Analyst firm BARC has released a study titled Boost Finance Productivity with Unified Performance Management based on a survey of 198 professionals about their experiences with performance management. The findings reveal how businesses, through thoughtful integration of performance management, can optimize the effectiveness of their finance departments and thereby gain a competitive edge.
A central focus of the study is on the standardization of performance management. Considering current challenges such as manual and error-prone data integration as well as data silos, the study provides not only deep insights into ongoing business initiatives but also practical recommendations and promising strategies for optimizing processes and software.
Robert Tischler, Senior Analyst at BARC, comments on the publication: “Standardizing performance management helps many companies to strengthen their finance departments. This aids in overcoming the challenges of data integration, data silos and outdated software solutions. Our study emphasizes the pivotal importance of strategy, technology and integration in promoting a stable, error-resistant and flexible performance management system, which lays the groundwork for informed, data-driven decisions.”
The key findings include:
- Corporate planning and management reporting play a primary role as cornerstones of corporate governance and are processes that constantly require optimization and adaptation to new market demands.
- Despite their high relevance, many companies still use inadequate or outdated software. Particularly in dynamic times, effective performance management is crucial, and only an integrated performance management system can provide current and reliable information for critical decisions.
- Companies are investing in the optimization of their performance management and are implementing extensive measures for better integration and standardization of software and processes.
The study provides businesses with a clear overview of the current trends, challenges and opportunities for success in standardizing performance management. Furthermore, it serves as a guide for the often-complex processes of data integration, software selection and strategy development in the realm of performance management.
The full report is available for download free of charge thanks to sponsorship by Board, OneStream and Wolters Kluwer | CCH® Tagetik.