It has been said that there has not been an original idea in banking in the last 50 years. Well, I don’t necessary agree with this, but there is one thing for sure. We all watch what others are doing, and we move in herds. This is most evident when it comes to technology. There are early adopters and slow adopters, but we all adopt.
The goal of this article is to identify the current hot topics in financial services and specifically around Corporate Performance Management (CPM). CPM is becoming a more commonly accepted term. The concept has been around for years – at least 50. In simple terms, CPM refers to the various ways in which companies measure their performance. This includes applications such as organizational profitability, customer profitability, budgeting and forecasting, and scorecards.
Corporate Performance Management originated in the Finance Department, but in recent years as value has been recognized it has moved throughout the organization. Marketing Departments are using CPM to develop better products, assess the results of campaigns, and to better understand their target market. Credit Departments are leveraging CPM for better reporting and analysis and slicing and dicing portfolios in new and creative ways.
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