By Nicole Astfalck, Associate Director, Futuresense
Research by the Aberdeen Group has found that top-performing organisations are 30% more likely to have implemented enterprise performance management (EPM) solutions than their competitors. With real-time access to data, these companies can take the guesswork out of planning, decreasing the time involved in forecasting while increasing forecast accuracy.
According to the Aberdeen researchers, companies that have implemented EPM solutions also champion data accessibility and collaboration between stakeholders, promoting organisational accountability. In the end, they decrease time-to-decision while increasing revenues and operating margins, the research found.
However, gaining these benefits is dependent on the effective implementation of the EPM solution – something most businesses struggle with on their own. This is where the right implementation partner comes in, providing the experience, expertise, and technical know-how to ensure that the organisation gets the most out of its EPM investment.
The secrets to EPM success
Many organisations think that success rests on choosing the right EPM platform, but that’s only half the battle. The right choice of EPM implementation and support partner is just as important. The right partner needs to be there from the start, helping the organisation identify and select the solution that will help them meet their current and future needs.
Similarly, the actual implementation is only the first leg of a much longer journey. If some people are still hoarding spreadsheets or other manual processes, all of the data won’t be stored in the system, so the EPM solution won’t yield the right results. A good partner will help ensure everyone buys in and uses the system properly.
A vital element to this is ensuring that training and improvements are an ongoing initiative. Training can’t be a one-and-done process. People who join the company a year or two years after the system is implemented should have access to the same training as those who were there when the software was first made available. In addition, an Enterprise Performance Management solution should evolve along with the company using it, so regular improvements may well require additional training on some of the finer points.
A good EPM implementation and support partner should be able to provide all of this and more. Your partner should be able to define business processes, determine the right technology solution, create a solution roadmap, and implement and support your organisation’s vision – now, and in the future.
Choosing the right partner
The decision about which partner to use for your EPM implementation can seem complex, but it boils down to their depth of knowledge, industry experience, and level of support. They should have the skills that span across functional domains of financial consolidation, reporting operating models, and strategic finance models to the underlying data and systems technical architecture which would be required for your organisation. A good implementation partner will know where there may be limitations, and how best to avoid or minimise them. They will also understand what is needed to maintain and administer the EPM solution to combine application design with efficient maintenance and administration.
The right partner will not only be able to talk the talk, but they should also have examples of implementations done in the same types of vertical and functional solutions your organisation needs. Go beyond brochures and websites and ask if your partner has formal deliverables available. These could include specific solutions they have built to benefit customers, or add-ons and utilities that will help you get more value out of your EPM investment. Customer references are also a great way to ensure your EPM implementation partner can deliver what you need.
Successful EPM projects rely heavily on the capabilities of the implementation partner. There are a number of consulting companies out there, so your choice of partner should be based on the added value they can bring to your project. Knowledge of technical issues, process expertise, and best practice is a critical first step, but your partner of choice should also be client-focused, take a hands-on approach, and value their long-term client relationships.
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