EPM software is considered as one of the most important tools of a business.
It stands for Enterprise Performance Management and we can define it as a process that will work together with the software to plan, issue reports and ultimately manage everything related to the entity’s business intelligence.
It is also related to the strategy carried out by any entity related to the planning and execution processes. It can help save time and add value to work.
They can reduce errors, thus increasing productivity. We can also use an EPM provider to create advanced strategies and receive detailed reports.
To help you find the EPM that your company needs, here are some points that may come in handy.
What functions does it carry out?
You can find many types of EPMs on the market that offer a wide spectrum of solutions. However, if you don’t know what to expect from an EPM, finding the most suitable solution can be very complicated.
Here we briefly analyse the functions of an EPM so that you can determine if it can help you with the management of your company’s processes.
- Forecasting and budgeting
This is probably the most important function of an EPM provider.
The tool must be able to process data in real time to make forecasts (both short and long term). Only then will you be able to prepare financial budgets in greater detail, as well as prevent and model scenarios.
All this information allows the company to know if it is on the right track, or if it should make a change in strategy.
- Strategic planning
The company that wants to implement an EPM in its infrastructure will have to check if it accepts the configuration of specific methodologies. Otherwise, you may not get reports with the key information to make decisions.
For example, you might not have the data you need on the Strategy Map or Balanced Scorecard, even from the SWOT Analysis.
If a company does not take into account all the data related to its business, it will adrift.
- Performance monitoring, measurement and analysis
Another key criterion that the company cannot forget about is the personalised dashboards of the EPM.
It is important that the panel is strong and has all the functions you are looking for, but at the same time it has to be intuitive. Optimal organisation is crucial.
The duly trained user will be able to identify and interpret important metrics such as OLAP analysis, KPI, profitability analysis, among other details.
- Risk management
We recommend knowing the level of automation of the tool, as well as the integrity of the reports issued before opting for it.
These solutions are very important in case of downside risks and complicated situations. The EPM could use the data to build a future model that foresees these drawbacks; by being aware of them, good decisions can be made.
- Financial reporting
Many software companies highly value the ability of an EPM for its reporting capabilities.
A good EPM should be able to monitor data on a daily and monthly basis. Thus, the company would always handle real-time financial, management and automation data.
Does it fit what I’m looking for in my company?
Each company will have very different needs. It is very important to assess the difficulty of each process.
In the market it is possible to find ALL IN ONE that allow the automation of almost any process… although this will have a price that can be very high.
In the event that we are looking for something simple, it is not worth deciding on this type of solution.
What are your future prospects?
It is possible to find EPM solutions on the market that lack programming. They are those that are oriented to the business user.
However, those that have a programming language are more versatile, since exceptions or functionalities that have not been contemplated at first can be integrated, even if they are exclusive to each business.
Conclusion: How to choose the best EPM for your company?
In summary, before buying an EPM solution it is very important to stop and reflect on what our company really needs; for this, an internal analysis is made.
Also keep in mind that the fact that a solution is the most expensive does not mean that it is the best for your business. Just because it’s the cheapest doesn’t mean it’s the best.
If you are looking for the best EPM for your company, take into account the factors and particularities that we have indicated in this article.