The magnitude of the enterprise performance management industry has grown significantly over the past few years. The current market size stands somewhere colossal that should not be ignored or neglected by any operating company.
The market for EPM Software’s has been anticipated to experience a shooting increase from 6.44 billion dollars as recorded in 2017 to 11.72 billion dollars by the year 2023.
Having a stable EPM system allows you to organize, manage, monitor, and enhance the overall productivity and performance of the enterprise.
Establishing attainable objectives or just keeping track of the happenings – enterprise performance management covers it all.
EPM is a process that no company should ever ignore to ensure success in its journey.
Hence, in the following part of the article, we are going to discover more about
what is enterprise performance management, its features, types, and more essentially, how is the EPM valuable system for making your business successful?
What is Enterprise Performance Management?
Enterprise Performance Management is a process that enables users to monitor and regulate their company’s efficiency using disciplines like:
- KPI assessment
That’s precisely what one would anticipate of the term.
One can observe and control how the organization works concerning its objectives and strategies with EPM. This connects technical information and data with enterprise resource planning (ERP) – an everyday approach to handling business requirements, spending, and generating resources.
In other words, EPM software supports the monitoring of company operations by the essential KPIs and monitors your success towards any performance assessment your company aspires towards.
What entails an effective Enterprise Performance Management System?
The concept of Enterprise performance management is not too difficult to grasp. It is a technique and practice that allows you to determine how much you can accomplish and enhance it tangibly and measurably to improve company performance.
However, it is far more complex to create an effective EPM system. That is because EPM combines numerous techniques and the contributions of virtually all department your organization have.
An efficient EPM system must cover:
- Building a strategic model
- Planning Budget control
- Closure and amalgamation
- Follow-up and reporting
- Performance evaluation and analysis
And on top of it, it requires the collaborative effort of at least the following departments:
- And, IT
Any company that has ever tried to make more than one department work together effectively realizes how big of a hassle it could be.
Now, are you beginning to realize how EPM could be a little complicated?
Here enters the need for an EPM software or application that could assist your company to establish an effective and efficient EMP system.
And trust us, all this hassle is worth it!
Perks of using an Enterprise Performance Management Software
When a company uses Enterprise Performance Management (EPM), they experience three primary benefits. Those are as follows:
- Automation of financial management, forecasting, integrating, and the relief of work and reducing mistakes from the many company operations.
- Accelerate cycle durations, provide actual statistics and obtain additional time for planning and assessing simple for the profits produced.
- Mixing financing and company operational activities under a unified program because integrated management improved collaboration across multiple departments.
EPM solutions are designed to help the financial and administrative departments function. It enables the autonomous planning and prediction of certain significant activities to be conducted more quickly and easily.
The usage of EPM software also benefits the other company divisions since they boost productivity and supply efficiency or HR consistency.
Let’s all examine some of the perks of using EPM tools for different company departments:
- The sales team can optimize the channel for sales
- HR can efficiently oversee its staff
- Marketing teams can evaluate and analyze campaigns
- Acquisition team members can more easily supervise the supply chain
Features to look for in an EPM Software
SAP is one of the top companies that provide great EPM solutions for different scaled companies and organizations. SAP Tools and Solutions comes with all the essential features and more that are essential for establishing an effective EPM system.
Here are some of the features that you should look for in your EPM software:
- Elaborate Dashboards
- Effective Visualization
- Detailed Reporting
- Data Management Platform
- Workflow Management Platform
- Forecasting and Strategizing
Understanding and Operating all these features of an EPM software can be complicated. If you go with SAP, you can employ an SAP consulting Company to monitor and manage the tools.
Right way to select a suitable EPM Software for your Company
There are several different aspects that you must consider before you choose a suitable EPM solution for your company. But here are some points that must consider before making the final decision:
- Requirements: Every company has different needs and goals. And you must assess thoroughly and take all your conditions into consideration
- Budget: When it comes to spending resources, you must compare multiple software and features
- Integration: Make sure that the software could be easily integrated with your existing software and tools
- Platform Access and control: You must address network access control for different department personnel.
EPM solutions were created to bridge the barrier between developing plans and putting them into action. The system provides a business’s administration with methods and tools to implement a plan centered on harmony, responsibility, and focus. It aids in the resolution of complex financial difficulties and the integration, predicting, accounting, and scheduling of job duties.
Users using SAP EPM have been able to jump-start their businesses by making better judgments.
Enterprise Performance Management Solutions provided by Companies like SAP has several features that can assist in improving your company’s overall efficiency. And getting assistance from an SAP consulting company can help you in your journey towards becoming a successful enterprise.
Author Bio: Eric Smith is an SAP professional providing a wide range of SAP consulting services for transformation to intelligent enterprise with SAP S/4 HANA Cloud and other ERP solutions to his clients. With a knack for technology, he loves to write on the latest SAP developments and share his knowledge with the readers.