Ensure your business is agile for the future
To build an adaptable technology landscape that remains competitive, businesses must review their finance area to ensure it’s modernized. Implementing an Enterprise Performance Management (EPM) solution, will inform future strategy, increase workflow efficiencies, and improve financial processes. An EPM solution is an enterprise planning platform that enables forecasting and uses analytics to strategically optimize the financial performance and efficiency of an organization. Key components of this solution include budgeting, forecasting, and financial reporting. This enables you to monitor and predict business performance, set goals, and ensure your company continues to grow. It’s one of the most powerful tools for creating a comprehensive method of financial and operational planning.
Key Features of an EPM
An EPM solution enables forecasting which gives companies the power to predict future trends and potential performance of different departments over a set period. These forecasts can then be used for financial planning, supply chain management, project management, and more. Because of the forecasts, actual activities in specific areas can be monitored more effectively and companies can minimize operational impacts resulting from such differences.
Modeling and Planning
Due to pre-built templates and predictive simulations, users can spend less time on processes and more on strategy. The pre-built templates allow you to leverage set finance frameworks that are still customizable to company standards. The pre-built scenarios enable users to create forecast models that plan for possible changes and needs for resource planning, cash flow projections, or material financial impacts. By linking financial and operational processes with financial plans and modeling users get valuable insights and can plan effectively.
Collaboration and Integration
Within an EPM platform, users can integrate multiple sources of data into a single source of reporting that streamlines operations and eases user experience. There is also the option to have built-in cloud servers to host your company’s sensitive data allowing management to limit employees’ access to certain data. As a result, providing a secure and seamless integration and functionality of vital workflows and processes.
From the integration feature, there is no longer a need for multiple reporting systems. Within an EPM platform, a user can combine the data, metadata, and processes from various departments, supplying team members with a centralized data source. Users can view data dashboards and reports securely, as well as access self-service reporting.
By leveraging Enterprise Performance Management, companies can connect business strategy with business execution. From the analytics provided, deeper insights influence future business drivers and optimize current processes. This allows companies to assess new revenue opportunities, increase existing profitability, and be agile to business trends.