What is Enterprise Performance Management Software?
Enterprise Performance Management (EPM) software is a digital tool designed to help organizations plan, monitor, and manage their business performance more effectively. Also known as Corporate Performance Management (CPM), EPM is a category of integrated business management solutions that consolidates and calculates metrics to ensure that companies align their day-to-day operations based on their intended goals.
Benefits
Implementing changes to improve an organization’s overall performance takes effort. Traditional methods may work somewhat, but this will take time and funding. Managing performance with the help of digitization and automation is sure to reap more rewards, like the following:
Increased Workflow Efficiency – Disjointed manual processes result in inefficient planning and erroneous reports. With a software solution streamlining processes, time and effort spent on these tasks are cut in half.
Improved Decision-Making – Lack of real-time and accurate data leads to suboptimal decisions. Thanks to analytics integrated into the platform, managers can better evaluate key performance indicators (KPIs) that help them improve workflows.
Ensured Alignment of Objectives – Ensuring that everyday administrative and operational tasks correspond to the company’s goal is a struggle. Delegating roles, reporting issues, routine inspections, and all relevant workflows can be automated with a digital solution, ensuring daily activities meet the organization’s prime objective.
Lowe’s Home Improvement Store saves up to $1 million annually using a top-rated enterprise performance management software solution. By eradicating tedious paperwork, their managers can track various activities, from operations to delivery, and enhance their entire process for customer satisfaction.
Key Features
There are comprehensive business platforms that include modules to manage enterprise performance. But for those trying to save money, there are task-specific applications available as well. Whichever business performance management software you decide to get, make sure it has the following:
Template Creation and Library
Performance Monitoring
Automated Reporting with Central Repository
Strategic Planning with Scheduling Capabilities
Risk Management Tools
Financial Planning and Budgeting
Forecasting and Scenario Analysis
Automated Consolidation
Training and Continuous Education
Regulatory Compliance
Collaborative Tools
System Integration
Mobile Accessibility with Offline Capabilities
Selecting the Right Enterprise Performance Management Software
All software platforms detailed above will benefit companies who want to manage their overall performance effectively. Before making your final choice, take a look at the enterprise performance management software comparison below:
Enterprise Performance Management Software | Free Version | Paid Plan | Mobile App |
SafetyCulture | Yes | $24/user/month* | Yes |
OneStream | No | Contact for pricing | Yes |
Vena | No | Register for pricing | No |
CCH Tagetik | No | Contact for pricing | No |
Kepion | No | Contact for pricing | No |
Anaplan | No | Custom quote | Yes |
Planful | No | Contact for pricing | No |
* billed annually