Institutions of higher education face increasing pressure to do more with less. Managing finances effectively is critical for ensuring the success of your university or college. A Corporate Performance Management (CPM) system can be a powerful tool for streamlining budgeting, gaining financial visibility, and making data-driven decisions.
What is Corporate Performance Management (CPM)?
Corporate Performance Management (CPM) is a process supported by software that helps organizations plan, track, and analyze their performance. A CPM system goes beyond traditional financial reporting by incorporating budgeting, forecasting, and analytics functionalities. This allows institutions to gain a comprehensive view of their financial health and make data-driven decisions to improve performance.
Benefits of CPM for Higher Education
Budgeting, forecasting, and financial reporting are just some of the challenges faced by higher ed finance departments. A CPM system can address these challenges by providing:
- Improved financial visibility and control
- Automated data collection and consolidation
- Enhanced budgeting, planning, and forecasting capabilities
- Streamlined reporting and analytics
- Data-driven decision making
- Increased efficiency and cost savings
With a CPM system, institutions can gain a deeper understanding of their financial health, identify areas for improvement, and allocate resources more strategically.
Selecting the Right CPM System for Your Institution
Selecting the right CPM system requires careful evaluation of your institution’s specific needs. Here are some key factors to consider:
- Conducting a Needs Assessment: Every institution has unique financial management challenges. Start by identifying your institution’s specific pain points. Are you struggling with manual budgeting and forecasting processes? Do you need better reporting capabilities to meet compliance requirements like grant tracking or student financial management? Is it difficult to manually consolidate data across departments? Considering the size and complexity of your institution will also help narrow down your options.
- Essential Features for Higher Education: There are core functionalities that are essential for any CPM system in higher education. Look for a system that offers:
- Budgeting and planning tools
- Financial reporting and analytics dashboards
- Scenario modeling and forecasting capabilities
- Regulatory compliance reporting features
In addition to these core features, some CPM systems offer additional functionalities that might be relevant to your institution, such as student financial management software, grant tracking solutions, or workforce analytics modules.
- Scalability and Integration: Your CPM system should be able to grow with your institution. Look for a scalable solution that can accommodate future growth and changing needs. Seamless integration with existing systems like your student information system (SIS), Enterprise Resource Planning (ERP) system, and Human Capital Management (HCM) system is also crucial for efficient data flow and avoiding data silos.
- Security and Compliance: Of course, robust data security measures are important as well. Ensure the system is compliant with relevant industry regulations, such as FERPA and SOC reports.
- Ease of Use and User Adoption: A user-friendly interface ensures staff can easily access and utilize the CPM system. Look for a system with an intuitive design and consider the training and support offered by your implementation partner to promote successful user adoption.
Additional Tips for a Smooth CPM Implementation in Higher Education
Once you’ve chosen the right CPM system, a successful implementation requires careful planning and execution. Here are some additional tips:
- Get buy-in from key stakeholders across the institution.
- Clearly define project goals and objectives from the beginning.
- Involve key users in the selection and configuration process to ensure the system meets their needs.
- Develop a data migration plan to ensure a smooth transition of your existing financial data.
- Provide adequate training and ongoing support for staff and faculty to maximize system utilization.
Choosing the Right Implementation Partner for Your CPM Journey
Selecting a CPM system is a crucial decision for your institution’s financial health and a successful implementation requires careful planning, execution, and ongoing support. This is where partnering with an experienced CPM implementation specialist becomes invaluable.
Benefits of Choosing an Implementation Partner:
- Expertise and Guidance: A knowledgeable partner can guide you through the entire CPM selection and implementation process. They can help you assess your institution’s specific needs, evaluate different CPM systems, and recommend the best fit based on your unique requirements.
- Customization and Configuration: Off-the-shelf CPM solutions might not perfectly align with your existing processes. An implementation partner can customize the chosen system to match your workflows and integrate it seamlessly with your current SIS, ERP, and HCM systems.
- Data Migration and Training: Migrating your existing financial data to a new CPM system can be complex. Your implementation partner can develop a data migration plan to ensure a smooth transition and provide comprehensive training for staff and faculty to maximize system utilization.
- Ongoing Support: A successful CPM implementation is an ongoing process. Your partner can provide ongoing support to ensure your team is comfortable using the system, answer any questions that arise, and help you adapt the system to changing needs over time.
Finding the Right Partner:
Look for a CPM implementation partner with a proven track record of success in the higher education sector. They should have a deep understanding of the unique challenges faced by universities and colleges and extensive experience implementing CPM systems in these environments.
Here are some key qualities to consider when choosing an implementation partner:
- Experience in Higher Education: Look for a partner with a strong focus on the higher education market and a proven ability to deliver successful CPM implementations for universities and colleges.
- Industry Knowledge: The ideal partner should have a comprehensive understanding of CPM functionalities, best practices, and regulatory compliance requirements specific to higher education.
- Technical Expertise: They should possess the technical expertise to configure and integrate the chosen CPM system with your existing infrastructure.
- Training and Support: Choose a partner that offers comprehensive training programs and ongoing support services to ensure your staff can effectively utilize the system.
- Communication and Collaboration: Effective communication and collaboration are essential for a successful implementation. Look for a partner who actively listens to your needs and works collaboratively with your team throughout the process.
By partnering with an experienced and qualified CPM implementation specialist, you can ensure a smooth and successful CPM implementation with the power to transform your institution. A successful CPM implementation can lead to:
- Improved financial management and control
- More informed decision-making based on data and insights
- Increased efficiency and productivity across departments
- Enhanced regulatory compliance
- Improved budgeting, planning, and forecasting capabilities
Ready to learn more about how a CPM system can benefit your higher education institution? The team at SandPoint Consulting is specially trained in full-scale CPM implementations for higher education. Get started today.
SandPoint Consulting has helped organizations achieve financial clarity and optimize performance for more than 20 years. As a leading OneStream implementation partner specifically focused on the higher education sector, the SandPoint team has a proven track record of guiding universities and colleges through successful CPM implementations. Our team of certified consultants possesses in-depth knowledge of the unique financial challenges faced by academic institutions and extensive experience configuring OneStream to seamlessly integrate with their existing systems and workflows.
