Performance management has achieved significant traction and success in the core areas of budgeting, consolidation, reporting and dashboards. However, these core capabilities alone don't address the full range of potential business performance management (BPM) benefits. While companies now have consistent financial data that leads to a single version of the truth and a streamlined budgeting and reporting process, are they really able to make better decisions? They can make decisions based on relatively clean data, but is it the best data set? Are decision-makers looking at all the key elements that matter the most? Are they getting the different perspectives they need to put performance in the right context? Probably not, and that's where I see the potential for the next round of BPM adoption.
Three areas in particular should help companies make the right decisions: predictive analytics, profitability analysis and external benchmarking. Each of these can provide a new perspective on the company's performance that may lead to better decisions.
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