What is EPM software? And why is it important for your organisation? What are some use cases of EPM software and what are the benefits your organisation can gain from using EPM software?
In this post, we’ll answer all these questions and more, so that you can get a better understanding of what EPM software is, and how it can benefit your organisation.
What is EPM software?
Enterprise Performance Management (EPM) software is a type of business software that organisations use in managing and measuring their performance. EPM software is designed to help organisations manage their enterprise performance. It includes a variety of tools and capabilities that can be used to track, monitor, and improve organisational performance.
Many EPM software suites also include features for financial planning and analysis, project management, and human resource management.
What are some use cases for EPM software?
There are a number of different ways that EPM software can be used within an organisation. Here are some examples:
1. Setting and monitoring organisational goals
Organisations can use EPM software to set goals and track progress towards those goals. The software can be used to create goals that are specific, measurable, achievable, relevant, and time-bound (SMART goals).
2. Tracking financial performance
EPM software can be used to track an organisation’s financial performance. This includes tracking revenue, expenses, profitability, and cash flow.
3. Measuring project performance
EPM software can also be used to measure the performance of individual projects. This includes tracking project milestones, deadlines, and budgets.
4. Analyzing business data
EPM software can be used to collect and analyse data from across the organisation. This data can then be used to improve decision-making and drive organisational improvements.
5. Managing risk and compliance
EPM software can also be used to manage risk and compliance. This includes ensuring that an organisation is compliant with relevant laws and regulations.
Why is EPM software important for your organisation?
There are many reasons why EPM software is important for organisations. Here are some of the most important benefits that you can gain from using EPM software:
1. Improve decision-making
One of the main benefits of using EPM software is that it can help improve decision-making. EPM software provides organisations with the ability to track, monitor, and analyse their performance. This information can be used to make better decisions about where to allocate resources, what strategies to implement, and how to improve performance.
2. Increase transparency and accountability
Another important benefit of using EPM software is that it can help increase transparency and accountability. EPM software provides organisations with the ability to track and report on their performance. This information can be used to hold individuals and teams accountable for their results.
3. Drive organisational efficiency
EPM software can also help drive organisational efficiency. By tracking and monitoring performance, EPM software can help identify areas of improvement. This information can be used to implement process changes and other improvements that can drive efficiency.
4. Improve communication and collaboration
EPM software can also help improve communication and collaboration. EPM software provides organisations with the ability to share information and collaborate on performance improvement projects. This can help improve communication and collaboration between individuals and teams, and ultimately lead to better results.
5. Facilitate growth and expansion
Finally, EPM software can also help facilitate growth and expansion. By tracking and monitoring performance, EPM software can help identify opportunities for growth. This information can be used to develop strategies for expanding into new markets or launching new products and services.
Conclusion
Hopefully this guide has answered your question: what is EPM software?
As you can see, there are many reasons why EPM software is important for your organisation. EPM software can help improve decision-making, increase transparency and accountability, drive organisational efficiency, improve communication and collaboration, and facilitate growth and expansion.
If you are looking for a way to improve your organisation’s performance, then consider investing in EPM software.
SunSystems’ dynamic Enterprise Performance Management (d/EPM) offers a pre-built application to meet your needs. The software provides an advanced planning and forecasting environment that supports continuous budgeting and rolling forecasts, among other best practices.