Deciding whether or not your business should take on an EPM solutioncan be an overwhelming decision, especially if it’s your first time implementing major software. You may think that operating without EPM can be done—and you’d be right. It can be. But that doesn’t mean that it should be. Conducting business without EPM in today’s dynamic marketplace will put you two steps behind the competition and limit your potential success

In today’s dynamic business environment, CFOs are under enormous pressure to plan, execute and report in less time. While most have started pushing their businesses towards advanced analytics and a more modern finance department, many are still struggling with manual processes and a multitude of spreadsheets.

This is why CFOs have started turning to Enterprise Performance Management (EPM). EPM solutions help empower the business, facilitating efficient and transparent processes that enable CFOs and other business leaders to improve organisational agility and develop a sustainable strategic direction. Implementing an Enterprise Performance Management solution not only enhances reporting and analysis capabilities, but also helps keep sensitive data more secure while saving the organisation time and money.

Unfortunately, many companies struggle to find the right EPM solution to meet their specific needs. Some organisations fall into the trap of selecting a solution that only meets their immediate needs and doesn’t support future requirements, while others spend far more than they should on a platform that doesn’t provide them with the results they are looking for. Whether a finance team wants to upgrade from spreadsheet-based processes, or is looking to replace an existing financial planning, consolidation, or reporting solution that isn’t the right fit for the organisation anymore, the right choice of EPM solution is essential.

Features for the future

For organisations selecting an EPM solution to meet their current and future needs, a cloud-based platform offers scalability, faster time to value, and a lower cost of ownership. However, cloud-based EPM solutions are not all the same, and some only offer limited functionality and scalability.

There are a number of features to look out for in any EPM implementation, but perhaps the most important is its ability to grow with the organisation’s requirements. Regardless of what a company’s immediate needs are, these will change as the business grows and evolves. For example, a company that currently needs help with planning may well need forecasting and modelling in the future.

In fact, modelling is a vital element for the long-term sustainability of an EPM solution. Any platform that uses Excel modelling, for example, will struggle to meet the needs of companies that require driver-based modelling and scenario analysis.

Another important consideration is the user interface. If the EPM solution is not particularly user friendly, companies could find their investments being wasted as a result of users avoiding having to use it. Similarly, any effective solution should be integrated with other core systems like CRM, supply chain, e-commerce, and so on. This will not only help ensure innovation and agility, but makes it easier to support non-finance team members, who should also be able to seamlessly access reporting dashboards and understand all data.

The implementation partner is as important as the product

Before a company evaluates which features it’s looking for in an EPM solution, there needs to be an in-depth understanding of what business requirements the organisation is trying to meet. While pinpointing any challenges with the current system and processes being used is a good first step, this will not allow the business to identify where it needs to be in the future. The process for understanding and developing the business requirements for an EPM implementation is often a project in its own right. In most cases, it is only after an organisation has selected a product or partner that the detailed requirements are developed.

The choice of implementation partner is therefore as important as the choice of product. A good partner will not only deliver a technology implementation, but will consult and help steer the project to ensure the business gets a robust and high-quality solution designed to meet the company’s needs. From identifying business requirements, to support, training and mentoring, a good partner should take the business on a journey, understanding both long- and short-term strategies to deliver a roadmap that will allow the company to gain the full benefits of the EPM solution.

Like any other technology project, purchasing and implementing an EPM solution is an investment. Selecting the right provider along with the right product will help ensure that the business gains benefits immediately. When implemented properly, an EPM solution will save time, provide the ability to react faster to opportunities, and even help identify risks and support management decisions.

Ends