How to choose the best EPM Software for your business
Looking for the best EPM software solution? Before you pull the trigger, you need to ensure that you’re making the right choice.
EPM software should empower your business. It should give finance and operations the ability to plan, execute and report in less time.
In this article, we cover 6 criteria you should look for before committing to an EPM solution.
1. Look for a Complete and Scalable Solution
The best EPM software is scalable. It’s able to grow with your business requirements. This means providing access to additional features and functionality, giving you everything you need to maintain your firm’s momentum.
As you look for an ideal solution, think about your needs. Will the number of team members your EPM solution will need to support in future grow? Will you start with EPM budgeting and management reporting with the potential need for financial consolidation, advanced analytics, operational modelling and more?
2. Search for Flexible and Comprehensive Reporting
Your solution should offer you extensive reporting capabilities. Today, extensive reporting includes the use of transactional and multidimensional databases (built to provide deeper insights according to time, product line, customers and regional dimensions).
Your EPM software should also make it easier to support non-finance team members. They should be able to seamlessly access reporting dashboards and understand all data.
3. It Must Have Full Modelling Capability
If you’re looking for EPM software, you’ve likely realised that Excel has its limitations. Don’t settle for any solutions that rely on Excel for modelling.
Your shortlist should include EPM solutions that include driver-based modelling and scenario analysis. These features will enable you to build and rely on highly accurate rolling forecasts.
You should also opt for a solution that links operational and financial models, and supports marketing demand generation, professional services usages, inventory depletion and sales booking waterfall.
4. It Must Allow Integrations
Technology can be complex, but complexity shouldn’t prevent you from integrations that can supercharge your organisation. You should be able to integrate other core systems like CRM, supply chain, e-commerce, and more.
Integrations should also be speedy and easy to deploy, with minimal IT resource requirements. This is where cloud-based EPM solutions have become the perfect fit for growing businesses. They not only work well with other cloud applications but also support on-premise solutions.
5. It Should Allow Excel Integration
Most organisations rely on Excel and when faced with the adoption of EPM, they struggle. Your EPM software should integrate with Excel, allowing you to apply and use existing formulas, making for an easier adoption process.
6. Support Matters
Picking the ideal EPM solutions can sometimes be difficult, especially if you feel you don’t have the technical aptitude to make the right call. As you shortlist vendors, here’s a list of questions worth finding answers to:
- Software uptime. Has the vendor’s solution failed or crashed before, and if so, how long did it take to be revived?
- Support and SLAs. What kind of support do they offer for different tiers of their solutions? What is their support availability and how responsive are they?
- Reviews. What do current customers have to say about the solution and the people who support it?
- Case studies. How has the solution helped clients solve specific challenges? Is there an example of a client with a similar business and challenge to yours that has been successfully serviced?
Picking the right EPM solution for your business requires careful consideration. Be sure to look for a scalable solution that also offers flexible and comprehensive reporting, robust modelling capabilities, integrations and reliable support.