Manually collecting, updating and analyzing financial data has many retailers struggling with inefficient and costly planning processes. Best-in-class merchants such as The Container Store, however, are harnessing the power of the cloud to get real-time access to performance data, leading to more efficient and frequent budgeting and forecasting execution. By leveraging cloud-based corporate performance management (CPM) solutions from Adaptive Planning, The Container Store successfully has eliminated the need for manual updates across cumbersome spreadsheets, and lowered costs. The move allows quarterly, as well as monthly forecasts, rather than annual reports. Moreover, the retailer has automated the entire CPM cycle, which includes the following phases: budgeting, reporting, analysis, and re-forecasting. In doing so, the retailer now is equipped to update financial reports and forecasts far more easily and get a comprehensive view of financial plans and forecasts, Michael Lambeth, Director of Finance for The Container Store, told Retail TouchPoints.