Cloud performance management - or CPM - refers to software solutions that, at their essence, monitor and measure a company’s performance enterprise wide, from a cloud environment.
In the context of finance, best-in-class cloud performance management solutions will enable a single version of the data and feature automated, pre-built capabilities that enable executives to create budgets, plans, forecasts, reports, models and analytics. The goal of these solutions is to empower finance executives to spend less time gathering information and more time analyzing and improving performance.
These solutions are characterized by:
- Dashboards and alerting mechanisms
- Real-time data
- In-memory technology in order to pivot, drill into, slice and dice large volumes of data
- Turn data patterns and findings into visualized reports
- Align operational and financial strategy
- Unify key processes - including budgeting, planning, forecasting, consolidation, reporting, and more.
Cloud solutions are inherently more scalable and agile, moving with the tide of business operations.