What should finance teams be thankful for this Thanksgiving season? Many would probably say "our outstanding people" or "our great organization." But others, finally relieved of the burdens of spreadsheet-based forecasting and constant runarounds with the IT department, might instead cite their corporate performance management software.
Cloud CPM tools have come a long way in recent years. Once targeted mostly at expert users, these software solutions have evolved into intuitive, companywide assets suitable for budgeting, financial modeling, discovering trends, and running a variety of reports. Here are three of the biggest reasons to be thankful for a platform such as Adaptive Insights this November:
1. More accurate and timely forecasts
Inaccurate and delayed forecasts can have domino-like effects on your costs. You might end up with excess inventory that cuts into your profit margins, or without the crucial components you need to manufacture enough products to hit your revenue targets. In turn, supplier relationships might deteriorate and administrative costs could spike.
"CPM software provides access to flexible, accurate rolling forecasts."
CPM software helps you avoid these pitfalls. You get access to flexible, accurate rolling forecasts that can reduce major costs such as freight charges. Forecast variance can be dramatically reduced. Meanwhile, improved visibility into your expenses on manufacturing and distribution can ultimately boost profit margins across your entire product portfolio.
2. Better reports with fewer errors
Without a go-to CPM solution, many teams rely on spreadsheets. Unfortunately, Excel requires advanced knowledge (of formulas and programming) in order to be used effectively. A single cell error can throw off your forecasts. Plus, you often have to delay your budgeting processes just to fix broken Excel formulas.
In contrast, CPM software like the Adaptive Suite empowers you to generate reports, refresh metrics dashboards, and extract key information in mere minutes. You also get a single version of the truth that can be the basis for many different report types, enabling highly efficient automation as well as improved collaboration thanks to timely reporting.
CPM software helps reduce errors in forecasting.
3. Flexibility and scalability
Your organization is not standing still. You'll likely take on new projects, change personnel, and set fresh goals at some point. But your growth could be held back by having to run to the IT department for help with reports, wrangle with tough integrations, or train users on your CPM tools.
Cloud CPM solves these potential problems thanks to its flexible infrastructure and friendly user interface. Its numerous integrations with tools such as Salesforce for customer relationship management make it easy to incorporate into your workflows from day one. Web-based access, along with one-click refreshes of key performance indicators, let finance teams work on their terms from virtually anywhere.
Learn more about modern CPM software
As a top featured Adaptive Insights partner, Arxis has the expertise and experience you need to get the best possible CPM solution implementation for your organization. We can help you at every step, from drawing up an initial plan to assisting with ongoing training. Find out more today on our Adaptive Insights page.