You could argue that ERP is a not a sexy, new subject. It’s not a cool 3D printer, or a technologically advanced ‘hybrid car’. In fact, I could probably say that ERP is more the sedate station wagon than the sleek super car. Does this mean ERP companies do not constantly innovate? Or continually seek out partnerships that enhance their product offering? Absolutely not. SYSPRO ERP may not be new, but it is a system built around listening to market trends and innovating accordingly.
Part of this ERP evolution from a system of record to a system of insight and engagement is reflected in the market by seeing ERP companies partnering with Corporate Performance Management (CPM) providers to enhance their offering to business owners.
There are two primary objectives of a CPM solution: the first addresses more tactical challenges while the second is in response to strategic requirements.
Why Integrate ERP with CPM?
Typically, an ERP user would resort to an ecosystem of spreadsheets that sits beside its ERP environment to fulfill certain financial office elements, such as planning, budgeting and financial reporting. This has proved to be a cumbersome, error-prone and unstructured method of producing information. Integrating ERP with CPM offers the opportunity to streamline all of this manual work and enables support for useful and insightful decision-making.
On a strategic level, the simplification of the manual, number crunching process frees up the office of finance for more important tasks. This means that more time can be spent analyzing the data than producing it, which is a significant driver of value and competitiveness in any organization.
Visibility and Business Insights Across the Company
Where traditionally financials were processed solely within the finance department, integrating CPM with ERP enables visibility across the organization and supply chain. This includes staff at the operational and logistical levels who will now have access to business insights that will help to drive productive behavior across the company.
The ideal CPM software should be built to integrate easily with a variety of databases, flat files, external data sources, or other formats including direct access to the partnered ERP system. The best CPM data integration features a simple interface, which any business user can master without relying on IT assistance. This allows users to easily move data into pre-built models effortlessly and intuitively.
As ERP integrates with CPM budgeting, reporting, forecasting, financial consolidation, analysis and cash flow planning are all possible now with far less labor and far more accuracy. Still, not quite as exciting as the sound of a Bugatti Veyron Super Sport at 268 mph, but certainly a lot more beneficial for you as a business owner.