This is an area where mid-size firms need to follow the lead of the Fortune 500
Toronto, ON (Vocus) September 14, 2009
BPM Partners, the leading independent authority on business performance management (BPM) solutions, today released preliminary results from its 2009 Budgeting and Planning Survey for Mid-sized Businesses, conducted earlier this year in partnership with PROPHIX Software. More than 220 individual companies participated in the survey.
The survey results suggest that mid-size companies need to invest in automated planning, budgeting, and forecasting tools in order to derive measurable improvements in their financial performance. Additional details from the survey will be released during a Webinar scheduled for September 22, 2009 (to reserve a spot go to http://bit.ly/MCEWd). Webinar attendees will receive an executive summary white paper.
The Webinar will also feature Coleman Cable, Inc., a leading manufacturer and innovator of electrical and electronic wire and cable products, and East Jordan Iron Works, Inc., a leading American manufacturer of construction castings, fire hydrants, tree grates, and more. A representative from Coleman will be discussing the company's decision to move to a dedicated approach to budgeting and planning, and how this decision made an impact on the company's bottom line. A member of the East Jordan team will discuss how a packaged application has driven performance benefits at East Jordan Iron Works, Inc.
"This is an area where mid-size firms need to follow the lead of the Fortune 500," said Craig Schiff, CEO, BPM Partners. "Larger firms have discovered the power of dedicated tools for budgeting, forecasting, and reporting. The new breed of analytic applications, both lower in cost and easier-to-use, makes it possible for the mid-market to move beyond spreadsheets with confidence."
PROPHIX vice president Bally Boodram agrees. "The improvement opportunity for companies currently using spreadsheets for budgeting and planning is simply too high in today's hyper-volatile business environment. A competitive Where once spreadsheets provided a competitive advantage over manual tables, now companies can drive even greater improvements with automated budgeting and planning tools."
Select results from the new survey:
- Three-quarters of analytic application users say their investments in technology for planning, budgeting, and forecasting have met or exceeded their expectations.
- Users of enterprise analytic applications have a better handle on their businesses drivers.
- Many mid-size companies that depend on spreadsheets for their budgeting, planning, and forecasting are frustrated by a process that is labor intensive and leaves little time for performing analysis on the data.
About BPM Partners
BPM Partners is the leading independent authority on business performance management (BPM) solutions. The company helps companies address their budgeting, planning, financial reporting, regulatory compliance, profitability optimization, key performance indicator (KPI) development, and operational performance challenges with vendor-neutral experts who guide companies through their BPM initiatives from start to finish. BPM Partners has specialized solutions that lead clients through project justification, requirements definition, vendor selection and deployment of departmental or enterprise-wide BPM or business intelligence (BI) systems. For further details, go to http://www.bpmpartners.com.
About PROPHIX Software
PROPHIX Software is a leader in delivering performance management solutions including budgeting, planning, forecasting, reporting, consolidation, personnel planning and other advanced financial functions. PROPHIX Software maintains an outstanding reputation with its customers by consistently delivering tangible value and exceptional ROI, with a lower total cost of ownership. For further details, go to http://www.prophix.com.
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