EPM Solutions Go Beyond Finance: HR and IT Benefits
When first thinking about enterprise performance management (EPM) solutions, it’s only natural to think about how finance professionals would use them. After all, they’re the core users of these types of applications. But, with today’s modern EPM solutions in the Cloud, data sharing and collaboration opportunities exist for more than the finance professionals in your business—including your human resource and information technology teams.
Jim Webb from CSS shares the benefits of the EPM Cloud for HR and IT pros on the Oracle blog, as well as in this post.
Pre-Built Business Practices
Everyone in your company can benefit from pre-built business practices, whether they’re involved in financial functions or not. Team members can access integrated data and connected applications more quickly, with more confidence. Plus, the best practices foundation of the Oracle EPM Cloud allows you to configure specifics that dovetail with your business’s unique processes.
EPM Cloud Benefits for HR Professionals
Let’s say that increasing sales figures are pointing to a need for greater product manufacturing, which means that the human resource department needs to address this situation with the finance team. Together, they can model workforce needs and associated costs, including hiring, training, retraining, compensation, benefits, and more. They can also compare today’s data to historic workforce data and that which is being modeled for the future.
Having the ability to model cost implications of employing additional people or adjusting the roles of current ones, for example, allows HR professionals to quickly see cost ramifications as company headcount is adjusted. Although the workforce planning business process is valuable for companies of all sizes, it may be even more important for medium-sized businesses that have a smaller cash-flow buffer than larger ones.
When the entire HR team, as well as the finance department and more, are using the same platform for planning and forecasting, workflow is streamlined. Information needed for decision making already exists in the application being used.
EPM Cloud Benefits for IT Professionals
IT leaders are increasingly needing to demonstrate the value of their project inputs in a concrete way, while also showing the importance of their department expenditures. To make that happen, they need concrete measuring processes, such as the Project Financial Planning business process found within the Oracle EPM Cloud.
Available tools associated with this business process allow IT leaders to clearly know if they are hitting targets and then take necessary actions. This happens because project data is seamlessly integrated with financial data to provide high visibility.
Oracle EPM Cloud
Pre-built business processes integrated into Oracle EPM Cloud allow medium-sized businesses to be as agile as possible. This happens, in part, because departments and teams beyond financial ones can share in the benefits. Easily accessible tools allow companies to share data across functions to speed up processes.
Read the entire series from Jim Webb.