27 Mar
2019
Businesses have been forced to revamp their mode of operation, in order to stay in competition in the digital age. One way to do so is by adopting enterprise performance management (EPM) software, which effectively monitors and predict business performances and ensures that set goals are achieved as planned. It considers the visibility of operations in a closed loop mode across all facets of the enterprise, supporting financial planning and analysis, strategy formulation, business planning & forecasting, financial management, and supply chain effectiveness. There are hundreds of software that advertises themselves as EPM, from Corporater, BOARD, Adaptive Insights, Longview, Oracle Hyperion, etc. However, one should be aware of the four most salient features that define an EPM software.
Planning, Budgeting, Forecasting, and Reporting
The EPM software should assist in planning and forecasting processes. The software allows for the plans and goals created by upper management to seamlessly infiltrate into the lower management without any loss of information. The system also gathers in the feedback of the employees that can result in modifications of the original plan. The software also generates intermittent report after the plan has been deployed, which measures in the performance of the employees or the practicality of the plan in the first place. The software finally offers forecasting, to estimate sales income, expected expenses, and the profitability of the business and the entire organization.
Interactive Dashboards and Effective Data Visualization
Technological advancement has called for the requirement of several interfaces that works on multiple devices. EPM software should be available on laptops, tablets, and smartphones – syncing up personal data and allowing for easy navigation between different roles carried out by the different users in the system.
Financial Consolidation
The EPM software allows for the easy management of its financial operations, including frequent checks of account books while complying with a set accounting standards. It automates the process in a timely and accurate manner, reflecting positive virtues to its employees and stakeholders. The software also provides insights and explanations on the status of the company’s finances and relevant documents supporting the findings.
Cloud Sharing and Collaboration
In order to secure the sensitive data collected in a quarter or yearly, the EPM software should have in-build cloud servers that store the data and allows it to be shared with certain people. Such collaboration leads to seamless functionality and allows for the integration of vital workflow and process management. Reports obtained from risk analysis can be timely communicated through emails or video conferencing to the concerned parties.
Along with software and services, the enterprise performance management (EPM) market is expected to grow at a mammoth CAGR of 11.7% in the near future. This is attributed to the demand for cloud-based EPM software and the need to improve business performance.
Rosy Behera
Author's Bio- Rosy Behera holds a bachelors degree in Electrical and Electronics Engineering and now she is a content writer by profession. She loves to portray her thoughts and ideas with a nice command of words. Grabbing an audience with her creative write-ups is one of her biggest assets so far. Apart from writing, she is a certified Odisi dancer and has done Gardharva in Drawing, Painting, and Arts. She always explores new things through travel and is a big foodie.
Which Technologies Are Beneficial for 3D Animation Businesses?
Analyzing the Impact of Nanotechnology in Enhancing the Quality of Automotive Lubricants
Why Are Beverage Companies Aggressively Launching Bubble Tea Products in 2024?
Role of Advanced Analytics in the Process of Factory and Warehouse Insurance
Why Should Equipment Businesses Invest in IoT-enabled Heat Meters?
Advanced Technologies in Sanitary Ware Revolutionizing Modern Bathrooms
Advanced Manufacturing Techniques That Enhance the Quality of Gluten Free Flour