Migrating Enterprise Performance Management to Cloud
Corporate performance solutions (CPM) solutions, more widely known as enterprise performance management (EPM) solutions, made their way into the corporate landscape as on-premise systems around the 1980s. Since the past few decades, such products are scaling up into enterprise deployments with double-digit annual sales profits.
Though EPM solutions were initially designed to cater to finance functions, the modern ones often enable information and insights for human resources, marketing, as well as sales. Today's advanced versions of the solutions allow companies to perform seamless financial consolidation, reporting, and disclosure. They also play a vital role in assisting managers to clarify key performance indicators in the present while allowing them to develop plans by harnessing the potential of predictive analytics and modeling flexibility.
With EPM solutions increasingly moving to the cloud, its adoption continues to grow. Over 41 percent of respondents currently have a cloud-based EPM solution, while 29 percent are evaluating them. It is also reported that 23 percent of the users plan to move to the cloud in the next few years. However, the biggest concerns in moving to a cloud-based EPM are their performance and security. But still, businesses are more comfortable today with it than they were two to three years ago.