Geac reinforced its commitment to the business performance management market with the launch of Geac Performance Management, an integrated product line that enables companies to bolster their effectiveness by tightening the linkage between business strategy formulation and operational execution, and by improving monitoring, reporting and decision making.
Geac Performance Management delivers against the business performance management strategy Geac formulated 18 months ago and articulated most recently at the company's annual shareholders' meeting in September. The product line represents the successful melding and evolution of two highly regarded software suites that Geac acquired when it purchased Comshare Inc. and Extensity Inc. earlier this year.
"There is a confluence of powerful market, regulatory and technology forces propelling the business performance management market forward," Tim Wright, Geac's chief technology officer and chief information officer, said. "With recent acquisitions, ongoing product development initiatives and key market partnerships, Geac offers customers the products they need to extend the value of current IT investments by significantly enhancing the capability, flexibility and strategic management of their existing systems. Our solutions in this space will enable us to add significant value to new and existing customers."
Geac Performance Management includes enhanced financial consolidation and expense management functionality, and an innovative new software module, Strategy Management, which supports the creation, communication, monitoring, and management of strategic plans. In addition, the product line offers seamless integration with various Geac and non-Geac enterprise financial, HR, and ERP applications, allowing Geac Performance Management to become a critical part of existing corporate information systems.
The Geac Performance Management product line is available immediately throughout North America from Geac's direct sales force.
Geac Performance Management lets Geac tap into a rapidly growing new segment of the enterprise software market and expand sales opportunities with its 18,000 existing customers. Industry research firm International Data Corp. (IDC) projects the market for Business Performance Management software will grow at a CAGR of 10.3 percent through 2007 from a base of $1.1 billion in 2003.
"The performance management strategy Geac has presented to us is compelling, and maps well to our vision for process and performance improvement within our company," said Dana Gilman, Vice President, Product Planning and Analysis at Miles Kimball, a leading direct marketer of consumer gifts and household products. "Geac Performance Management is a technology enabler for business process changes that will ripple down to our bottom line."
Geac's business performance management strategy currently spans four functional categories:
- Strategy Management to support the creation and management of strategic plans and their linkage to operational plans, performance measures, and regulatory reporting requirements.
- Plan Management to help organizations optimize their planning, budgeting, forecasting, financial consolidation, and reporting and analysis.
- Expense Management to automate and reduce the costs of key business processes associated with business travel, vendor payments, and supply purchases.
- Resource Management to help organizations strategically manage their workforce and operational resources, aligning them with organizational goals and improving operational efficiencies.
Such a broad-based approach to performance management is consistent with what many customers are seeking, according to recent research. "The results of our 2003 BPM Pulse Survey show that 43 percent of the respondents are looking for a full business performance management suite," said Craig Schiff, president and CEO at BPM Partners.
"Customers are demanding multi-functional solutions that effectively address the broad scope of business performance management. Vendors need to deliver solutions in which strategy and planning drive operations, and experience from operations informs future planning and refinement of strategy."
The launch of Geac Performance Management includes 10 distinct modules that embrace both operational and management functions. Among the new features are:
- Strategy Management This brand new module offers enterprises a mechanism for linking strategic plans to operational plans and performance measures. It gives users an intuitive, transparent method for visualizing and reporting on how the actions of operating units and individuals contribute to strategic goals.
- Financial Consolidation Geac's newly enhanced financial consolidation functionality accommodates globalization and regulatory requirements such as Sarbanes-Oxley, IFRS, GAAP and more, while reducing the time it takes to close the books. Consolidation and statutory reporting of financial data are streamlined with automated consolidation adjustments, multicurrency support, built-in audit trail capabilities, and guided workflow capabilities.
- Expense Reports Geac automates the entire expense report process from report creation to processing and approval. Users can save and reuse names that they regularly entertain as well as incorporate guest databases from other systems like CRM and sales contacts-an essential capability for pharmaceutical customers facing new federal regulations limiting the frequency of entertaining physicians. Expedited approval capabilities and enhanced support for per diem rules mandated by U.S. and other governments are also part of this latest release.
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