Cognos CPM for Finance is the first complete financial solution that aligns core financial processes with company strategy and performance by integrating forecasting, budgeting, planning and consolidations with reporting, analysis and metrics management. This integration gives companies better visibility of their finances, more accountability through actionable metrics and more reliable data via a shared financial framework.
In addition to dealing with enhanced financial reporting requirements detailed by the Sarbanes-Oxley Act in the U.S., financial executives must now put greater focus on corporate governance. They are looking for better visibility and more reliability from their financials at a summary and detail level, with the ability to distribute accountability throughout the organization. Having a single, reliable and accurate view for both balances and details of the financials for all stakeholders has become increasingly critical.
Designed to meet the challenge of a complex and changing financial regulatory environment, Cognos CPM for Finance ensures the integrity and timeliness of financial reports, giving financial executives a means to improve performance across the company by integrating financial processes such as audit trail creation, rapid consolidation and budgeting. This centralized solution reports a consistent picture of a company’s financial health. For example, this ensures the timely identification of resource shortages, allowing organizations to optimize resource allocation and usage.
“Organizations need better solutions to ensure visibility into performance and enable better accountability in the new closed-loop business performance management paradigm,” said John Van Decker, senior program director, Application Delivery Strategies of META Group. “Fast, accurate decision making is especially important against a backdrop of global economic uncertainty. The market for balanced scorecards and key performance indicator delivery is especially significant as financial professionals recognize the significance of measuring department and enterprise-wide performance.”
Instead of implementing company strategy based on intuition, Cognos CPM for Finance allows finance professionals to monitor key indicators according to user-defined criteria, analyze that information and drill through to transaction-level details delivering Web-based, self-service reports across the enterprise. The inclusion of both user-defined and packaged metrics provides users with a guided approach to decision making by analyzing cause-and-effect scenarios of their key performance indicators (KPIs). This allows users to form confident business decisions at every level of the organization. The reporting and analysis integration enables a truly collaborative decision-making environment for users, allowing them to easily share and distribute information tied to KPIs. The decision making flow moves cleanly from “what” is happening to “why” it is happening.
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