EPM has become a mainstay of efficient planning, forecasting, and making informed decisions. However, like any other technology, your EPM solution can become outdated, holding you back and limiting your potential.
Gartner predicts that by 2026, 80% of large organisations will have replaced their legacy EPM solutions for more modern technology to handle their financial processes. In a world where AI is fast becoming an essential business tool, holding on to an outdated EPM system because it will be too expensive to replace it is no longer an option for companies that want to stay competitive.
If you’re dealing with any of the following challenges, it’s time for an upgrade.
Unnecessary Complexity
There’s no getting away from complexity in today’s fast-paced business environment. However, when the complexity creeps in unnecessarily, it’s a sign that your EPM solution isn’t delivering like it’s supposed to. In some cases, this happens because people start working around the system to get things done faster, and in others, because business processes have evolved in a way that the EPM solution struggles to deal with. Whatever the reason, if your infrastructure and processes are unnecessarily complex, you have increased the cost of your EPM solution to the business, not to mention limited your organisation’s ability to streamline how it does things.
Growing Data Volumes
With ever-increasing data growth, many finance teams struggle to transform the information available to them into valuable insights that aid in strategic business decisions. Modern planning solutions must support changing business conditions while remaining powerful enough to take on complex modelling and data requirements. Your EPM solution should offer good data management capabilities, enabling the collection, processing, and analysis of data from various sources efficiently. Integration with other business systems, such as ERP and CRM, should also be seamless.
Siloed Processes
The finance team’s responsibilities continue to grow and change as their operating conditions evolve. A vital part of achieving the company’s goals is finance’s ability to access data across the entire organisation. Unfortunately, this is often easier said than done, with siloed systems in other departments causing unnecessary roadblocks. As a result, many companies have ended up with laborious forecast and budget processes, which are error prone and a drain on productivity. Upgrading to a more effective EPM solution helps ensure that the finance team can easily handle increased data volumes and support the evolving requirements of a growing business.
Wasting Money
If your EPM solution isn’t adding value, it’s wasting money. If your organisation isn’t able to make timely decisions, or is losing opportunities as a result of an inability to innovate quickly, your EPM solution is a cost centre rather than a value driver. These hidden costs are not the only ones to look out for. If you are constantly spending money on maintenance or skills to support older technology, it’s definitely time to upgrade your EPM solution
An Upgrade Doesn’t Have To Be Painful
Outdated legacy technologies are losing companies an astronomical amount of time and money. While many companies believe that replacing an outdated EPM solution will be too expensive or too complex, the reality is that many modern solutions, combined with the expertise of a partner like Futuresense, can make the replacement process painless and cost-effective. The need to upgrade is being driven by today’s rapidly changing business environment, technological advancements, and the desire to optimise financial and operational performance. By staying current with a modern, effective EPM solution, you can better position your business for success and meet the evolving needs of your stakeholders.
Frequently Asked Questions
You should consider upgrading when your current Enterprise Performance Management system struggles with unnecessarily complex workflows, cannot handle growing data volumes or integrate easily with other systems, suffers from siloed processes, or ends up costing more in maintenance than it delivers in value. If you find decision‑making is delayed, innovation is stifled, or your finance team is burdened with workaround systems, these are strong signals it’s time for an upgrade.
While there’s a common perception that upgrading an EPM solution is costly and difficult, many modern systems paired with experienced partners make the transition smooth and cost‑effective. With proper planning, phased roll‑outs, and leveraging partner expertise (such as that offered by Futuresense), the financial and operational disruption can be minimized. The long‑term benefits—improved agility, better forecasting, and streamlined processes—usually outweigh the upfront investment.
