Enterprise Performance Management Across Public and Private Organizations by Dr Kenny Odugbemi
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“Enterprise Performance Management by Component,
*Enterprise Planning & Budgeting,
*Reporting & Compliance),
✓Business Function, Deployment Type, Organization
Enterprise Performance Management (EPM) size is expected to grow at a Compound Annual Growth Rate (Compounded Annual Growth Rate) of 7.0% during the forecast period, to reach USD 8.3 billion by 2027
Benefits of EPM solution
EPM solutions assist in the following tasks ✓analyzing, ✓understanding,
✓reporting critical business activities.
These solutions will help enterprises link strategies to their planning and play a vital role in the execution of those strategies by measuring and managing performance against the goals.
There must be a focus on clear communication of objectives and strategic goals of an enterprise and have various applications, such as enterprise
*financial consolidation and reporting
Performance scope evaluation
Integrated performance evaluation management, includes
✓Supply chain performance management,
*risk strategy management, *profitability
- cost management).
Major advantages of EPM solutions include:
*automation of financial planning,
*reduced errors, reporting
- consolidation process,
*acceleration of cycle times,
*unification of finance
*improved cross-departmental collaboration,
EPM solutions adopts innovative solutions to support organizations in
*financial planning *budgeting to improve the financial position of their businesses
The evolution of the latest technologies is enabling vendors to offer financial budgeting and planning solutions to empower organizations to take appropriate actions.
Public and private organizations require software solutions to handle larger business information.
There are challenges for any organization to gather data from different departments available in different data formats.
EPM solutions will facilitate information management at different levels and result in informed decision-making.
The objective of EPM solutions is to enhance business performance and help enterprises improve their decision-making process.
Organizations across verticals use EPM solutions to increase their operational efficiency and productivity.
The EPM market is expected to be driven by *business process optimization
- rising demand for mobility
The increasing demand for mobility solutions resulted in the growing adoption of cloud-based EPM software.
EPM software lacked application programming interfaces
*integrated technologies to connect them to mobile devices.
Organizations must move towards a flexible work environment.
Cloud-based EPM solutions must be designed to support organizations to grow faster and breakthrough geographic constraints.
EPM systems support business processes by
*enabling organizations to manage and automate daily business activities from a integrated solution, which results in enhanced business performance and increased operational efficiency by ensuring accurate business planning and reporting.
EPM systems offer a streamlined business process that eliminates the risk of manual errors and provides faster response time to key decision-makers in the organization.
As data serves as a key metric to measure business performance, EPM systems gather and consolidate data automatically, which reduces the implementation time.
These factors act as drivers for the enterprise performance management market.
EPM is helping organizations to meet the regulatory *compliance
- improve security protocols
Compliance regulations are in place to support organizations in identifying information security strategies by defining a set of rules and guidelines based on the type of industry and data an organization maintains.
EPM systems support the organization in adhering to the compliance security standards defined by the organization. EPM systems also help prevent the integrity and confidentiality of data.
Public and private organizations must increase the adoption EPM solutions.
For instance, FGN must implement various security compliance features, such as *encrypted password for secure EPM automated access,
*transport layer security (TLS) for communication, and network restricted access.
Such features support the organizations in meeting
*security requirements *avoid a data breach. With the changes in tax and regulatory procedures for financial reporting,
EPM supports various reporting standards with precise and updated information, which eliminates the requirement for multiple systems for financial reporting
- improves the process cycle time.
The above mentioned driving factors are expected to contribute towards the growth of EPM leveraging on
Key performance metrics and acceptable scoring patterns in line with best practices