Financial perFormance management (Fpm) function is a core responsibility of the finance department. But, despite placing in-creased demands on their financial operations, many companies are still reluctant to invest in Fpm software, believing it to be too expensive, too complex and beyond their reach.

“Fpm software doesn’t have to be an all or nothing proposition,” says Faisal nadeem, founder and ceo of UK-based Tcm infosys, a leading specialist in Fpm software development. “companies can see an almost immediate return on their investment by taking incremental steps to integrate information, technology and

people.” This gradual approach means that each business can reap the immediate benefits of Fpm, expanding and adapting its capabilities as the company grows.

companies that use Fpm software can plan the direction of their business and analyse

information to understand underlying trends and spot anomalies. “if a company is going to grow and succeed it’s imperative to have immediate access to reliable, relevant information,” he says.

nadeem says that an Fpm solution has components found in any management infor-mation system – software, business processes and people. With minimal investment, these components can interact more successfully to measure performance and improve operational effectiveness.

Before investing in Fpm software, however, nadeem says that a number of factors must be weighed in the decision-making and selection process. The company’s key users and manage-ment must be part of the process right from the start: “it’s important to know the needs of your decision-makers – such as how, and where, they

use financial information, and what information they think is relevant and timely.”

He also recommends that companies should clearly define their business and technical re-quirements before they select an Fpm provider. “There’s a lot of choice on the market,” he says. “You really need to get the software that meets your needs, not just today, but as your business grows. ask yourself, does the product give you the flexibility and agility that you need?”

He also emphasises that “companies really need to consider how much implementation effort, training and ongoing administration are required with each product. a successful knowledge transfer to your users is the key to ensuring the success of your Fpm project.”

another critical factor when choosing a software provider is service. “look for a provider

that is committed to developing a strong busi-ness relationship with your organisation,” says nadeem. “reliable and exceptional after-sales service will get companies the maximum benefit from their investment in Fpm.”

Finally, nadeem suggests that companies request a prototype of any solution, before making a final decision.

“i’m a strong proponent of showing the solu-tion instead of just talking about it. That way, everyone has an enhanced understanding of the solution and the people involved, and you’re on your way to developing a positive and profitable outcome.”

For more information email faisal.nadeem@tcminfosys.comwww.tcminfosys.com

Deliver dividends with financial performance managementFinancial performance management systems have become much more affordable, especially if adopted incrementally

15Industry viewBusiness Reporter · June 2011an independent report From lyonsdown, distributed with the daily telegraph

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