5 EPM software features forward-thinking finance departments rely on
EPM software isn’t a nice-to-have anymore. It’s a must-have. But as businesses around the globe are waking up to the limitations and risk that Excel poses when used to manage resource-intensive forecasts, pressing questions come to mind.
You see, picking an EPM software solution can be a little daunting. Which features should you absolutely have and which can you afford to ignore? Our previous article went into more detail on how to choose an EPM solution.
In this article, we’ll share 5 key features you should insist on when shopping for your new EPM software solution. Together, these features will empower you to make the right calls about your company’s future, enabling your organisation to run full-steam while remaining agile enough to respond to market changes.
1. Seamless Planning
There’s no escaping the power of tech and its impact on business. For busy finance teams, it’s now possible to streamline your operations. Smart EPM software is capable of automating your financial planning, budgeting, and forecasting processes. This means less time spent on processes and more time focused on strategy.
Amongst some of the key capabilities to look for, your solution should offer pre-built templates. Templates allow you to leverage set frameworks. Your platform must also give you the ability to build your own custom templates to fit your business’s requirements.
Equally valuable is the need to standardise compensation calculations from across your organisation. This functionality will make it possible to create a more effective workforce growth plan without sacrificing data accuracy.
2. Simplified Consolidations
Access to consolidated data makes for easier and manageable processes. For your EPM solution to provide consolidated data, it needs to be capable of integrating multiple systems within your business.
This level of integration is crucial as it empowers finance teams by accelerating financial close, compliance and reporting processes.
3. Collaborative Modelling
Predicting outcomes isn’t always simple. Variables must be accounted for to determine how they impact your financial plan. When it comes to EPM modelling, your solution should offer sophisticated modelling capabilities.
You should be able to account for drivers that influence your operational and financial models. Your software should also be able to link and align ops and financial models with your financial plans and forecasts, giving you the level in insight required to plan accordingly.
Watch video to see Planful in action. (Planful was previously called Host Analytics)
4. Detailed Reporting
Quality reporting is crucial for running high-performing organisations. It unlocks insights and adds to organisational competitive advantage.
But for reporting to be as effective as it must be, all stakeholders who rely on reports need access to timely information along with reports that are easy to understand.
Seek out a solution that gives your team members a centralised data resource with all the kinds of reports they require. This includes access to self-service reporting and the ability to view data dashboards and reports securely.
Analytics and the application of complex algorithms can be a little hard to appreciate. This, however, shouldn’t prevent you or the rest of your team from leveraging smart analytical capabilities within your organisation.
When utilised, analytics make it possible for finance to provide business leaders with data they can use to make mission-critical decisions. Your EPM solution, however, cannot simply provide tables, it should be able to paint a clearer, more palatable picture of your business’s current and forecasted position for business leaders.
You should be able to easily provide visualisations and interactive dashboards that help leaders focus on KPIs and identify performance gaps. These features go beyond creating a simplistic view of your organisation, they also help leaders develop necessary contingencies.
EPM software extends beyond planning functionality. It gives organisations the ability to develop key insights and strategies to run more efficiently. As you create your shortlist, look for solutions that streamline planning, offer collaborative modelling, detailed reporting and analytics functionality that empowers business leaders.