Having a strong strategy is crucial to a business’ success in an ever-changing global market.
However, successfully executing your strategy, tracking and measuring performance and subsequently making decisions for the future is perhaps even more important.
This is where Enterprise Performance Management (EPM) comes in.
With a number of EPM software solutions on the market, businesses can track, manage, analyse and evaluate performance, using this information to efficiently and effectively execute plans, make important business decisions and create models for the future.
Here at Henderson Drake, we specialise in recruiting individuals with specialist EPM skills and business experience for leading global organisations.
With extensive experience and industry knowledge, we’ve taken a look at what Enterprise Performance Management and EPM software are and their benefits for businesses.
What is EPM software?
Enterprise Performance Management (EPM) involves turning data into information.
By managing and monitoring data across a whole organisation, businesses can analyse, understand and report on performance, using the results to model for the future and make timely information-driven business decisions.
The EPM process provides greater transparency and control for businesses in order to help make financial or operational improvements and decisions.
Often a complex task, businesses utilise specialist software which provides useful tools and processes to assist with EPM. There are a number of different software packages on the market.
Here at Henderson Drake, we recruit for specialists in EPM technology including Workday Adaptive Planning, Anaplan, Board, Tagetik, OneStream, Pigment and SAP Planning Analytics.
These software solutions integrate and analyse financial and operational data from across a whole organisation to identify key patterns and trends. This helps with planning, budgeting, forecasting, KPI tracking and reporting.
Also, with this information, businesses can gain information-driven insights, make quick informed decisions and drive improved performance for the future, which is essential in an ever-changing market.
For many organisations, EPM and the associated software is crucial to success.
What are the main benefits of using EPM software for businesses?
There are many benefits of using effective EPM software for businesses, including:
EPM software enables businesses to align operations with long-term and short-term goals and measure progress to ensure execution lines up with strategy.
By enabling businesses to create clearly defined objectives – and integrate the management processes needed to deliver them – EPM software provides direction for employees and incites a unity of working towards a shared goal.
This creates better strategic alignment throughout all departments of a business for greater overall results.
Perhaps one of the most useful benefits of EPM software is the flexibility it offers.
Some software solutions provide sophisticated tools which enable organisations to create a variety of models. This facilitates preparation for a range of different scenarios, as well as the opportunity to alter strategy or diversify products and services – then track the resulting performance.
By providing this functionality, EPM software enables organisations to be flexible by quickly and more effectively making informed decisions in response to sector changes – which is vital in an ever-changing global market.
EPM software facilitates greater collaboration across multiple departments of an organisation.
Most EPM software solutions – particularly those which are cloud-based – retain all necessary information in a single system and allow secure access for all those who need it.
This enables departments to effectively work together – which is especially beneficial as more and more organisations allow remote and flexible working.
Also, this improves EPM overall by reducing the risk of error, helping to meet objectives more efficiently and create more aligned processes and plans.
Information-driven decision making
EPM software gathers information and provides useful tools which can inform future decision-making.
With accurate and relevant data, and analytical tools which can be used to visualise future scenarios, management can make better supported and information-driven decisions.
This can lead to boosted profitability and performance, identification of growth opportunities or challenges and drive alignment with strategic plans for optimal results.
Without it, decision-making can involve more risk and a greater chance of error!
EPM software is used to help businesses improve their profitability.
Through the collection and monitoring of data, it assists with financial planning and analysis. It provides insights into costs and provides tools for forecasting profitability which allows users to evaluate existing margins and predict the profitability of future scenarios.
This enables businesses to identify and capitalise on potential growth opportunities and make changes to drive profitability for their business.
Implementing effective EPM software – and employing experts to use it – streamlines the EPM process.
EPM software automates actions and implements useful tools. This makes tasks like planning, reporting, forecasting and budgeting much less time-consuming. Plus, it can enable a faster reconciliation of accounts and avoid delays.
Previously, EPM relied on manual processes, such as the use of spreadsheets. So, via one EPM software solution – and an experienced specialist managing it – all tasks can be delivered quicker and with less errors for a more productive and efficient process.
The benefits of EPM software are clear
By supporting businesses with analysing, understanding and planning their strategy – and turning data into information for modelling and decision-making – EPM software can help improve the financial and operational performance of an organisation.
As well as helping to boost efficiency, collaboration and flexibility, EPM software can drive profitability, inform future decision-making and contribute to better strategic alignment, leading to greater business success overall.
Crucially, this makes EPM software specialists indispensable to the EPM process – and to a business’ success.
Find top talent for your EPM team with Henderson Drake
Here at Henderson Drake, we introduce the very best EPM talent to leading international financial and technology businesses.
With a decade of experience, we add real value to your recruitment process. Our expert team brings industry knowledge and understanding to each role we fill -making finding the right person for your team simpler and easier.
Unrivalled in our sector, our comprehensive network spans the Northern American, EMEA and APAC markets. We can find even the hardest to source candidates.