- Financial corporate performance management (FCPM) software provides the organization’s metrics, systems, and processes used to manage and monitor the business performance of an enterprise.
- FCPM software is also known as corporate performance management (CPM) software. The FCPM software connects planning, close, budgeting, reporting, consolidation, and disclosure to a single data source. It enables users to complete tasks in one software system, as different from several separate systems.
- FCPM software combines information, formats it to meet compliance requirements, and delivers automated tools that allow the finance department to generate regulatory reports and disclosures. In addition to workflow tools and a central data repository, the FCPM software has features to manage, create, validate, report, and publish financial statements.
- FCPM is a tool in the field of business intelligence involved with monitoring and managing an organization’s performance, according to key performance pointers such as overhead, return on investment (ROI), revenue, and operational costs. The FCPM software comprises forecasting, budgeting, and planning functions, as well as scorecards and graphical dashboards to deliver and display corporate information.
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Financial Corporate Performance Management (FCPM) Software Market: Dynamics
- Financial corporate performance management (FCPM) software helps organizations to become more responsive when faced with unanticipated business. The software provides real-time data, KPI dashboards and responsive plans to finance executives and CFOs so that they can make precise decisions for the organization.
- FCPM software provides automated features such as rolling forecasts, what-if scenario analysis, and scenario modeling. Using this software combined with a single version of automated data, employees can better evaluate performance, make informed decisions, and respond to change.
- The FCPM software saves significant time for users by providing automatic data entry and data collection. Instead, the user can focus his time on value-adding activities such as reducing costs, analyzing probability, and developing strategy.
- The FCPM software is an essential part of the transformation for organizations. The software enables finance teams to demonstrate their value and gain support and trust in leadership. The organization is likely to implement essential changes to keep up with the modern scenario with the strategic usage of financial corporate performance management software.
Impact of COVID-19 on Financial Corporate Performance Management (FCPM) Software Market
- Most companies are adopting the work-from-home module during the pandemic period. Companies are decreasing their investment in new technologies and services to manage their profitability. Most small businesses closed their business process due to lack of funds to sustain in the market. Some companies have withheld all investments in advanced business solutions and tools due to the low return on investment. Thus, demand for financial corporate performance management (FCPM) software is decreasing during the COVID-19 lockdown situation.
North America to Hold Major Share of Global Financial Corporate Performance Management (FCPM) Software Market
- In terms of region, the global financial corporate performance management (FCPM) software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global financial corporate performance management (FCPM) software market in 2020. The U.S. is a key market in the adoption of new technologies. Strong financial position enables the country to invest heavily in the adoption of leading tools and technologies to ensure efficient business operations.
Key Players Operating in Global Financial Corporate Performance Management (FCPM) Software Market
- SAP SE
SE is a global technology company that provides enterprise application software for industries and companies across diverse sectors. The company offers solutions for various businesses, including commerce, finance, asset management, manufacturing, human resources, supply chain, and procurement. The company offers analytic solutions such as agile visualization, and business intelligence for information and data needs.
- International Business Machines Corporation
IBM Corporation is a leading technology company that produces software and hardware solutions. It is a prominent research company in the U.S. patent market with significant number of patents. The company offers a wide range of services that include analytics, cloud, Watson, customer engagement, Internet of Things, industry solutions, IT infrastructure, mobile, and security. IBM cloud services include cloud managed services, cloud advisory services, and cloud migration services
Other key players operating in the global financial corporate performance management (FCPM) software market include Oracle Corporation, Amazon.com, Inc., Visyond Ventures, Ltd., Microsoft Corp, Cubus AG, LucaNet UK, Axiom EPM, MuleSoft, LLC, Vena solutions, Qlik Technology, and Axway.
Financial Corporate Performance Management (FCPM) Software Market: Research Scope
Financial Corporate Performance Management (FCPM) Software Market, by Component
- ServicesProfessional ServicesConsulting
- Support & Maintenance
- Managed Services
Financial Corporate Performance Management (FCPM) Software Market, by Deployment
Financial Corporate Performance Management (FCPM) Software Market, by Enterprise
- Large Enterprises
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