Enterprise Performance Management (EPM) is essential for enterprises to achieve better performance at the expense of using analytics. Oracle enterprise performance management allows businesses to reveal issues faster and improve change agility. While this solution is essential for company growth, many enterprises still don’t understand why EPM is worth investing in. In this article, we will find out the main benefits of EPM to be considered by business owners.
What is the Enterprise Performance Management system?
EPM is the specific business management process needed to adjust and improve the operations of the finance departments of an enterprise. This solution utilizes one consolidated metadata source and allows a company to keep it scalable and permanent. Apart from that, Enterprise Performance Management is a valuable tool to support planning, reporting, and analysis within an organization. Typically, the chief financial officer (CFO) is engaged in the EPM functionality. However, other departments of the organization might also use EPM. It concerns the finance departments, human resources, marketing departments, etc.
4 significant Oracle EPM benefits
Here are the four essential reasons why the EPM system is worth implementing into a company’s workflow for consistent business growth.
1. Simplified financial reporting and analysis
Considering the changes with Domestic and International GAAP reporting requirements, the systems that were used before by enterprises are not efficient anymore. The EPM platforms can allow companies to meet the new reporting requirements successfully. While organizations have utilized multiple systems for effective reporting before, they can easily rely on the EPM system.
2. Boosted profitability
Believe it or now, profitability becomes the #1 business goal with the growth of a company. But it requires consistent tracking of your general operational cost and having a line of sight for forecasting sales. The EPM platforms are essential to make all the business lines visible for you.
Moreover, you will be able to make an insight in terms of cost and profitability business performance. By using Enterprise Performance Management, you have all chances to successfully do the forecasts, which are helpful to analyze upcoming market conditions and keep your affair alive longer.
3. Optimized enterprise data management
For instance, modern organizations produce many times more information than a few years ago. This way, the Enterprise Performance Management solutions provide companies with convenient cloud platforms to manage, protect and store all the information. Once you have implemented EPM into your enterprise, you can centralize and deploy your company’s process to work with data within the organization.
4. Improved financial processes for a self-service user experience
One more essential thing: EPM in business also helps to adjust and centralize the period ending close process and budgeting and forecasting. It allows deploying the end-users to do their tasks which means you transfer some responsibilities of a financial team to the users involved at the business unit level or other structures.