Businesses need plans, strategies, designs, and developments. But one thing is also required for a successful business that is examining business performance.
If businesses make plans and execute them successfully, but don't evaluate performance, they may stuck in a problem soon. Monitoring business performance is required to understand what your customers need and whom you are promoting your products or services with.
If you have a clear picture of your business performance, you can test various other things in the same demographics and get more return on investment than before.
This is where Business Performance Management software takes place. Such software provides real-time data on how well your business is running, what your current requirements are, what your customers want, what changes you should make to your business, and more.
In this article, we'll discuss everything about the "Business Performance Management" software. We'll see their features, pricing/plans, and the benefits of using such software. So, without wasting any time further, let's get started.
What is Business Performance Management Software?
Business Performance Management software is a software application, which is developed to track, analyze and manage business performance using complex data collection, analytics, and real-time reporting. It is used by companies to become successful by planning, monitoring key performance indicators (KPIs), analyzing market trends, and modifying their plans according to those trends. It allows users to track real-time performance, set goals, and provide feedback for individual employees and teams. In simple words, Business Performance Management (BPM) software helps businesses make data-driven decisions, track progress, and change their plans to grow in competitive industries.
Best Business Performance Management Software in 2024
1. Motivosity
Motivosity is a cloud-based BPM software that tracks and benchmarks business performances. It boosts productivity by focusing on competitive market trends and boosting a good work environment. It analyzes real-time data and shows us a report on it. It shows real-time insights into business metrics and tracks business performance over a period. Motivosity is suitable for businesses of all sizes and industries, and it supports mobile devices and API integrations with other applications. Motivosity has a special feature called "Motivosity Feedback" that simplifies the performance review process by allowing managers to provide feedback and create meaningful insights for company leadership.
Key Features:
- Social Recognition
- Peer-to-Peer Rewards
- Employee Engagement Analytics
2. 15Five
15Five is powerful performance management software that offers complete solutions under a single platform to improve businesses effectively. It has several useful features to enhance performance management. It includes continuous feedback, performance reviews, and engagement surveys. 15Five helps businesses make certain decisions for their specified outcomes and thus improves performance, retention, and user engagement through effective management. 15Five has a user-friendly interface and provides many actionable insights for HR teams and managers. The platform is suitable for businesses of every size and industry.
Key Features:
- Continuous Performance Management
- OKR Tracking
- Pulse Surveys
3. HoneyBook
HoneyBook is a cloud-based customer relationship management (CRM) software, mainly designed for small businesses. The main focus of this software is to manage different business processes, such as payment processing, automated invoicing, and organizing important files like contracts and invoices. HoneyBook provides an all-in-one dashboard to manage projects and allows clients to review agreements, sign contracts, and pay invoices online. In this way, HoneyBook improves business management, and client communication and provides real-time tracking of business activities. Although HoneyBook is categorized as a CRM solution, it can also be used as business performance management software cause of its broader features, such as real-time tracking, process automation, and performance analysis.
Key Features:
- Client Management
- Automated Workflows
- Financial Tracking
4. Profit.co
Profit.co is a great alternative to HoneyBook. It is another cloud-based performance management software that provides real-time reports, progress, and metrics, thus boosting the overall environment for the review process. It offers many powerful features for businesses that need real-time analytics and reporting features, data-driven insights on team performance, skill gaps, and training needs. This BPM software helps businesses make data-driven decisions. It is highly customizable helps businesses evaluate their goals and progresses effortlessly. Profit.co is widely known for its OKR software that helps organizations measure key customer metrics with their 400+ inbuilt & custom KPIs. It comes with an OKR app that provides step-by-step guides and OKR templates for your company. Visually track progress, problems, and course corrections with the company dashboard and get real-time performance reports, and heatmaps right on your dashboard. Profit.co is best suited for all sizes of teams and businesses.
Key Features:
- Goal Setting and Tracking
- Key Performance Indicators (KPIs)
- Strategy Execution
5. FloQast
FloQast is a robust accounting workflow automation solution, designed to perform the financial data process and provides powerful analytics for accounting operations. It features all accounting operations under one single platform where teams can check progress and collaborate across internal and external teams. FloQast is used by many popular companies around the globe, such as Zoom, Twilio, Shopify, Snowflake, Roblox, DocuSign, Okta, and many more. It features a special checklist to see exactly what you need before closing from requesting information from department heads to confirming payments. It offers features like custom tasks, progress reports, managing all of your reconciliations in one place, audit findings, control and risk management, and more.
Key Features:
- Close Management
- Task Management
- Reconciliation Workflow
- SOX Compliance
- Audit Readiness
- Reporting
- FP&A
- Pre IPO Workflows
6. Phocas Software
Phocas Software is a business intelligence and data analysis software with the power of Performance Management solutions. It features real-time visibility into goals, progress, and key metrics for better decision-making and an unbiased review process. This business performance management solution has powerful analytics and reporting features that provide teams data-driven insights, skill gaps, and training needs. The Phocas Software is highly customizable and helps organizations reach their goals efficiently. Data provided by Phocas Software helps businesses increase their sales, increase reporting speed, and decrease unnecessary inventory holding costs. The Phocas Software is responsible for sales reporting and account and business development task management on a single platform. Its CRM features help with actual sales, and retrieve customers' data to understand their needs and communicate with them better.
Key Features:
- Business Intelligence
- Data Analytics
- Dashboard Reporting
- Ad HOC Analysis
- Collaboration
- Business Planning
- Performance Management
- Operational Efficiency
- Secure Data Integration
- Sales Analytics
7. OneStream
OneStream is an all-in-one business performance management software that provides features for financial consolidation, planning, reporting, and analysis under one unified platform. It aims to modernize finance departments, reduce costs, and increase business flexibility by adapting to business changes as per their organizations' needs. OneStream offers an easy-to-use platform so that organizations can quickly make detailed plans and data-driven decisions. It helps businesses by providing unifying data management, financial close and consolidation, planning, reporting, analytics, and machine learning. It empowers finance and operations teams with AI-enabled insights to make informed decisions, which grows their business.
Key Features:
- Unified Financial Consolidation
- Planning, Budgeting, and Forecasting
- Performance Analytics and Reporting
- Financial Signalling
- Financial Data Quality
- Account Reconciliations
- Transaction Matching
- Compliance Solutions
- Tax Provision
- People Planning
- AI Financial Forecasting
- Capital Planning
- Profitability Analysis
- Sales Planning
