Use best practices from financial planning across all departments.
Planning is the central element of corporate management for aligning your operational business with your strategic company goals. In short: with planning you actively shape the future of your company.
But how do you succeed in times when the dynamics of markets and competition are rapidly accelerating and companies are facing the challenges of global and increasingly digital value chains?
Or, to put it another way, what happens when planning periods become shorter and shorter?
This challenge can only be met with a clearly structured approach: corporate performance management (CPM).
Corporate performance management is a continuous cycle of proactive planning, reporting, constant analysis of the actual development, precise monitoring of the reasons for deviations from plan and ultimately, scenario modeling, plan adjustment and renewed planning.
CPM enables you to make solid decisions based on current forecasts and data analytics as well as the consideration of possible future developments in scenarios and simulations. The automation of processes helps to massively reduce the workload of your planners.
Thinking and working across disciplines, as well as relying on automation processes, are key factors that have to be considered as standard in order for your company to be able to act at all times.
The CPM model as best practice for Financial Planning & Analysis (FP&A) is also suitable for many other, cross-departmental planning processes. The analyst Gartner summarizes these possibilities with Extended Planning & Analysis (xP&A).
With xP&A, the practices and processes of Financial Planning & Analysis (FP&A) are applied to all other areas of the organization that also create plans. The result is a standardized approach of corporate planning.
This makes it possible to link the planning levels of different business areas. Whether it is HR, marketing, sales, production or operational planning – all important KPIs are consolidated in a single solution and can thus be viewed holistically. Data silos caused by fragmented financial and operational planning are dissolved.
Serviceware Performance is an integrated solution for planning, reporting and analysis, making it the solution for comprehensive planning in many different business areas.
Optimizing controlling means significantly increasing the quality and speed of the entire corporate performance management cycle.
By using automated machine learning services, Serviceware Performance enables you to improve the efficiency and quality of your planning and forecasting processes (Predictive Planning). AI algorithms take over the search for deviations or anomalies in the data and therefore relieve the controlling.
As a benefit you can easily create and train models based on your data to incorporate the results into the planning process. This allows to make predictions about important KPIs based on internal and external data.
To train the models, historical data is used from your customer database or other data sources, such as freely available statistics databases. This increases forecast accuracy, creates an objective basis for planning and enables the simulation of scenarios. The process is simple, intuitive and, of course, automated.
Through this predictive planning, you achieve immediate efficiency gains and elevate your planning process to a new level!
Experience how AI-powered predictive planning works in our on-demand webinar.
For a more in-depth look at xP&A, read our whitepaper to learn why CPM and xP&A are key to agile cycles of planning, reporting, analysis and simulation.