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How to Select the Best Enterprise Performance Management Software for Your Business
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How to Select the Best Enterprise Performance Management Software for Your Business

How to Select the Best Enterprise Performance Management Software for Your Business
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Enterprise Performance Management Software is a computer tool used to help companies connect their strategies and policies to their execution. The major clients or users of enterprise performance management software include manufacturing firms, government bodies, educational establishments and even nongovernmental establishments.

An Enterprise Performance Management Software merchant automates the three most important processes to the success of an organization. These processes - budgeting, planning and strategy are powered by the Enterprise Performance Management (EPM) Software. EPM tools also help financial managers control revenue as well as cost over some time horizon. EPM software does way beyond just daily organization of the monetary function.

It supports the distribution of scarce resources to maintain the three critical processes of the organization - budgeting, planning and strategy. Furthermore, EPM software helps businesses in handling financial records by dealing effectively with consolidation, disclosure and overall financial reporting.

What are Enterprise Performance Management Software?

Enterprise Performance Management Software also helps perform some management functions such as forecasting/prediction and modelling, result reporting, Performance Analysis across various units, products or distinctions. These processes are implemented in a defined management cycle. This management cycle is run in well-specified time periods – annually, quarterly, monthly, etc.

EPM software is created to advance business performance. This is done by measuring how the employees are currently performing, providing insight as to how to improve their productivity. These computer software help ensure that employees are on track in achieving their organization’s goal. Enterprise Performance Management (EPM) helps you drive accurate and agile plans across finance and lines of business, analyze profitability and cost management, accelerate the financial close. The planning, budgeting, and forecasting solutions align planning across the enterprise, and help to espond faster and more effectively to change by developing agile forecasts for all lines of business. It enables to create long-range forecasts for unpredictable business dynamics using sophisticated, built-in scenario modeling.

You may like to review the Top Enterprise Performance Management Software

What are the Features of Enterprise Performance Management Software

There are many features that make up an Enterprise Performance Management Software, and they include Dashboards, Annual review Process, Workforce Analytics, 360-degree feedback, Eligibility, Summaries, Forecasting, Comprehensive Reporting, Visualization, Modelling and Collaboration.

  • Forecasting: These software help provide forecasts and predictions of the performance of different areas of the enterprise.
  • Comprehensive Reporting: Comprehensive and in-depth Reporting is a vital feature as it helps managers and users understand the level of performance in the company.
  • Modelling: These computer tools are capable of formulating models that can help improve the performance of an enterprise.
  • Collaboration: Collaboration is important in any software, and enterprise performance management software provides collaboration features.
  • Dashboards: Dashboards are very good for helping with quick access to certain features and changes that the Enterprise Performance Management Software allows.
  • Visualization: This is important in viewing at a glance what areas of an employee, unit or the overall organization are lacking or doing well, so as to improve.
  • Summaries: Enterprise Performance Management Software should contain brief summaries of the performance in an organization.
  • Reporting Platform : Provides capabilities for providing hierarchical and dimensional analysis on financial data.
  • Document Lifecycle Management: Provides features to utilize document check in/out with access permissions and multiple version control and take advantage of centralized maintenance of common dates, text, and data.
  • Collaboration and Workflow : Manage the distributed development of report sections across multiple user to perform review cycles and commentary for individual report sections as well as the entire report package
Everything You Need To Know EPM Software

Everything You Need To Know EPM Software

What are the Types of Enterprise Performance Management Software

There are different types of Enterprise Performance Management Software. We will examine the four most popular types of EPM – Executive Information Systems (EIS), On-Premise EPM, Packaged EPM and Cloud based EPM.

  • Executive information systems (EIS): This type of Enterprise Performance Management Software is created to provide Key Performance Indices as well as graphical reports to managers and senior executives. This type of Enterprise Performance Management Software is aimed at solely helping them make decisions on the performance of the organization.
  • Packaged EPM software: This type of Enterprise Performance Management Software is aimed at helping improve accountability, financial standing and general operational efficiency by measuring these and providing enough insight to help make decisions. It is packaged to encompass all areas of the organization in order to get a complete view of the operational areas of the business.
  • On-Premise EPM Software: This type of Enterprise Performance Management Software is based on and consumes the computer resources of the organization. It is easy to tweak and customize to the needs of the company.
  • Cloud based EPM software: This refers to Enterprise Performance Management Software that are hosted by a third party and are accesses over the internet based on a subscription fee. They are easier and quicker to deploy. This type of Enterprise Performance Management Software also reduce cost of operation and use of computer resources.

 You may like to review the Top Enterprise Performance Management Software

What are the benefits of Enterprise Performance Management Software

There are several benefits that stem from using Enterprise Performance Management Software. Some of them will be explained below:

  • Reviews and Analysis: Using an Enterprise Performance Management Software will help you perform and analyze reviews of the performance of employees, helping you make key decisions about the organization.
  • Goals: With Enterprise Performance Management Software, you can easily set goals for departments, employees and the overall organization, giving you something to target in your measurement of performance.
  • Reporting and Summaries: Enterprise Performance Management Software provide meticulous reporting and short summaries that help managers and business executives make the right decisions about employees and the overall organization as a whole.

What are the latest trends in Enterprise Performance Management Software ?

  • Software-as-a-service: This is similar to the cloud based EPM, and it is on the rise. This way, companies do not need the computer resources needed to host an Enterprise Performance Management Software on their servers. This allows them access full capabilities of an EPM hosted by a third party, all for a subscription fee.
  • Integration: The integration of Enterprise Performance Management Software with the other areas of an organization is becoming a trend to watch out for.

 How to choose the right Enterprise Performance Management Software

  • Requirements: Assess and Prioritize your requirements.
  • Cost of Software: The cost of the Enterprise Performance Management Software is an important thing to consider when looking to purchase one. If an Enterprise Performance Management Software goes above your budget, then you might want to consider one that is not as expensive. Also, you need to compare the cost of the Enterprise Performance Management Software with the benefits you stand to gain from it.
  • Ease of Integration with other software: These days, integration is everything in an organization. The possibility and ease of integration of an Enterprise Performance Management Software with other computer tools in the organization should be considered.
  • Access Control: You need to consider access control for various departments employees.
How to choose the right Enterprise Performance Management Software

How to choose the right Enterprise Performance Management Software

Top Enterprise Performance Management Software

Corporater, BOARD, Adaptive Insights, Anaplan, Profitbase BI, Fathom, BI360 Suite, Longview, idaciti, Axiom Software, Vena Solutions, Host Analytics, prevero, XLReporting, TCM software, Tagetik, IBM Cognos TM1, Oracle Hyperion, Prophix, FinPro, Tidemark, SAP Enterprise Performance Management, Kepion, Hubble, Infor Dynamic Enterprise Performance Management, True Sky, and Vena are some of the Top Enterprise Performance Management Software.

You may like to review the Top Enterprise Performance Management Software

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