Workflow is critical to a CPM application in the same way that it is critical to ERP. It is through workflow that users are directed and their attention focused onto their roles and responsibilities through the different performance management processes. The activities involved tend to be classified into the management processes.
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The central CPM business model requires multi-dimensional technology. The CPM business model will typically consist of the 7 dimensions.
Most people will agree that planning is a vital activity for every corporate body. It is often carried out according to a management calendar. Long-range and resource planning tends to take place on an annual basis, forecasting tends to be quarterly, while reporting is monthly driven.
Believe it or not, organizations do not collapse if they don’t have a plan or a budget! If a business is already established then two things will impact future results, irrespective of what is planned - organic growth and external influences.
We live in an unpredictable world where the future is uncertain. If it was then we would all make a fortune by making strategic ‘bets’ on certain outcomes. But the world is not like that.
A number of years ago I was contacted by a manager in the Health profession and asked if I could tell them 25 measures they should be tracking.
How do you think performance is measured at the Olympics Games by the teams involved? The number of gold medals? The number of world records?
The inaugural full meeting of the London FP&A Board confined itself to detailing the attributes required of an FP&A professional and the evening’s roundtable discussion produced a set of best practice recommendations detailing the necessary skills and mix of different personalities that should go into building a successful FP&A team.