Enterprise Performance Management (EPM) Can Work Smarter and Harder for Your Business
Enterprise Performance Management (EPM) solutions should be driving business growth. In this two-part series, we are exploring how to harness the power of EPM applications.
In part one of this two-part series, we explored what EPM solutions are and how this software can be used to leave legacy systems behind for efficient planning and performance reporting. For part two, let’s explore how in an increasingly automated and cloud-centric world, investing in an EPM solution can both empower a finance department, and contribute to the overall growth of an organization.
As a company matures, a scalable EPM tool is the best way to manage financial strategy. Company finances are typically multifaceted and comprised of the following: budgeting and financial planning, management of financial risks, consolidation, and reporting. A properly implemented EPM solution can handle these pressing needs, as well as:
- Shareholder values
- Top line revenue and profitability
- Cash flow and cash flow analysis
- Financial reporting processes
- Regulatory compliance (SOX, SEC)
- Financial metrics
- Financial accountability throughout the organization
- Reporting and analysis
- Budgeting and planning process
- Financial work process
Oracle Enterprise Performance Management is one such solution. Combining a suite of budgeting and forecasting modules within a single, integrated cloud platform, Oracle EPM enables companies of any size to drive predictable performance and report with confidence.
Leveraging EPM to Meet Unique Business Needs
With all areas of the business in the cloud, Oracle EPM combines multiple streams of data that might previously have been siloed. For example, with EPM, leaders will be able to see which activities cost the most from an operational standpoint, and which are driving the most growth. From there, it can be determined how to reallocate resources to improve efficiency throughout different areas of the business and make an informed plan for how to meet future goals over a set period of time. Additionally, by using AI- and machine-learning powered EPM tools, leaders can make forecasts for future performance with even greater accuracy, due to the centralization of all information—serving as a “single point of truth.”
Ultimately, Enterprise Performance Management is much more than just another application to modernize a business. By consolidating data to analyze the totality of an organization’s performance and detect patterns beyond human capacity alone, decisions will be faster and more informed, helping to stay ahead of the competition and maintain pace with industry trends and growing customer demands.
Empower Your Financial Organization with Apps Associates EPM Solutions
Enterprise Performance Management encompasses much more than just a deployment. It reflects an orientation toward growth, excellence, and impatience with the status quo. Many organizations aren’t sure where to start or where they need help; should every legacy application be replaced right away, or should it start with a hybrid approach?
At Apps Associates, our biggest asset is our people. We strive to help customers identify the answers to these questions and identify the approach that best aligns to their business needs, using our expertise to take financial management strategy to the next level. We offer assessments to target areas of improvement, design roadmaps for how to address challenges with innovated tools, and we educate customers how to align strategy utilizing EPM tech.
We don’t consider an implementation complete until we have 100% user adoption. With EPM solutions, that means total adoption within the finance team, to ensure they are not reliant on IT to manage tasks. The goal is for everyone in the organization to feel confident. Eventually, financial teams become Oracle EPM specialists, but in the meantime, our experts are just a phone call away!
Learn more about how Apps Associates can help you align and empower your business with EPM.
See how Apps Associates helped REGENEXBIO tackle a double migration, starting with Oracle EPM, and be sure to check our first blog in this EPM series.