Business performance management software developers are updating their offerings to make them more relevant to enterprises specific business needs.
This week, SRC Software Inc. is adding a new version of its namesake BPM suite tailored to the property and casualty insurance space, while OutlookSoft Corp. is introducing Version 4.2 of its Everest BPM suite and Hyperion Solutions Corp. is announcing a new financial risk management framework it is developing with a customer.
SRC for Insurance tracks key drivers unique to the property and casualty insurance business, such as real estate values, the cost of automotive materials and medical expenses, providing visibility across all company financial data, according to SRC officials in Portland, Ore.
Podiatry Insurance Company of Americas PICA Management Resources group is deploying SRC for Insurance after finding it to be the only product that met the needs of its business, according to Douglas Webb, Picas chief financial officer.
"There was really no one out there that was concentrated on the insurance industry," said Webb in Brentwood, Tenn. "They have people on their staff who understand our industry."
Webb said the software is already paying dividends, giving PICA employees "access to more information on a more timely basis."
"Before, we had to keep moving a vast amount of information into [Microsoft Corp.s] Excel. It was very difficult," Webb said. "Now its much easier to move data into and out of [SRCs] software. Its tremendously beneficial to us."
SRC has plans for more vertical releases later this year, including updated BPM applications for the retail, manufacturing and hospitality industries, company officials said.
Hyperion, meanwhile, is targeting the financial industry with the risk management framework it is developing with customer De Lage Landen International B.V., a leasing services company based in Eindhoven, Netherlands. The risk management framework is designed to help financial services organizations better manage comprehensive capital while ensuring compliance with International Financial Reporting Standards, the Sarbanes-Oxley Act, and Basel II and ECap (Economic Capital) regulations, according to Hyperion officials in Sunnyvale, Calif.
Separately, OutlookSofts Everest 4.2 product features predictive analytics capabilities through the new Everest Insight module, which automates variance and root-cause analysis to help companies more accurately predict the effects on financial performance, company officials in Stamford, Conn., said.
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