Why All Businesses Need Enterprise Performance Management Solutions
If you could climb into a time machine and go back ten years, you’d be in an era when enterprise performance management (EPM) solutions were considered a luxury enjoyed only by big companies. Small-to-medium-sized businesses (SMBs) got by with manual entry into spreadsheets.
While these SMBs could get by with spreadsheets, this system was clearly more cumbersome with more opportunities for error, and didn’t serve as the most effective tool when sharing data, analyzing it, or making forecasts and decisions.
As time passed, some medium-sized businesses began to adopt EPM solutions, albeit slowly. What is adding momentum to this adoption: as some former Fortune 500 finance leaders have transitioned to positions in medium-sized companies, they bring with them their knowledge of EPM platforms—as well as a sense of urgency about migrating to EPM solutions for the company’s financial health.
EPMs: Critical Component of Today’s Finance Systems
As financial professionals with an understanding of the benefits of EPM solutions discuss opportunities with their executive teams, the opportunity for profitable growth is increasingly becoming clear to many forward-thinking teams. They recognize how, because accurate financial and business operations data is crucial when making strategic decisions, the EPM Cloud is essential for growth–no matter whether the company is big, medium, or small in size.
Benefits of EPM Cloud
The EPM Cloud:
- allows everyone in the company to speak the same language
- provides teams with real-time visibility into a master set of data
- boosts the ability to accurately plan
- increases the ability to forecast and provide accurate reporting
When a common language isn’t used, then functions of analysis, planning, forecasting, and more aren’t starting from the same understanding of data. For example, not everyone defines “price” or “profit” in the same way. Or, they may not measure full-time equivalency (FTE) in the same manner when calculating workforce expenses.
With the EPM Cloud, everyone is working off the same data, defined in the same way.
Adopting the EPM Cloud
Once a medium-sized company decides to transition to the EPM Cloud—perhaps in preparation for becoming a publicly-traded one—then it’s crucial to choose the right EPM solution and implement it correctly, using a common language.
For example, how will this publicly traded company calculate shareholder value? Predict its future value? Report data internally? Externally to shareholders?
This is just one scenario of what may be happening in a company when they decide it’s time to use the EPM Cloud. Situations may vary widely, from company to company, but the EPM Cloud has become essential for successful growth—making its adoption vital, and the sooner, the better.
CSS for Your EPM Cloud Implementation
It can be easy to underestimate what’s involved in the process, including the accompanying change management. Oracle consultants at CSS are highly experienced in both implementing the best Oracle EPM Cloud solution for your company’s needs, and facilitating the most effective and sustainable change management.
As we like to say, embrace change. Win at technology.
Read the entire series from Jim Webb.