The last key to extracting tangible and sustainable value from EPM is implementing EPM tools and technologies as a unified system. Here are some points to consider when selecting an EPM system.
As previously discussed, EPM is an accepted methodology that enables organizations to improve their competitiveness and efficiency, reduce business risk, achieve strategic alignment, improve agility, and improve collaboration between individuals and business units. An EPM system supports the pervasive adoption of the EPM methodology by moving EPM toward greater value and efficiency, enhancing its capabilities while making it simpler to use and significantly lowering total cost of ownership.
For example, an EPM system should solve the lingering problems of data integrity and ease of use, making it possible for everyone in an organization to access relevant performance information and use connected performance management tools as part of a complete performance management cycle.
An EPM system should also enable out‐of‐the box performance management solutions for specific functional areas. Examples include workforce planning for human resources; compliance for finance; and customer profitability for sales—logical extensions of the core capabilities of EPM in planning, financial reporting, business analytics, and management reporting.
Done right, an EPM system should include shared business information, common processes, and services. It should seamlessly integrate ...