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Caprice uses Phocas in alongside their ERP to instantly connect the company’s divisional general managers to the data they need.
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— Thomas Clayton, GM at Schlegel.
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Source: The BI & Analytics Survey 23, BARC
Source: The BI & Analytics Survey 23, BARC
Frequently asked questions
Some key elements of business performance management include:
- Strategy - setting high level strategic goals that can be broken into tangible plans and tasks.
- KPI and Metric Setting - Establishes relevant metrics and key performance indicators to monitor the business across the financial, customer and operational functions.
- Reporting and Analytics - Business intelligence systems and data visualization software to monitor actual business results versus pre-established targets, benchmarks, budgets and provide actionable insights.
- Forecasting - Developing projections for how the business is expected to progress taking into consideration market conditions, operational contexts based on historical trends.
- Process Improvement - Applying data analysis and learnings to continuously enhance and optimize end-to-end business processes.
Not exactly. While BPM, CPM and EPM are similar acronyms referring to types of performance management they do have distinct differences:
BPM refers specifically to Business Performance Management. It's focused on defining strategic goals for the entire business and then utilizing KPIs and metrics to monitor outcomes based on those goals. It helps ensure business units and functions are aligned to strategy.
CPM refers to Corporate Performance Management. It is subset that specifically deals with managing organizational performance across finance, budgets, forecasting, reporting and analytics. It's focused on financial and operational outcomes.
EPM refers to Enterprise Performance Management. This is the broadest out of the three disciplines. EPM covers all the methodologies, processes, systems, and data to manage performance of the entire enterprise. It includes both the strategic focus of BPM and the tactical finance capabilities of CPM.
Companies utilize business performance management software for several key reasons:
- Strategic Visibility - BPM software provides executive leaders a centralized system to map enterprise objectives and track progress towards achieving strategic goals through integrated reporting and dashboards.
- Unified Metrics - The system establishes consistent KPIs across the organization, standardizing performance measurement rather than disparate spreadsheet based tracking.
- Enhanced Forecasting - Built-in statistical models and techniques enable more accurate financial and operational forecasts to guide planning.
- Operational Insights - Analytics on customer, supply chain, production and other business data surfaces insights to continuously improve processes, systems and operations over time rather than just pure guesswork.
- Predictive Modeling - Sophisticated algorithms help identify risks and opportunities related to changes in business drivers for different parts of the organization.