Enterprise Performance Management (also referred to as EPM) is a term that defines the core management activities of an organization. Through this blog, we will learn key points, benefits, and drawbacks brought by enterprise performance management software.
Overview: Enterprise Performance Management Model
EPM is in the process of evaluating and improving business performance across the enterprise. An EPM software integrates and evaluates data generated from different sources like back-office & front-office applications, e-commerce platforms, and external data sources. Highly advanced EPM software is designed in a way that supports performance methodologies effectively like a balanced scorecard.
Enterprise performance management indicates enterprise management techniques and solutions and includes the following management processes:
- planning, preparing, and predicting a budget
- Building a model of value creation for a business
- Performance assessment
Sales, operational costs, overhead, and return on investment are some of the commonly used KPIs (Key Performance Indicators (KPIs) for performance planning, measurement, and assessment.
Commonly, Enterprise Performance Management (EPM) is associated with finance and is also known as:
- Financial Planning & Analysis (FP&A)
- Corporate Performance Management (CPM), and
- Business Performance Management (BPM).
EPM solutions are no longer alien to modern businesses given the numerous benefits offered like faster & seamless adoption of automated planning & forecasting procedures, sales efficiency, enhanced accuracy, effective human resources management, marketing, and procurement.
Optimizing Sales Funnel with EPM
The numbers generated automatically by every current sales tool can be used to create plans. This will assist you and your team in rearranging the sales funnel or improving the performance of the existing funnel. You can set goals that are regularly monitored and modified in real-time by your team using the forecasting features of modern EPM software or solutions. Sales professionals can plan & monitor control changes to the sales funnel in a data-driven, collaborative, and dynamic way.
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Effective Employee Development Management with EPM
What does EPM software do and how can it be of significant use to your business?
HR professionals have discovered new business requirements to incorporate them into planning at the earliest. For instance, setting targets and routinely comparing them to the existing data stream provided by sales tools The distribution of variable incomes is always shown in an up-to-date format in just a few clicks. EPM software can also be used to forecast budget planning & make informed business decisions in real-time.
Why Use EPM Software to Track Campaign Performance?
With an integrated picture of your marketing operations’ performance, you can make crucial decisions as to which projects the marketing team should pursue, enhance, or discontinue quickly. The key benefit is that it provides aggregated reporting instead of producing manual reports from multiple data sources. This allows you to modify existing campaigns quickly and effortlessly. EPM allows procurement teams to have more control over the network of suppliers.
To gain a clear perspective, manage important information regarding the capacity and quality of the desired commodities in an EPM solution. Improve the transparency and cost structure of your company’s procurement process. By being more informed about EPM software, you can respond quickly to supplier price hikes, saving on money & time, enhancing operational productivity, and boosting sales.
Enterprise Performance Management Software
EPM is a broad term related to enterprise planning that uses data feedback constructively to maximize business efficiency, financial performance, and ROI. This can comprise all of an organization’s systems, processes, actions, and reports that rely on optimizing data to plan future business decisions.
Microsoft Excel is highly used by some businesses for data collection, validation, budgeting, forecasting, and reporting. These processes can consume a lot of time and can lead to errors, keeping staff alert and spending the majority of their time meeting organizational basic demands. This results in no time for value-added activities like making monthly forecasts, creating strategic relationships, what-if modeling scenarios, etc. Software-supported Enterprise Performance Management plays a considerable role in the next phase of value development. It predicts the future and makes projections based on actual analysis.
Previously, EPM was mostly used by finance departments. It has since developed significantly and is now intended for use across a variety of organizational operations. Moreover, it can be successfully implied in the context of integrated planning.
Top Enterprise Performance Management Software Used by Businesses
- Workday Adaptive Planning – versioning and ‘what-if’ analysis
- Oracle EPM Cloud – for financial solutions
- Infor d/EPM – a user-friendly tool
- Planview – enterprise PPM
- Axiom EPM – EPM software for cost-effectiveness
- OneStream XF – EPM software for operations in the manufacturing sector
- Anaplan – EPM software for demand & supply planning
- Epicor – EPM software for retail analytics
- ARES PRISM – EPM software for executives
- EPM Live – for Microsoft SharePoint integration
Enterprise Performance Management Software
Modern EPM software offers various organizational features and can also be utilized as an add-on tool to boost the operational efficiency of business intelligence systems. EPM software enables planning, budgeting, and forecasting by showcasing important organizational metrics on dashboards.
Advantages of EPM
EPM offers a lot of business benefits. It helps in enhancing the effectiveness of marketing campaigns, improving supply chain performance, monitoring consumer behavior, and more. A few advantages of EPM are listed below:
- Enables decision-making
- Provides in-depth insights into financial data
- Analyses customer behaviors and market trends
- Maximizes supply chain performance
- Optimizes marketing campaign efficiency
- Generates accurate reports in near real-time
Wrapping Up
Enterprise performance management gives a gentle nudge to your organization to stay competitive in a competitive business environment. With an effective EPM system in place, you can identify gaps in your business, optimize operational performance, launch new marketing initiatives to fill gaps and redefine the way organizations scale to the next level of growth. If you are looking for getting a performance management program, then Polestar Solutions is your ideal EPM partner choice to foster a sense of fairness across the enterprise.