Increasing popularity of cloud-based CPM software

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Increasing popularity of cloud-based CPM software

CFO Tech Outlook | Monday, July 18, 2022

Cloud-based CPM software maximizes an organization's strategic planning and performance potential through automated data collecting, ERP connections, and more.

FREMONT, CA: Today's real-time corporate performance management (CPM) software attempts to provide the C-suite and critical management teams with precise and comprehensive information and statistics. It employs data to do various strategic planning tasks advantageous to the organization, including budgeting, forecasting, tracking KPIs via reports, and disseminating information.

To maximize its potential for strategic planning, CPM software automates data collecting - a crucial feature in an era where vast quantities of data are generated. It can also consider and collect data from functions including inventory management, operations, sales, supply chain and logistics, and compliance. Therefore, the ideal CPM software should be able to interact with any specialized software utilized by these departments.

It should also provide extensive audit trails, allowing auditors to view, follow, and verify each entry's pertinent information. This makes it considerably simpler for auditors to confirm that processed information is of good quality, ensuring a clean audit trail.

Most CPM software is cloud-based, guaranteeing that your company's data is protected and accessible in case of a hardware failure or security compromise. It is also highly adaptable and can be tailored to the demands of any business.

CPM software is a game-changer for forward-thinking CFOs intent on driving progress. Unlike accounting software in Excel and other accounting software packages, it enables CFOs to observe the accounting process from a broader perspective. Having software that provides centralized access to the company's real-time financial data and information allows you to track performance, create your overall strategy, and establish goals to improve the company's performance over the next year.

By automating data gathering, optimizing procedures, and enabling seamless collaboration, CPM software relieves teams of the burdens and risks of manual activities and promotes best practices across departments. This minimizes costs and allows teams to concentrate on tasks that value the organization. It has the potential to save finance teams an enormous amount of time, which will then drive progress.

In stark contrast to Excel-based accounting software, the precision and openness of these technologies are vital for businesses facing rising regulation and scrutiny. Auditor and regulatory confidence in your company's financial records and processes, as well as the integrity of your audit trail, is bolstered by CPM software. It provides solid foundations upon which to construct your future success strategy.

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