Cloud Computing is changing the CPM business

Working in the cloud is not rocket science, it is reality. It is currently the most significant trend in the IT business and offers companies the opportunity to acquire software solutions and storage in various sizes as well as computing power. All of this can be tailored to meet the needs of customers. The flexible, location-independent access by different devices promotes demand in many different scenarios.

The IT industry believes in the benefits of cloud computing although there are still challenges to address such as security, data governance, reliability, performance, loss of control, cultural resistance and more. Whether you are SME or a global corporation, more and more data and business processes are getting outsourced with the goal of making them more efficient and cost-effective, and facilitating location-independent work. Rapid access to the cloud makes this approach very attractive. Companies can focus on their core competencies. Consuming services from the cloud will become a standard, not only for the IT business, but also across all industries and for home users.

In the performance management business, the cloud is also gaining acceptance. All financial processes such as reporting, consolidation, budgeting, forecasting, planning, and disclosure management are available in the cloud. It is significantly easier for departments and teams to communicate their work, share tasks, manage processes, and make information available. Access to files and information is possible from anywhere and management is able to respond promptly at any time.


Cloud computing and CPM


Cloud Computing and Performance Management as an integrated solution

Of course, performance management by design can be a complex and challenging business process with very unique characteristics regarding business data and strategies. Planning for how to use the cloud and CPM together should be done carefully and in advance.

Demand for cloud computing by companies is increasing, and there is a growing interest in the deployment of performance management systems. But what are the requirements for CPM applications if they are operated in the cloud? What opportunities and challenges are there? These are topics Tagetik has addressed with their integrated solution.

Tagetik is one of the fastest growing global software companies in the Performance Management software industry and offers its solution on the cloud as a unified, cloud-based Financial Performance Platform. With the Tagetik SaaS (Software as a Service) solution, companies get extensive functionality and flexibility without any compromise.

Cloud CPM gives businesses exciting opportunities to overcome infrastructure bottlenecks without compromising value. The potential migration of existing performance management systems in the direction of cloud computing can be realized. Cloud Computing for CPM saves time and reduces Total Cost of Ownership. Since the software is already installed and operational, there are no additional costs for hardware and software, and companies save IT resources they need for application operation and maintenance.

Anyone who drives an innovative company should use the cloud. To ignore the cloud reduces the competitive advantage and is counter-productive. Flexibility, speed, and mobility will give the business a superior advantage. What about security and privacy? This question is discussed constantly at events, as well as in meetings by experts and customers. Each company must decide which data it makes available via the cloud and which kind of cloud is the best for it to use – private, public or hybrid. With each kind of cloud, there are various security aspects, policies and procedures.

One big problem here is called “Shadow IT”. Departments download and use various kinds of software or services like Dropbox, Workday or Evernote directly from the Internet without conferring with IT Services or having a thought about data security or privacy. To avoid this, it is really important to have a consistent cloud solution that meets the users’ requirements. When it is defined in advance, the cloud is proving to be an innovative and cost-effective investment for the future and ignoring this just leads to nothing more than lost innovation potential.

The combination of cloud and performance management will be a very exciting innovation for large and small companies alike. There is enormous potential that has yet to be realized but leading edge companies have already gained experience. Using the cloud now can be a great part of a strategy for success in the future.

What are your thoughts? Is your company moving to the cloud?

Tagetik Cloud for Finance 

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