How about a shortcut to choosing the right EPM? Follow the guide.
Choosing an EPM requires an analysis process that can be long and complex. That is perfectly normal: your choice of EPM affects the life of the company over the long term.
This article is designed to help you structure your research and compare solutions effectively. The payoff: an EPM that fits your company. To get there, here are the critical questions we will cover:
EPM (Enterprise Performance Management) software is essential to managing an organization's performance. It connects financial and operational data. EPM solutions mainly cover the following features:
EPM solutions help align objectives with the company's strategy. They give every executive, manager and employee access to the information that matters for tracking their performance. This type of software is at once:
EPM is so decisive because it is used across the whole organization. Although the main user is usually the head of finance, people in different functions and roles use and consult it. The entire organization uses it, both horizontally and vertically:
Horizontal use (by function):
Vertical use (by level of responsibility):
Not sure how to prepare your data for effective financial reporting?
Discover the 4 key steps to follow:
EPM also matters when it comes to sharing information. Finance leaders and top management are under heavy demand from their executive committee. They are expected to provide more and more information to steer the company. This information has become strategic because it shapes the company's strategy. EPM therefore has a role to play, since it helps centralize data.
Keep in mind that your needs should be defined before the project starts or before you choose the software. To do it right, follow these two steps:
To make sure nothing is forgotten, draw up a detailed list of the needs your departments foresee for the coming years. Then prioritize these needs by importance and group them into categories. For example:
An EPM benefits every department in your organization. As such, it must be able to integrate with the software you already use, as well as the software you plan to adopt. Here are a few examples of software to check your EPM's compatibility with:
For this step, let your company's vision and structure guide you. Keep these two points in mind and picture how your teams will use the EPM.
This step is important, because the scenarios your company has in mind can be decisive. For example:
So-called On-premise EPM software runs on servers managed by your company or a subcontractor. In both cases, the data is stored in a way that does not depend on the vendor. This on-premise setup is becoming less and less common. Only organizations with substantial IT resources still use it. Maintaining on-premise solutions requires in-depth technical knowledge.
A hybrid environment can include any combination of on-premise, online and hybrid environments. In this configuration, data is stored in different types of environments. It is linked together by specific programs.
So-called Online EPM software is accessible only from your web browser. Your financial and operational data is stored by the vendor on its own servers. These may be located outside your organization's country. This approach has many advantages:
Usability, features, integrations... EPM software offers many advantages. However, it does not always match the needs of your market, in particular because legal requirements vary from country to country. That is why it is essential to review the legal and functional aspects specific to your scope.
Without EPM software, data entry is often tedious and time-consuming. The same is true if the solution you choose does not meet your needs. Certain details, such as:
can make all the difference. These elements can have a positive or negative impact on your performance.
A free demo of the EPM solution you are considering is usually available. Take advantage of it! It is your chance to make sure its usability and features suit you.
You are now familiar with the right questions to ask to find suitable EPM software. Now let's look at the actions to avoid for an optimal EPM choice:
EMASPHERE is easy to use, but that is not the case for every EPM. When you implement an EPM, keep in mind that defining your use cases is important. Each department has its own specific business needs, and therefore its own way of using the EPM.
By involving your teams in your project thinking, you greatly improve your chances of avoiding:
missing out on investment opportunities.
Everything changes: your employees' roles, your company's level of maturity, and also its direction. Always anticipate future needs to get the best possible sense of your EPM requirements.
EPM software involves using a great deal of personal and confidential data. Check with your legal department to make sure you comply with the GDPR. You can also get support from a freelance DPO (Data Protection Officer).
Estimating your EPM costs as accurately as possible is essential, especially to know whether your planned actions fit your budget. Also consider training costs when you start using the software. This expense is an integral part of implementing an EPM. It is necessary for your teams to be trained and efficient. From another perspective, consider how costs are amortized. They will change over the usage cycle of your EPM software, as maintenance costs are generally much lower than implementation costs.
Trying out your EPM software is essential. But having your business teams test it is even more essential. In practice, these are the teams who will work with the software every day. It must suit them first and foremost.
A good EPM choice requires a solid understanding of your organization's needs. Your software choice will pay off if:
To make these processes easier, get support from:
You are now ready to ask the right questions and choose an EPM that fits your organization.