Seven Key Requirements in Choosing an EPM Solution
As companies grow, the ability of finance teams to provide decision-makers with timely, accurate, and actionable data becomes increasingly important. Most organizations start by using Microsoft Excel® for processes like budgeting and reporting, but companies that are successful will quickly outgrow it. The process of sharing, updating, and reconciling multiple spreadsheets is incredibly time-consuming.
Excel sheets are notoriously error-prone, and sharing sensitive financial information via email poses serious security risks. Furthermore, Excel fails to provide the kind of sophisticated business insights that decision-makers need to effectively run a growing company. As your needs change, you’ll find that an enterprise performance management (EPM) suite is a far better solution.
As Gartner, a leading IT research company explains, “[EPM] suites facilitate efficient, compliant and transparent processes within the office of finance. They enable CFOs and other business leaders to effectively guide strategic direction and increase organizational agility.”1 Implementing an EPM suite will greatly enhance your reporting and analysis capabilities, save your team time and money, keep your sensitive data more secure, and reduce the potential for human error.
We’ve compiled the following information to give you a better understanding of the EPM options available as you consider different solutions.