It was not possible for businesses to properly collect and analyze data before the 20th century. In 1970, decision support systems were introduced in business. Decision support systems can analyze one department at a time. In 1980, executive information systems were introduced. The executive information system can effectively summarize ongoing transaction within an organization. By 1990, business intelligence improved with the introduction of computer technologies. Customer relationship management also improved. Advanced management techniques combined with new technology improved the planning, reporting and analysis in business. These new developments gave rise to an integrated methodology known as corporate performance management. Corporate business management is a holistic approach in strategic planning.
The concept of corporate performance management was introduced in 2001 by Gartner research. Corporate performance management (CPM) is also known as business performance management. This describes the process, methodologies, metrics and systems needed to manage the performance of an organization. The main characteristics of corporate performance management include complete integration, automating data processing, support of collaboration, analytical insight and focusing on exceptions.
The three levels of corporate performance management are client, application and data levels. The important steps in corporate performance management are strategic planning, scorecarding, budgeting, forecasting, consolidation and business intelligence.
While strategic planning is the basic requirement of any business, the objective of scorecarding is to examine performance related to strategic planning. Corporate performance management uses metrics to assess the present state of the business. Metric related data is consistent and correct. Corporate performance management speeds up the budget and forecasting process, improving accuracy and providing auditable budgets. The forecasting ability helps the business to take appropriate action in keeping with the occasion. Consolidation is an important component in CPM. Financials depend upon the consolidation process. Business intelligence refers to turning data into information. This information is used in decision making.
By: Josh Riverside
Posts Tagged ‘Customer Relationship Management’
History of Corporate Performance Management
April 4th, 2010The Benefits of EBilling Software
January 12th, 2010In this digital age, new technologies are always being developed to save time and money. For many businesses, one of the most useful technologies is that of eBilling software. Like its name implies, eBilling software allows companies to invoice their customers digitally, eliminating the old, time-consuming method of faxing or snail mailing an invoice.
If you’re thinking of implementing eBilling software into your business process, consider these benefits that you’ll enjoy.
1. Saves money on sending invoices-In the past, sending an invoice to a customer meant mailing or faxing it to them. Then, you’d have to spend time following up on the invoice to make sure they received it and to determine when they’ll send over the payment. With eBilling software, you’ll save time and money as everything is handled digitally. Bill production (paper and printing) and distribution (postage) costs will be a fraction of what they once were. Most companies break even with their eBilling software in a year or less, and after that, you start seeing a true return on your investment.
2. Expedites payment-Not only is the traditional way of distributing bills costly, but it also takes up too much time. By the time you print up, send the invoice, and wait for payment to return, a couple of weeks could easily pass by. eBilling allows you to instantly invoice your customers no matter where they’re located. Customers can quickly pay their bill online, making the entire process fast and easy. As a business owner, you can certainly appreciate the reduced hassle and stress of getting paid quickly and on time.
3. Improves customer relationship management-One of the keys to keep customers coming back time and time again is to have a sound customer relationship management strategy in place. This allows you to stay in regular contact with your customers, to avoid having anyone slip through the cracks, and to improve your overall customer service. eBilling software allows you to easily manage all of your customers and their accounts on your computer. This eliminates billing errors and ensures a solid relationship is maintained.
4. Keeps billing records organized-Before eBilling was created, records of past invoices were typically stored away in a filing cabinet somewhere. If any discrepancies popped up, you had to go digging through the old paper records to sort out the billing dispute. With new digital billing software, all the records of your transactions are easily accessible from your computer. Paid and owed invoices for each customer can be examined quickly and easily, making it faster than ever before to sort out any discrepancies or disputes.
5. It’s environmentally friendly-Using eBilling software isn’t just good for your business; it’s also good for the environment. No longer will you have to use tons of paper every single year just for printing and sending invoices. It’s a simple way to reduce your environmental impact while making a change that also improves the overall efficiency of your business.
Increase your productivity and save money by using eBilling software today!
By: Shelley Veazie
Winning Markets – How Customer Communications Management Brings Competitive Advantage
November 5th, 2009I have already talked about the use of statements for cross selling purposes. Premise 1 is that by building on existing customer relationships, it is possible to enhance the value that customers can gain from your company by showing them relevant offers that encourage them to sign up for more of your companies products or services. Premise 2 is that for most businesses, the statement and its viewing forms one of the larger elements of the relationship between the two parties.
But think of the extra knowledge that additional sales brings about the customer. Every order that you receive from you customer gives you a greater level of knowledge about that customer, it enables you to further enhance your offers, perhaps with the advent of data modeling and advanced data management integrated with customer communications techniques even tailor offers on a one to one basis.
Another great by product of developing the relationship in this sophisticated manner is that each time that a customer extends their relationship with you, they move one step further away from you competitors. The philosophy of your company should be that more knowledge of that customer brings more opportunities with each interaction.
In the current information economy, knowledge is everything. The easier you make it for your customers to do business with you, the greater your understanding of them and they will enhance your ‘permission’ to extend their relationship with you.
We now have relative maturity in CRM (Customer Relationship Management) markets, the opportunity to enhance the CRM proposition as a result of the evolution of today’s suite’s of customer communications solutions renders us with tempting and powerful promises.
With pressure now upon companies to deliver more environmentally friendly ways of communicating with prospects and customers, the powerful features of fully loaded customer communications management suites as offered by the likes of EMC Document Sciences, HP Exstream, Pitney Bowes Group 1, Thunderhead and Xenos mean that companies have new ways to reach and develop the customer relationship.
For me, the challenge now seems to be achieving full integration between digital media channels as well as print. The rise of social networking and social media on the internet also seems like it is going to become an important marketing tool for companies.
I feel that currently the digital and traditional communication channels are in a state of early convergence. The recognition is there of the need to bring the platforms together, to create dynamic rapid communications with customers. It is almost like the old story of ERP leading to CRM which is similarly heading towards CCM.
I feel that the route to success in this lies in getting good solid data extraction and content management infrastructures in place. In parallel build a mail piece / document creation facility that is capbable of putting the power of communication in the hands of business users.
Ensure open API’s in all that you purchase and make sure that content can be driven to your chosen message distribution; platform easily and routinely. Strongly consider the benefit of a system that can exist in a service oriented architecture. Component re-use is going to give strength to any system in this arena.
The opportunity is for business to move at a faster pace, to be able to react to market changes swiftly and to let customers who particularly need to know quickly about new and relevant offers. I think that I would recommend that all companies establish a review of their current customer communication infrastructures and assess the gap between that and much of the discussion on this website. The potential is significant and those that get the hang of this early are likely to reap significant rewards in terms of customer lifetime value.
Thanks for taking the time to read this article. For more on this topic, please visit Document Projects. Thank you.
By: John Evans
