How Your Business Can Prosper from Enterprise Performance Mgmt (Part II)
In order to help a business successfully hit its full potential, the ideal Enterprise Performance management (EPM) platform meets the needs of financial reporting/planning as well as information technology demands. This blog examines each of those interests.
EPM Platform for Finance
For Finance, EPM must support the planning and reporting process. Accuracy and integrity of deliverable data must be centrally controlled in order to avoid discrepancies. It is also a necessity for EPM to manage changes, such as new products and new services of reorganizations. From a software stance, EPM provides this platform by securing mobile information analytics to assist managers with time efficient information. EPM also merges or integrates data from multiple sources that meet at a centralized point to control the metadata used across EPM and other applications.
EPM Platform for IT
For IT, the EPM platform needs to support high performance as business grows. Security parameters are a key feature so that confidential information does not end up in the wrong hands. EPM must also be able to work with existing IT investments while being cost effective. Finally, it must be flexible enough to match the existing IT strategy. The way EPM successfully does all of this is by performing to support growth and a large volume of users while also providing deployment options which match the IT strategy (whether it be on a local server, private/public cloud, or a hybrid of either).
These factors help us identify additional benefits with the standard EPM model:
- Increased end user productivity — Shift in access and management of EPM related information not limited to just Excel.
- Business risk — Reduced by centralizing data in one solution.
- Flexibility for users — Controlled change management that allows leverage on what is already built-in. In addition, EPM that appeals to a wider user community through a web interface such as EPMA.
- Improvement of budgeting times by reducing them to months, weeks, or sometimes days.
- Alignment of the organization by putting together financial and operational in one system.
- Support of advanced, power user modeling capabilities with easy Microsoft integration.
- Analytics — Ensuring accuracy and validity for both forecast and reports.
It is critical for companies to uncover business needs, especially keeping business strategy and financial budgets in mind. Ideally, staff will focus on departmental goals with individual objectives, while the system tools provide operation plans and resources. The main focuses are aligning objectives, providing accurate forecasts, closing confidently and creating an accountable enterprise. While concentrating on these objectives and utilizing best practices, EPM solidifies business goals.
EPM reliably assists you with planning, reporting, and forecasting using the type of transparency that allows your company to overcome challenges. With the limits of technology constantly being pushed and with ever-changing business processes, company executives should choose to rely on a strong, cost efficient system which provides its users with the most advanced solutions: Enterprise Performance Management.