And why do you need it?
Enterprise Performance Management (EPM) software specialises in budgeting, forecasting, and financial management. It provides businesses with data, analytics, reporting, and forecast modelling, so that management can analyse and plan strategically for the
business.
EPM software allows organisations to align strategy with execution. It grabs data generated from systems, processes, and activities - typically recorded in ERP systems, across the organisation. EPM builds analytics from the resulting data, to identify business drivers
and other insights. Management can then assess new opportunities, raise profitability, and respond with greater agility in the face of unanticipated change.
EPM used to be run on premise. But today, more and more EPM software systems
run on the cloud. A cloud platform provides a range of benefits, such as:
Large Data Storage Capacity
Stronger Security
Easier Integration
Complimentary Applications
EPM access financial and operational data from business units
across the organisation, from Finance to HR to Sales. The data
can be sourced from a range of systems from ecommerce
systems, data warehouses, front and back office applications,
and external data sources.
As a fast growing company, your needs are beginning to outpace your current system capabilities. As your business grows, you need to put best-practice processes in place.
EPM gives you a financial overview of all lines of business and
allows you to plan and build flexible budgets. The workflow
process is typically automated, improving efficiency.
Real-time data lets you assess performance across the company and
determine whether changes are needed. You can then prepare
management reports that are compliant and align with regulatory
guidance.
EPM also lets businesses review performance and profitability
against that plan. It also lets you identify and resolve underperf-
ormance areas, find new opportunities, and have a data-driven
approach to strategic planning.
As a fast growing company, your needs are beginning to outpace your current system capabilities. As your business grows, you need to put best-practice processes in place.
As a fast growing company, your needs are beginning to outpace your current system capabilities. As your business grows, you need to put best-practice processes in place.
As a fast growing company, your needs are beginning to outpace your current system capabilities. As your business grows, you need to put best-practice processes in place.
As a fast growing company, your needs are beginning to outpace your current system capabilities. As your business grows, you need to put best-practice processes in place.
As a fast growing company, your needs are beginning to outpace your current system capabilities. As your business grows, you need to put best-practice processes in place.
EPM solutions can be used across industries. Here are some examples:
These organizations need to constantly adapt their business models to regulatory and market shifts, making it harder to meet profitability targets. EPM improves efficiency in the cost management and detailed profitability analyses that support the more complex and detailed
calculations required to determine profitability potential.
More and more consumers are shopping online which has forced retailers to change their business models, and give access this sector has undergone significant change, including access to a new and growing repository of rich consumer data. EPM allows retailers to calculate and simulate profitability down to the transaction level, identifying new revenue streams and consumer groups to help
grow the business.
Supply chain disruption has taken its toll on
manufacturing. EPM gives manufacturers
accurate costs and profitability analytics to
make ‘build or buy’ decisions. Because
manufacturers can access real-time data
and insights, they can protect margins
and ensure profitability.
As a fast growing company, your needs are beginning to outpace your current system capabilities. As your business grows, you need to put best-practice processes in place.
Silos made it difficult for finance teams to consolidate objectives, budgets, and data into a single strategy for the business. This was a complex and cumbersome process that took long and often failed to paint a clear picture of the business due to human error or the inability to comply with continually changing regulations.
Data was also inaccurate which made it difficult to respond quickly to changes in the business. Underperforming results often did not surface until much later.
EPM emerged in the 1990s, and automated reporting and financial consolidation, as well as eliminating manual workflows, improved efficiency and consistency in reporting and regulatory compliance.
Today, EPM systems have moved onto the cloud, making the technology more accessible to small and medium-sized organisations that did not have the budget or capability to support the infrastructure on-premise. Cloud EPM has provided additional efficiencies and critically, access to real-time operational and financial management information so performance can be tracked wherever, whenever.
In addition, EPM now takes performance management and planning beyond the office of the CFO into the world of extended planning and analysis (xP&A), into the realms of - HR, Supply Chain, Manufacturing, Sales, Marketing etc. Planning is for everyone and each department is part of an integrated view of financial and operational plans, raising collaboration, accuracy, and agility.
Contact us now and speak to one of our experienced consultants about how youy could transform your business.