What is EPM?
EPM stands for Enterprise Performance Management and it’s this software that can help your business with analysing, understanding and reporting. EPM solutions are primarily used by finance departments, but other functional areas (e.g. sales, HR, IT and marketing) also use EPM for operational planning, budgeting and reporting.
EPM software is considered to be essential for managing all types of organisations by linking financial and operational metrics to insights. As a result, this linkage will drive strategies and planning, and the execution of them. Ultimately, the performance across an organisation will improve as financial and operational results will be monitored against forecasts and goals, and analytics will be used to recognise key trends and predict outcomes.
The EPM Cycle
Does EPM work with my ERP System?
EPM complements an ERP (Enterprise Resource Planning) system by providing management insights in addition what is being produced by the ERP. So essentially, an ERP system helps you operate the day-to-day transactional activity of a business and EPM software helps you manage a business by analysing, understanding, and reporting what’s going on. Not all companies have built integrations and drill-through capabilities between ERP and EPM systems, but for those that do, it will no doubt improve efficiency and effectiveness and will help organisations to become more responsive and, therefore, much more agile.
What are the benefits of using EPM?
The benefits of using EPM software are numerous, especially if your business is susceptible to disruption from outside forces or market realities. A modern EPM system allows you to adjust as a result of any disruptions, so that your organisation can stay ahead of the curve. By implementing EPM software, your business will be able to:
- Optimise the financial close
- Streamline account reconciliation
- Drive accurate and agile integrated plans
- Manage and drive profitability
- Align tax reporting with corporate financial reporting
- Satisfy all your reporting requirements
- Manage change with enterprise data management
For more on Oracle’s EPM software, see their designated EPM pages
Why Walpole Partnership for EPM?
Walpole Partnership specialises in implementing EPM systems, and our consultants have delivered successful Planning & Budgeting systems for many of our customers.
Implementing EPM products requires both technical and functional expertise and our development team are experienced consulting professionals who have a strong understanding of our solutions, industry best practices, business processes or technology designs within a product/technology family.
Check out our full range of EPM Services here.