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Performance Management for Finance

Technology solutions to strengthen planning, budgeting and forecasting

Middle market organizations spend a significant amount of time designing and implementing finance processes and protocols—yet many lack an effective mechanism to measure the effectiveness of such efforts. Finance leaders now have access to several effective technology solutions to understand where deficiencies may exist and how to gain greater insight into financial data.

While almost every middle market organization utilizes an enterprise resource planning (ERP) solution, corporate performance management (CPM) tools can take your budgeting and forecasting to another level. RSM can help you understand how these solutions provide more benefits and depth than a traditional ERP framework by enabling data analysis from multiple dimensions beyond standard financial reporting. In addition, the cloud-based nature of today’s performance management tools simultaneously lowers costs while increasing data access.

Your finance planning and analysis team is typically responsible for the enterprise budget, working with individual departments to feed information into the budget and gathering reviews to develop the annual budget. These technologies automate many of these manual efforts, creating a defined workflow and eliminating the need for multiple error-prone spreadsheets. Ultimately, they streamline the budget process, taking actuals data from the ERP and comparing against the budget to look for variances that might explain business performance.

How can we help you?

Performance management solutions also add an increasingly important forecasting component to your finance department, affording flexibility in how often you compare to the budget and whether you need to reforecast. For example, during the COVID-19 pandemic, forecasting helped companies accurately understand cash flow, serving as a driver for business resilience and sustainability.

These solutions can lift your company out of spreadsheets and instead plug you in to a digital ecosystem with augmented planning, budgeting and forecasting capabilities. You can create forward-looking models and perform enhanced what-if and predictive analyses, which establish a stronger platform for decision-making.

RSM possesses deep knowledge of several performance management platforms and are committed to helping you find the right fit for your business and industry needs. We combine the power of management consultants who align solutions to the context of your financial operating model with technology consultants who perform a detailed implementation that meets your specific needs.