Many organizations struggle with performance reporting and maintaining an effective budget due to a lack of financial insights. However, Enterprise Performance Management (EPM) software provides the technology you need to improve your planning, budgeting, forecasting, and financial analysis and improve business operations across the board. Here’s how EPM can help you become a more sustainable, scalable, and profitable business.
EPM software has become an essential tool for operational excellence as it leverages valuable insights linking financial and operational performance. As a result, businesses can inform decisions, drive strategies, and increase efficiency in operational execution. The link between financial and operational performance is invaluable.
However, it is difficult to achieve when trying to converge findings from different business functions and manually analyzing data. An EPM converges data and makes it usable for forecasting and goal setting, allowing you to predict outcomes based on proven trends.
EPM provides empirical evidence that helps inform decisions and create policies to improve performance. The core components of EPM include the following:
EPM teases the silos of traditional management software. As a result, you have a more holistic picture of the business, with all departments sharing the same tools and using the same metrics designed to meet common goals
There are several benefits of EPM software, including:
Improved decision-making
An EPM gathers, analyzes, and formats data across different departments making data more accessible. Through data accuracy managers can quickly decipher relevance and context to make better decisions that improve productivity, efficiency, financial allocation, and profitability.
Enhanced agility and adaptability
Through integration, companies overcome the challenges of department-oriented planning and consider all changes from an organizational perspective. Enterprise-wide decisions build agility and allow you to respond quickly to market, industry, and technological changes that would otherwise negatively impact your operations and profitability.
Increased efficiency and productivity
Integration capabilities also improve productivity by allowing all business functions to share the same information at the same time. Collaboration improves efficiency and creates smoother transitions to reduce costs with quick role-based access to data and information anytime, anywhere.
Better alignment of goals and strategies
Integration across existing systems and departments, whether in HR, finance, or customer service, avoids disruptions to operations while streamlining processes through improved communication. Everyone works from the same system and towards the same goals, using the same strategies.
ERP software is designed to manage data across multiple departments, enabling companies to organize and standardize processes. The ERP stores data in a central hub and allows you to add various applications to manage different aspects, such as HR or financial software.
EPM software, on the other hand, is designed for in-depth analysis of the information stored in an ERP or other systems to gain insights into performance. The data and reports make it easier for companies to analyze outcomes across the enterprise, contributing to major decision-making that impacts the planning, goals, and outcomes of a business.
Integrating ERP into EPM helps create a single source of truth, eliminating oversights, redundancy, outdated information, and the risk of errors in the creation of business-critical reports.
The need for EPM tends to lie in the reporting and analytic capabilities of current applications and how they work across different operating functions. If you find your reporting capabilities are failing, confusing, or redundant, you need to explore the deployment of EPM software. Key indicators of failing capabilities include:
Healthcare Sector
EPM in healthcare provides valuable insights through integrated financial and clinical views. Facilities can leverage electronic health records (EHR) and ERP systems to share information between frontline and operational staff to assist in decisions. It also provides access to critical information that can help save lives. EPM facilitates cost savings by efficiently managing business processes across different functions, including accounting, supply chain, HR, etc.
Cannabis Industry
Integration across finance, inventory management, production, sales, and customer relationship management provides secure data sharing to streamline processes and improve data accuracy. In an industry driven by compliance, businesses maintain a single source of truth to reduce errors and facilitate proper management to ensure compliance through accurate record-keeping “from seed to sale.”
Public Sector
Government agencies leverage EPM for federal budgeting to prepare budget books while also using it to improve efficiency through workforce planning and electronic workflows. The tool can be used across multiple functions of each government agency at all levels, integrating critical information and providing a single solution that stands up to security at all levels.
Nonprofit Sector
Nonprofit organizations use EMP to drive decisions and measure their impact, including the use of new fund-raising technologies such as online fundraising platforms, crowdfunding campaigns, and mobile donation apps as viable contribution drivers.
Hospitality Industry
EPM software can assist hospitality businesses in revenue management to ensure budget decisions drive guest satisfaction, including effective resource allocation so customers’ needs are always met.
Enterprise Performance Management with Paypro
Paypro’s enterprise performance management software provides all the data insights and performance metrics you need across your business-critical functions. As a result, you can identify opportunities to fill skills gaps, reduce payroll, eliminate compliance issues that lead to fines, improve your talent acquisition and retention, and more. Click here to request a demo.
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