more global, and digital, accountants are becoming Finance Business Partners and the Office of Finance is well established, leading to a rise in Solutions being directed at these financial teams.
Whilst many Vendors and their clients, still perceive FPM solutions as no-more than a standardisation of methodology to collect individual trial balance data for translation, consolidation and preparation of financial statements, in reality Agile Financial Performance Management represents ‘closed-loop’ reporting that enables integrated dashboards, graphs and charts. And answers the; How?; Why?; and When? questions.
The financial performance management marketplace has several well-established Vendors plus many new entrants, with low-cost entry-level offerings pitched against more expensive enterprise-wide and occasionally ERP vendor-specific solutions. Accordingly, the landscape for FPM solutions can at best, be confusing. Indeed, a plethora of Solutions that are driven by the Office of Finance to be shared across the entire organisation. Built by Finance for use by Finance, must include Operational & Driver-based Planning, as well as forecasting.
LSA Solutions have since the mid-1990’s focused expertise and client services towards empowering finance departments with Office of Finance solutions that allow administration and maintenance of systems, largely without any sophisticated IT involvement, to enable self-service, collaborative, measurement and reporting that maintains both ‘buy-in and ownership’ of the overall results and commentaries with the appropriate business manager.
Whether, your organisations need is to decipher the latest market offerings, or to leverage additional value from your existing reporting tools or applications, LSA Solutions can assist you to put the F... back into Performance Management.