Longview Solutions, a leading provider of corporate performance management and tax reporting software, announced today the release of a new whitepaper which highlights many of the challenges regional financial institutions face on a daily basis and how performance management solutions provide opportunities to address those challenges ultimately impacting profitability. The whitepaper titled, How to Leverage Performance Management to Maximize Profitability within the Banking Industry, was prepared by BPM Partners, an independent analyst and advisory services firm with an exclusive focus on business performance management (BPM) solutions, and underwritten by Longview.
The whitepaper presents an overview of CPM solutions and how they are being successfully deployed in banking and financial service institution, along with recommended best practices for successful implementations. Highlights from the whitepaper include:
• Descriptions of key capabilities for CPM solutions for regional and national banking, which include portfolio modeling; flexible analysis and driver-based scenarios; funds transfer pricing (FTP); workforce planning and compensation and benefit expense planning and analysis; capital expenditure planning; financial consolidation and reporting process, to name a few;
• The benefits of CPM as they relate to most industries as well as the benefits that apply specifically to banking and financial services;
• A criteria list for vendor selection;
• Real world examples that profile financial services organizations that have successfully deployed CPM projects;
• Recommendations financial institutions can utilize when implementing their own CPM solutions.
"The legacy spreadsheet approach is overwhelmed by the unique requirements of financial institutions. Commercially available CPM packages have varying levels of capabilities suitable for the industry," said Craig Schiff, CEO of BPM Partners. "An attractive option for banks and financial services firms is best of breed CPM vendors that provide unified and holistic capabilities to manage the unique requirements and complexity of the banking and financial services industry."
Earlier this year, Longview launched the industry-specific toolkit for the regional financial institution sector which included:
• An informative webcast where Longview hosted and partnered with Business Finance and BPM Partners titled,"How to Leverage Performance Management to Maximize Profitability within the Banking Industry", which is now available on-demand;
• A free consultation with BPM Partners regarding best practices to develop a Performance Management roadmap for financial institutions;
• A complimentary RFP template specific to financial services available for download.
"Finance departments and product portfolio planners are challenged with tackling the varying needs of the financial services sector in a unpredictable economy, in many cases, using manual spreadsheet solutions or other cumbersome applications," said John Power, President, Longview Solutions. "The information available in this whitepaper provides solid and compelling information that can be used to help build the business case to implement a CPM solution like Longview that will drastically reduce inefficiencies and improve strategic agility."
The How to Leverage Performance Management to Maximize Profitability within the Banking Industry whitepaper is available to download for free at longview.com/.
About BPM Partners
BPM Partners (bpmpartners.com) is the leading independent authority on business performance management (BPM) solutions and a founding member of the BPM Standards Group. BPM Partners' vendor-neutral experts guide companies through their BPM initiatives from start to finish, with solutions that help companies attain the maximum value from their business performance management initiatives. This is done with proven methodologies that provide insight on how to collect and analyze the right information to address specific business goals. BPM Partners leads clients through project needs assessment, roadmap development, requirements definition, KPI development, vendor selection, and implementation of departmental or enterprise-wide BPM systems. In addition, post-implementation services are available, including tune-ups of existing BPM implementations and assistance with extending projects to other operational departments outside of finance.