Why your business needs Enterprise Performance Management software
Automation is the key to running a more streamlined and efficient organisation. Sure, the debate about the role of automation in business continues, but it’s not stopping companies from adopting smarter technology that unlocks insights faster.
One such advancement is enterprise performance management software or EPM. Today, EPM is helping companies spend less time while performing ad hoc requests, creating plans and budgets. It also speeds up process efficiency and delivers accurate forecasting.
But should your business invest in enterprise performance management software?
In this article, we’ll highlight 4 reasons why it’s time to take the leap. EPM software, while built to manage the complexities of high-performing organisations, isn’t hard to understand. And as you’ll see, the benefits of adopting an EPM solution can help you transform your organisation, making it more agile and competitive.
1. Excel Can’t Do it All
Excel’s been the choice of many finance teams since its inception. It’s easy-to-use, accessible, affordable and can perform some of the most important tasks your organisation relies on. But its also one of the reasons why your company may be behind the curve.
According to Ventana Research, 71 per cent of organisations that apply a high degree of automation in their close process complete the process within six days. This is in comparison to 23 per cent that use little or no automation.
Is your business reliant on Excel? Are you struggling to automate your processes thereby crippling your productivity?
2. More Accurate and Timely Intelligence
EPM helps businesses measure and predict success more accurately than ever before. This is due to enterprise performance management software’s ability to crunch more data and leverage more sophisticated modelling and analytics functionality.
Today, EPM software is capable of integrating transactional and multidimensional databases to provide more reporting options based on various aspects of your business. You can get a closer look at reporting by clients, product, region or time period.
3. EPM Performs Mission-Critical Tasks
EPM also performs budgeting, planning and forecasting alongside modelling. Due to its robust capabilities, you’re able to consolidate results and close books on a periodic basis in less time.
Performing rolling forecasts becomes less challenging. You no longer have to worry about Excel crashing while you adjust your rolling forecast. You also need not worry about how non-finance leaders will react to tables of data that they find painful to read and make sense of.
EPM solutions provide visualization functionality to help you tell stories based on your data. This makes for easier-to-read reporting results for non-finance internal and external stakeholders, enabling them to make more informed decisions based on accurate and timely data.
4. Your Competitors are Using EPM software
Previously, finance applications required large investments and were on-premise solutions. And this put tools like enterprise performance management software out of reach for a large pool of organisations.
Beyond the cost of on-premise software, businesses required IT administrative staff to maintain hardware and software, increasing the cost even more.
Today, that’s changing. It’s become cheaper to maintain and access FP&A solutions as they move to the cloud. This development also makes it easier for your competition to use high-performance EPM software to better plan and manage the growth of their businesses.
EPM software is the next step for forward-thinking finance teams. It offers more processing power and a suite of sophisticated and very necessary tools to help growing businesses function optimally.
It is able to perform all the tasks busy finance departments require, connecting operational plans to financial plans. This level of flexibility gives all stakeholders the level of insight they need to make strategic decisions about the growth of their organisations.
Read the findings of Forrester Consulting’s study that examines the ROI enterprises may realise by deploying Host Analytics EPM Software.