Working with the cloud is not rocket science, but already integrated into our everyday lives. It is the key technology in the IT business and offers companies the opportunity to acquire software solutions, variable storage space in different sizes and different computing power for a time t. The flexible and location-independent access through different end devices and mobile phone providers promotes demand in many different scenarios and offers are tailored to the needs of individual customers.
The IT industry has already proven the benefits of cloud computing, despite the constant challenges of security, data management, reliability, performance, loss of control, cultural resistance and more. Whether you work in a small business or a global DAX30 company, more and more data and business processes are being outsourced to make them more efficient and cost-effective, and to allow you to work from any location. The Coronakrise has shown us globally how important cloud and IT infrastructure is for all of us to remain competitive and keep the ongoing market economy running.
Fast access to the cloud makes this approach very attractive and allows companies to focus on their core competencies. The use of services from the cloud has already become a standard in recent years, not only for the IT business, but also across industries and, of course, for private users.
In corporate and financial controlling, the cloud is also becoming more and more accepted in terms of corporate performance management and business intelligence. Financial processes such as reporting, consolidation, budgeting, forecasting, planning and disclosure management are already available in the cloud. It is much easier for departments and cross-functional teams to communicate their work, share tasks, manage processes and make information available. Files and information can be accessed from any location and management is able to react immediately.
However, it is important to be aware that a recurring problem from recent years is the so-called "Shadow IT". Departments use various types of software or services such as Dropbox, Yammer, Trello or Microsoft teams, which download them directly from the Internet without consulting the IT department or worrying about data security or data protection.
To avoid this, it is really important to have a consistent cloud solution that meets the needs of users and the business. When defined in advance, the cloud proves to be an innovative and cost-effective investment for the present and the future. Ignoring it leads to nothing more than lost innovation potential.
Of course, a Corporate Performance Management solution is a very individual and complex implementation, with which challenging business processes with very unique characteristics in terms of business data and strategies must be mapped. Planning for sharing in the cloud should therefore be done carefully and thoroughly in advance. The demand for cloud computing from companies is growing rapidly and there is a growing interest in the introduction of such systems, as outdated and expensive self-hosting solutions are blocking the way to an innovative and agile future.
But what are the real requirements for CPM applications when they are run in the cloud? What are the opportunities and challenges? These are topics that CoPlanner Software und Consulting GmbH has already addressed with its integrated controlling software. CoPlanner is one of the most innovative Austrian software companies in the Corporate Performance Management software industry and already offers its mature solution as a cloud based controlling platform with an AI approach in the cloud.
With the CoPlanner software, companies receive extensive functionalities and enormous flexibility without any compromises. CoPlanner in the cloud offers companies interesting possibilities to overcome infrastructure bottlenecks without compromising value. The potential migration of existing solutions towards cloud computing is already being realized by many companies.
Since the controlling software is already installed and running, there are no additional costs for hardware and software and companies save IT resources that they would otherwise need for the operation and maintenance of the applications. After the current pandemic, everyone who runs a business should consider and realize the use of the cloud. Ignoring the cloud reduces competitive advantage and is more than counterproductive. Flexibility, speed and mobility give companies a superior advantage.
What about security and data protection according to DSGVO? These are questions that are constantly being discussed with experts and customers at events and also in online webinars. Every company has to decide for itself what data it wants to provide via the cloud and what type of cloud it can best use for itself - private cloud, public cloud or hybrid cloud or multi-cloud environments. Each type of cloud has different security aspects, policies and procedures that protect it from network attacks and vulnerabilities, malware, ransomware and unauthorized system changes, detect them and can respond accordingly.
The combination of Cloud and Corporate Performance Management (CPM) is a very exciting solution for companies. There is a huge business potential that still needs to be realized, but some companies have already successfully gained experience.
Using the cloud right now can be a big part of a successful strategy for the future.
Tim Erben, Head of Marketing, has been working for CoPlanner Software and Consulting GmbH since 2019. Prior to that, he was Head of Digital Marketing at pmOne AG for over 9 years and worked for various companies in the fields of Business Intelligence, Performance Management and Enterprise Content Management. Tim Erben focuses on topics such as corporate / online marketing strategies, modern marketing: content, automation and analytics to drive growth.