The Importance Of Enterprise Performance Management Software
With so many choices on the table, it can be difficult to know which software to opt for. Enterprise Performance Management (EPM) is one of the more comprehensive options out there, but what exactly is it, and is it worth the investment? Here’s our quick guide.
What Is Enterprise Performance Management Software?
Enterprise performance management software (EPM) is a digital platform that can help organisations to improve processes across a range of departments and business functions, from financial accounting to product development and supply chain management. Unlike some other software approaches, EPM looks at every aspect of the company and brings multiple avenues of data together into a complete picture. EPM integrates business planning, forecasting, reporting, and analytics so that decision-makers gain complete insight into organisational performance.
Who Needs EPM Software?
All complex or diverse businesses require organisational clarity, so any mid-large company can benefit from an EPM platform. However, the larger the company, the more pressing the need. Larger organisations and joint ventures have vast quantities of data, and it is unrealistic to expect humans to be able to make the most of it manually. Without EPM, decision-making can be cumbersome, risky, and fraught with errors. The result is often a lack of agility, reducing competitive advantage. As such, medium and large enterprises can deploy a significant safety net when opting for EPM.
What Are The Main Benefits Of EPM Software?
EPM software offers a real-time panoramic view of organisational health and efficiency. This has a range of benefits, including identifying areas of good and poor performance, informing strategic planning and KPIs, and giving insight into patterns. With rolling forecasts, managers can be alerted to risks, informed about opportunities, and see problems before they become a serious headache. EPM gives companies greater levels of transparency and control.
Does Enterprise Performance Management Software Take Up A Lot Of Time?
Time is the most valuable asset in any business. Many organisations worry that implementing a new layer of software will simply add to their employees’ time-scarcity burden, and this can be the case when the software is overly complex. As such, it is crucial that EPM software is tailored to the application and its functions are streamlined, the interface is accessible, and the usability level is high. It is also necessary for the software to be able to ‘speak’ to bespoke and legacy programs. If the EPM software is properly configured and integrated with your other systems, the result will be considerable time and efficiency savings.
Can EPM Help If My Business Is Going Through A Time Of Change?
If your organisation is growing, evolving, or adapting, EPM can be a powerful ally. The software keeps an eye on constant flows of figures so that important performance metrics are always visible. Data analytics offer insight into how and why the numbers are performing, and this can offer critical support during times of change. Importantly, EPM can increase organisational agility and flexibility, potentially enhancing capabilities when steering through new terrain.
If you require excellent quality performance tracking, it’s likely that an Enterprise Performance Management (EPM) platform, such as Corporate Planner, is the software solution for you. To find out more, please call 01242 578966 today.
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