IBM Cognos TM1 Review - why 4.2 stars?

IBM Cognos TM1 Review
ITQlick Score: 82/100
ITQlick Rating: (4.2/5)
Pricing: 9.8/10 - high cost
Category: Business Intelligence -> IBM Cognos TM1
Ranking:Ranked 87 out of 532 Business Intelligence systems
Company: IBM
Pricing: starts at $5 per user/month
Typical customers: Small, medium and large size businesses
Platforms: Desktop, Mobile, Cloud
Links: IBM Cognos TM1 pricing, IBM Cognos TM1 alternatives

Shlomi LaviShlomi Lavi / updated: Jul 15, 2022

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What is IBM Cognos TM1 and its features?

IBM Cognos TM1 is an enterprise planning management solution for businesses of all sizes. It offers such capabilities as planning and analytics, flexible modeling, user engagement, and others. The software is a product of IBM Corporation headquartered in New York, United States.

What is IBM Cognos TM1 rating?

The rating of IBM Cognos TM1 is 4.2 stars out of 5 and the total score is 82 out of 100. The rating score is based on our unbiased data-based algo. Learn more - rating methodology page.

Who uses IBM Cognos TM1?

Customers of the software include businesses of all sizes including various Fortune 500 companies. It can be deployed in a variety of industries including technology and IT services, retail and wholesale, financial services, education, and others. Some major customers of the software include Cisco Inc, Columbia Sportswear, and Golden State Water Company etc.

Is it easy to use?

Yes, IBM Cognos TM1 makes it fairly easy to use. This product is user friendly and intuitive.

Is IBM Cognos TM1 cloud-based?

Yes, they offer cloud based hosting, which means IT resources are retrieved through web-based tools and applications and you don't need to buy servers and additional hardware equipment.

Can it be used on mobile?

Yes, you can access IBM Cognos TM1 on your mobile/smart phone.

Is IBM Cognos TM1 the best Business Intelligence system?

IBM Cognos TM1 is ranked 87 out of 532 software in their category (Business Intelligence systems).

What are their main features and functionalities?

The software helps in the creation and analysis of sophisticated business plans and also offers budget planning and forecasting. It streamlines large data sets to utilize them effectively in the planning process. For the measurement of progress and performance, the software makes use of model metrics and links them dynamically to actions and forecasts.

IBM Cognos TM1 offers a guided modeling environment to help create and implement complex business models. Planning and collaboration services are offered to engage remote and distributed users through a variety of channels. The software comes with both on-premise and cloud based deployment options.

Who are their main alternatives?

The main competitors for IBM Cognos TM1 are Planguru and Adaptive Planning.

Planguru provides a solution for financial planning, forecasting and budgeting. Forecasting can be done on multiple periods and customized forecasts can be defined to model various financial scenarios. The product provides a collaboration platform for planning analysis, as well as detailed business analytics for revenue & budgeting with dashboards that support KPI analysis. Additional features include business valuation, financial consolidation across multiple projects, as well as financial ratio analysis.

IBM Cognos TM in comparison provides a modeling tool that meets business process requirements, but can be customized to meet specific analysis needs. Its additional features include cost allocations & rolling forecasts together with scorecards to measure KPIs against key strategic objectives. The product supports access via mobile devices and is offered as both an on premise as well as cloud based solution.

Adaptive Planning on the other hand is a similar solution that extends the planning process to include resources, assets, capacity allocation as well as sales forecasting. The product supports workflow automation which is integrated with process mapping to ensure real-time views for planning & forecasting reporting. Another point is that Adaptive Planning integrates all planning processes in one unified view to deliver better organization wide forecasts with proper impact analysis.

While IBM Cognos TM1 does support a number of these features, it also supports enterprise performance management. This is done by combining budgeting & forecasting with real-time performance KPIs to improve the overall planning process and thereby improve performance metrics.

What is the cost of IBM Cognos TM1?

The cost of license starts at $5 per user/month. On top of the total cost of licenses which is easy to calculate - what is the REAL total cost of implementation? You need to add the cost of training, customization, data migration, and other "hidden cost". ITQlick pricing score is 9.8 out of 10 (10 is most expensive). You can find here the REAL total cost breakdown for IBM Cognos TM1. You can also find here pricing information from IBM Cognos TM1's website.

What should you ask IBM during a demo session? (65 questions)

Schedule a demo with IBM Cognos TM1 and access 65 must ask questions for the vendor while watching IBM Cognos TM1 in action.

List of categories

Budgeting & CPM
Financial reporting
Accounting Practice Management
Business performance management
Customer Relationship Management
ERP
Project Forecasting
Storage

List of features

Budgeting & Forecasting
Financial reporting
Forecasting
Income Statements
Profit / Loss Statement

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Author

Shlomi Lavi

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Shlomi holds a Bachelor of Science (B.Sc.) in Information System Engineering from Ben Gurion University in Israel. Shlomi brings 15 years of global IT and IS management experience as a consultant, and implementation expert for small, medium and large size (global) companies.