Designing the EPM foundation
Finance leaders can only build greater predictive capabilities into EPM with a sound, scalable infrastructure. To create an effective EPM strategy and provide value-added business insight and analysis, you should focus finance transformation on the following four areas:
As companies grow, add locations, and create new product lines, they might fail to standardize or unify processes. Isolated business units then do things their own way, resulting in inefficiencies from nonstandardized ways of working, duplication of effort, multiple report formats and reconciliations, long planning cycles, and limited drill-down/up capabilities.
By operating as a connected ecosystem without functional silos, and re-engineering processes, finance teams can achieve greater precision in their outputs and apply lessons learned further upstream – helping teams identify where to streamline forecasting or planning processes.
The right finance technology stack takes the benefits of process excellence further, enabling operations to run at greater speed and scale. You get integrated systems with end-to-end visibility into workflows and KPIs and greater control of data flows for quick, smart analyses.
Cloud-based EPM solutions help improve processes and deal with the challenges from master data and hierarchy management, consolidation and reporting time, integration of disparate systems, and more. Digital technologies let users decide how they want to access data and what action to take with the insights.
As digital tools, such as AI, robotics, and machine learning, enable predictive insights and free up people to work on more value-adding tasks, it becomes easier to align your technology footprint to your processes. And providing they offer a quality user experience, people are more likely to adopt these new solutions.