In its latest “Performance Management Study: Spotlight on Cloud and Mobile,” BPM Partners found further evidence that cloud-based software applications are “clearly the future” of the corporate performance management industry. What’s more, the leading independent authority on business performance management also found that cloud CPM is already in heavy use particularly among high-end midmarket companies worldwide.
You can find the full 33-page report from BPM here. Below are some key takeaways from the report.
A Shift to the Cloud
- More than 60% of the 300 survey responses from finance professionals, ranging from small to enterprise businesses in a wide range of vertical industries worldwide, said they would consider cloud-based solutions when selecting performance management systems. BPM has asked this question through the history of the survey. According to the report, there has been a, “gradual shift toward cloud-based solutions.
- Finance departments lead 80 – 90% of CPM projects according to the report, signaling an increasing demand for more intuitive and collaborative cloud-based tools from the business finance world.
- 75% of those surveyed said they already use at least one cloud application during their daily jobs. This is significant because, as the report states, “once an organization has embraced the cloud in one area, it becomes easier to move into other areas such as performance management.
- 47% said moving to the cloud is a priority for their entire organization, or are already in the process of doing so. “Even in the majority of companies that don’t have ‘moving to the cloud’ as top priority, performance management in the cloud is still being considered,” the report states. “This implies that the value of performance management in the cloud is great enough on its own for these companies to consider it, even if their organization as a whole does not have an initiative underway to transition key systems to the cloud.”
Executives Going Mobile
- 40% said they have a need for mobile access to their performance management system. “We are seeing demand for mobile access come from more senior executives who would like to pull up the latest data on their tablets,” BPM explains. “We have seen mobile access sway a decision in favor of the vendor who had the best capabilities in this area.”
- Of those who want mobile access, over 70% want access specifically to dashboards or reports.
Overall, the BPM report shows a steady trend toward cloud solutions as more companies are looking to collaborate across multiple departments, locations, offices, and regions in a way that doesn’t require heavy IT support. The report is also consistent with the results from Adaptive’s latest Business Volatility and Variables Survey, which found that:
- More than half of U.S. finance professionals either re-plan, re-budget, and re-forecast monthly, or plan to do all three more often during 2014.
- CFOs are taking on a more strategic role in financial planning and budgeting, decision-making, risk management, and growth strategies, and are looking to invest in cloud-based BI & CPM solutions to help them in these strategic areas.
So we want to know: How important is a cloud strategy to your overall business plan, or to your specific role in finance?