A quick guide to help you understand EPM solutions

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What do you mean by EPM?

Software for Enterprise Performance Management (EPM) lets you evaluate, understand, and report on your business for cloud financial close solutions.

EPM refers to the mechanisms designed to support companies in planning, budgeting, forecasting, and reporting on business performance and consolidating and finalizing financial results (often referred to as "closing the books"). CFOs and the finance office mainly use EPM solutions, while other functional fields, such as HR, distribution, marketing, and IT, use EPM for organizational planning, budgeting, and reporting.

Understanding the EPM cycle

While often connected to enterprise resource planning ( ERP) systems, best EPM solutions software, in addition to top operational data, complements ERP by offering management insights.

 In other words, ERP is about running the company, the everyday transactional activity, and EPM is about controlling the company, observing, knowing, and reporting on the company.

Today, by connecting financial and operational indicators to observations, and ultimately guiding strategies, plans, and implementation, EPM software is considered essential for managing all forms of organizations.

Managers can drive improved performance in the enterprise with EPM software by tracking financial and operational outcomes against predictions and targets and using analytics to identify key patterns and forecast outcomes.

The value of the EPM cycle

Flexibility is the secret to enduring disruption. Organizations that react rapidly will remain ahead of the curve, whether the change comes from outside factors (such as new laws or global weather events) or market realities (one product skyrockets to popularity while another flop). A modern EPM solution helps you to understand how to react to disturbances, where, and where.

In a changing regulatory climate, you need to respond quickly to new demands and provide all stakeholders with quicker, more precise insights. EPM allows you to streamline the financial closure and report with trust and perspective.

Streamline account reconciliation

The number one explanation for non-data-related financial closure delays is account reconciliation. By leveraging automation and comprehensively addressing the protection and risk usually associated with this process, EPM helps you to effectively manage and enhance global account reconciliation.

The digital economy needs more than spreadsheets and department-oriented planning processes to drive reliable and agile integrated plans. For a better vision, genuinely efficient preparation can bind the entire organization seamlessly.

You should align planning around the organization with EPM, so that you can create agile forecasts across all business lines and adapt to changes quicker and more efficiently.

Manage and drive profitability-You must be able to manage and drive profitability to succeed in unpredictable times. In order to decide where to spend scarce capital, EPM lets you gain insight into the dimensions of cost and profitability.