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Performance Management is about aligning the organizational objectives with the employees’ agreed measures, skills, competency requirements, development plans, and the delivery of results. It also creates measurable performance-based objectives and expectations.

In goal setting, there is one method that has stood the test of time.

The main definition of SMART is an acronym for the five components of an effective goal. An effective goal should be:

• Specific
• Measurable
• Attainable
• Result-focused
• Time-oriented

The emphasis is on improvement, learning, and development in order to achieve the overall business strategy and to create a high workforce.

Once your performance management is in place, you will need innovative tools to foresee the outcome of your organisation.

A performance indicator or key performance indicator (KPI) is a type of performance measurement. KPIs evaluate the success of an organisation or of a particular activity (such as projects, programs, products and other initiatives) in which it engages.

Often success is simply the repeated, periodic achievement of some levels of operational goal (e.g. zero defects, 10/10 customer satisfaction), and sometimes success is defined in terms of making progress toward strategic goals. Accordingly, choosing the right KPIs relies upon a good understanding of what is important to the organisation. What is deemed important often depends on the department measuring the performance; e.g. the KPIs useful to finance will differ from the KPIs assigned to sales.

Since there is a need to understand well what is important, various techniques to assess the present state of the business, and its key activities, are associated with the selection of performance indicators. These assessments often lead to the identification of potential improvements, so performance indicators are routinely associated with ‘performance improvement’ initiatives. A very common way to choose KPIs is to apply a management framework such as the balanced scorecard.

A KPI is good to measure but to complete the appraisal cycle and to reach excellence, you will need a solution to prudence, elevate, and upraise your organisation. Palmira provides you with the right tool to foresee the future.

According to Gartner, Corporate Performance Management (CPM) is an umbrella term that describes the methodologies, metrics, processes and systems used to monitor and manage the business performance of an enterprise. Applications that enable CPM translate strategically focused information to operational plans and send aggregated results. These applications are also integrated into many elements of the planning and control cycle, or they address BAM or customer relationship optimization needs.

It is  an area of business intelligence (BI) involved with monitoring and managing an organisation’s performance, according to key performance indicators (KPIs) such as revenue, return on investment (ROI), overhead, and operational costs.

CPM is also known as business performance management (BPM) or enterprise performance management (EPM).

Historically used within finance departments, CPM software is now designed to be used enterprise-wide, often as a complement to business intelligence systems. CPM software includes forecasting, budgeting and planning functions, as well as graphical scorecards and dashboards to display and deliver corporate information. A CPM interface usually displays figures for key performance indicators so that employees can track individual and project performance relative to corporate goals and strategies. Some companies use established management methodologies with their CPM systems, such as balanced scorecard or Six Sigma.

CPM must be supported by a suite of analytical applications that provide the functionality to support these processes, methodologies and metrics.

The utmost value that Corporate Performance Management (CPM) solutions bring to organisations is that they reduce the finance department’s time and effort spent on data collection and manipulation, freeing them up to undertake more value-added activities such as analysing data.

The software tools that support good performance management enable organisations to:

Produce timely and accurate information.
The key to unlocking the value of CPM is to have the ability to report using useful and meaningful information and have clearly structured performance metrics to highly support your decision-making process.

Increase standardisation and automation of processes and Eliminate reliance on spreadsheets.
A CPM solution will streamline the collection, aggregation and reporting of data from multiple sources, with consistency and increased accuracy – providing faster results with shortened period end close.

Have more control.
As CPM utilises information from one source it enables greater control, improved data security and governance around the numbers produced from it.

Have greater visibility of financial information.
The finance team can develop cost, revenue or resource modelling to help them understand implications of their forecasted numbers.

Reduce operational risk.
CPM enables trust and confidence in financial data, with traceability of actions and seamless workflow capabilities. 

In addition to the benefits that good CPM brings to an organisation, it also addresses the following business issues:

A disjointed budget.
A CPM solution will align corporate strategy with the execution of operations to bring about improved cash flow and budget control.

Manually intensive and time-consuming financial processes.
CPM software shortens the time required to collect information, consolidate financial data and generate reports.

Multiple versions of the same data from a variety of sources, or limited visibility of data.
CPM software provides a ‘single source of truth’, and by doing so reduces the risk of errors and gives greater insight into your financial status through improved reporting facilities.

Non-standard and inconsistent financial data.
By using the reporting facilities built into the heart of the CPM software, managers are able to review standardised financial information right across the organisation.

If you are looking to replace or reduce your organisation’s reliance on spreadsheets and achieve greater visibility of your company’s performance, a CPM solution could be right for you. Palmira can help you to develop your short-term or long-term strategies and even support your digital transformation journey with quick assessments for remarkable improvements and accelerated results.

There are many CPM (Corporate Performance Management) in the market, however none fulfil the full picture of CPM according to GARTNER. Our solution is now available to bridge the gap and help you foresee the future, upraise and elevate your standards, with continuous improvement and enhancement using Artificial Intelligence and machine learning algorithms. Our solution is a CPM based on AI and long human experience converted to machine learning.

Business Excellence is often described as outstanding practices in managing the organisation and achieving results, all based on a set of fundamental concepts or values.

These practices have evolved into tools and models for how a world-class organisation should operate. These tools and models have been developed and continue to evolve through extensive study of the practices and values of the world’s highest-performing organisations.

With business excellence, your organisation can enhance innovation and idea generation, increase customer satisfaction, synthesize organisational growth within employees, increase employee satisfaction and involvement, improve efficiency and effectiveness, and product reliability.

With the non-stop digital disruption and transformation, there is a wide variety of business tools and models now available in the market in which Palmira can help you handpick the best and most suited for your organisation. To achieve excellence, you need intelligent solutions that help you monitor and foresee the future, Palmira an innovative solution to cater your excellence requirements.

Excellence is a complix program that needs a tool to help analyst as well as decision makers cascade and aggregate different type of critiria and KPIs and MetrixPlus provide with creative capabilities to your excellence objectives.

We deliver tailored solutions that meet your requirements; prices depend on your needs and requirements.

Contact us at info@metrixplus.com