PayStream Advisors, Inc., a leading independent research and advisory firm, today released their 2014 Budgeting and Forecasting Report

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Companies of all sizes are installing Business Performance Management (BPM) systems to take advantage of integrated and comprehensive data systems, but with nearly 100 vendors offering BPM solutions, it can be difficult to choose.

The report reveals that more companies across the market are installing BPM solutions to replace spreadsheets and improve management reporting. PayStream attributes this growth to improved BMP solutions and value, and fewer internal implementation barriers.

In the report, PayStream investigates the prevalence of BPM systems, addresses considerations in purchasing and implementing the software, and highlights leading vendors within this dynamic and rapidly evolving segment.

To measure real market development, PayStream conducted a survey of 300+ financial professionals from mid-market companies. The results show that the use of BPM solutions is becoming commonplace among organizations, with 40 percent of companies in the process of adding a BPM solution, and a third of companies reporting short or long range plans to implement a BPM solution.

This influx of BPM users is largely driven by the solutions’ success, and the advantages they bring over outdated reporting methods. Survey results show that while 90 percent of BPM users report they are satisfied with their budgeting and forecasting, the majority of companies using spreadsheets are less than satisfied. BPM users mainly chose to implement a solution after recognizing its’ ability to bring improved decision making and execution together with enhanced and agile planning techniques.

While BPM solutions are proven to be effective, choosing the correct vendor can be challenging. The software these vendors provide might differ in terms of capabilities and cost, but they all possess the common ability to reveal and synchronize operational results and projections company-wide. With over 100 providers in the performance management solutions market, companies should have a thoughtful plan to select the most appropriate vendor for their circumstances.

“Organizations often make the mistake of going with big-name providers, when systems developed by less-known vendors might make more sense,” said Henry Ijams, Managing Director of PayStream.

PayStream’s report shows businesses how to construct the best vendor selection plan in order to choose the perfect match for their organization. The report also considers the pros and cons of various solution set-ups, and explores the diverse and innovative offerings of modern BPM software. Included in the report are detailed profiles of two market leaders in BPM solutions, illustrating the features that set them apart in performance management techniques.

The 2014 Budgeting and Forecasting Report was sponsored in part by Advanced Business Solutions and PROPHIX, and the full report can be downloaded for free on the PayStream Advisors website.

About Advanced Business Solutions http://www.advancedcomputersoftware.com/abs

Advanced Business Solutions (Advanced) provides leading integrated business applications and services that enable organizations to retain control, improve visibility and gain efficiencies while continually improving corporate performance. Advanced prides itself on getting close to its customers by understanding their businesses and responding to their evolving needs. Advanced’s software systems comprise core accounting/financial management, procurement, supply chain management, human resource and payroll systems, integrated with a range of collaborative, document management and business intelligence solutions to extend the value and effectiveness of the finance, human resource and payroll departments.

Advanced Business Solutions is a division of Advanced Computer Software Group plc, a leading supplier of software and IT services to the health, care and business services sectors. US customers include Bank of America, US Airways, TTI and Dean Clinics. Advanced’s North American operation is located in Atlanta, GA.

Contacts:

Press: Angela Mycock and Nick Hardy, Advanced Computer Software Group; pr(at)advancedcomputersoftware(dot)com, +44(0)1625 856 513

About PROPHIX http://www.prophix.com/

PROPHIX Software is a leading developer of solutions designed to automate financial processes, including planning, reporting, analysis, and performance management. Thousands of finance leaders around the world use PROPHIX to empower their organizations and gain insight into business performance. PROPHIX delivers superior value by combining high end functionality, low total cost of ownership, and the fastest implementations in its class.

Contacts:

Press only: PROPHIX Software Inc. Kirsten Meredith kmeredith(at)prophix(dot)com

About PayStream Advisors http://www.PayStreamAdvisors.com/

PayStream Advisors is a research and consulting firm dedicated to lowering the business risks associated with automation technology, and has become the leading educational resource for Procure-to-Pay professionals. PayStream provides in-depth, objective, and independent analysis of available solutions, combined with client-specific recommendations and implementation strategies.

Contacts:

General Inquiry: (704) 523-7357, info(at)paystreamadvisors(dot)com

Research Services and Advisory Contact: Jimmy LeFever Jimmy(dot)Lefever(at)PayStreamAdvisors(dot)com

Sales/Consulting Services: George Lineville, George(dot)Linville(at)PaystreamAdvisors(dot)com

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Andrew Livoni
PayStream Advisors
+1 (704) 523-7357 Ext: 235
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since: 01/2009
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