Enterprise performance management (EPM) has long been seen as a back-office technical function. But now it’s emerging as a hotly competitive space. In fact, by 2020 at least 25% of organizations will achieve more collaborative, continuous and consistent financial planning and performance management by closely linking key operational and financial planning processes, according to a Gartner report1. The takeaway is clear: Companies that aren’t part of this sweeping transformation won’t be agile enough to adapt to changing business conditions.
What stands in their way? Access to technology is part of the story, but the bigger challenge is that EPM processes lack standardization – and that undermines automation efforts. Some companies have yet to recognize the links between advanced EPM, operational excellence, and world-class customer experiences.
Other enterprises have a different issue. They’re mired in disparate data sources and systems, and planning cycles geared more towards historical reporting than anticipating future trends or scenarios. In both cases, these conditions frustrate senior executives as they work to provide their leaders with value-added insights.