Similar to the ERP vs FMS debate, the term Enterprise Performance Management, does not exclusively relate to the very largest “enterprise” organisations. Gartner define EPM as
“… the process of monitoring performance across the enterprise with the goal of improving business performance. An EPM systems integrates and analyses data from many sources, including, but not limited to, e-commerce systems, front-office and back-office applications, data warehouses and external data sources.”gartner.com
EPM is oftened associated, rightly we believe, with the scope and responsibilities found within the office of the chief financial officer (CFO). EPM provides visibility across the wide range of operations across any organisation but finds sharpest relief in the support of financial planning and analysis (FPA).
Close to the needs of many Wave customers sits the twin objectives of sound financial management and business planning (budgeting) and forecasting which an EPM solution can complement and enable. These two disciplines further complement the additional ideas of strategy formulation and supply chain effectiveness rooted as they are in the drivers of a financially driven world.
Wave focusses on the first two disciplines, financial management and business planning and analysis, to help organisations ensure that the results of operational execution during a particular period, captured in the transactions of a financial management system (FMS) can be shared across the organisation with key internal stakeholders.
Business planning and forecasting solutions help record strategic objectives in tangible structures such as financial budgets for spend, income as well as statistical targets for customer satisfaction, units sold, cost price and margin etc. By presenting transactional summaries as balances compared against plans and targets allows stakeholders to evaluate how well the business is performing over time, historically, as well as giving insight into likely future or forecasted performance.
Financial management within the EPM context helps provide a framework to the financial close at period end by allowing the efficient sharing of results in a common presentational format within the context of the business plan expectations.
Our business partner, Infor, offer through Wave, their d/EPM or Dynamic Enterprise Performance Management suite allowing the perceptible chaos of rivers of information flowing into and around an organisation that on their own appear unstructured and unrelated, to be organised, in real-time, into trackable insights to validate what is happening on the ground.
Find out more at our Infor d/EPM product page outlining our Business Intelligence products.