As a company grows larger and becomes more diverse in its operations, it may begin to experience a variety of growing pains. Entrepreneurs often discover that separate departments or business units are working on similar projects which results in waste of resources and costs.

There is an increasing need for enterprises to be agile and deliver results faster. Large organizations no longer have the luxury of time as during the initial days of the dotcom bubble. Planning & execution have to go together with quick visible results for all initiatives.

The good thing is, enterprises understand that and have taken quite a few concrete steps in

• decentralizing operations
• reducing administrative overheads
• running initiatives in an iterative manner
• having small teams with specific goals

When you run projects, it is imperative to track and report on key KPIs and metrics using Enterprise Project Management solutions.

What is EPM (Enterprise Performance Management) Software?

EPM refers to the processes designed to help organizations plan, budget, forecast, and report on business performance as well as consolidate and finalize financial results (often referred to as closing the books).
Play Video
EPM cycle
EPM software complements ERP by providing management insights in addition to operational data, although in most cases it is linked to enterprise resource planning (ERP) systems. In other words, ERP is about running the business and its day-to-day operations. EPM, which is used to analyze and understand the business and create reports for it, focuses on business management.

Today, EPM software is considered critical to the management of organizations of all types, connecting financial and operational metrics with insights and ultimately supporting strategies, plans, and execution. With EPM software, administrators can improve performance across the organization by monitoring financial and operational results against forecasts and targets, and using analytics to both identify key trends and predict outcomes.

In an environment of constant change, new competitors and economic uncertainty, EPM provides organizations with a tool to manage their agile businesses. EPM business processes driven by financial control (strategic modelling, planning, consolidation and closing, reporting and performance analysis) can help organizations understand their data and use it to make more accurate business decisions.