Everyone is talking about how you can use Enterprise Performance Management to pivot your business to the next level.
Is that a possibility? Let’s find out.
What is an Enterprise Performance Management System
SAP Consulting has launched the SAP Enterprise Performance Management platform. A number of business enterprises are vying to get their hands on it.
Enterprise Performance Management or EPM is ‘one of a kind’ business management process that monitors and improves business performance across the enterprise. The EPM platform collates data from across multiple sources, both internal and external that is then integrated into the system and evaluated by the application.
The approach of an Enterprise Performance Management assists in the following core processes:
- Budgeting, planning, and forecasting
- Developing a model that will enhance the business’s value generation
- Consolidate the results
- Evaluate and analyse the performance
It makes use of the enterprise software application category that in turn can be either personalized or purchased as a ready-made tool by organizations to boost their business processes.
Performance planning, measurement, and analysis of EPM can be easily measured with the help of Key Performance Indicators or KPIs like sales, overhead, operational costs and Return on Investments.
How Can the Business Pivot Using the Enterprise Performance Management System
Generally, businesses tend to limit the implementation and usage of the EPM like SAP Enterprise Performance Management system to the finance division only.
Whilst the direct impact is experienced by this vertical, SAP Partners recommend that other core departments like sales, marketing and HR can benefit from the platform. This is absolutely essential in order to take the business to the next level.
Here’s how this can be achieved.
Sales Funnels can be Optimized Using EPM:
Sales teams can make their sales funnels strong and robust by using the EPM effectively. Collating and analysing the relevant sales figures and data can help in formulating plans ensuring the sales funnels caters to the needs of the customers at every touchpoint.
EPM’s forecasting capabilities can also be used to set targets for the team and monitor them in real-time. The targets can be changed if data supports that the goals set are not in alignment with business objectives.
Marketing Can Monitor Performance Using EPM:
Marketing teams can make data driven decisions when EPM is integrated into its operations. This will help analyse the initiatives deployed, what has worked and what has not. It will also help extract insights to support which marketing efforts should be continued.
Besides operations, Enterprise Performance Management is the key to assessing the performance of the marketing team itself.
EPM Application Can Fine Tune Employee Development and Management:
Planning is an essential function of any Human Resource team. EPM integration with HR functions helps them discover and forecast new requirements that can be quickly incorporated into their quarterly or yearly planning immediately.
This can involve defining new goals and checking the achievement of these targets through individual, team and business performance.
If your business is at the point where you need to connect your financial and operational metrics to optimize performance and achieve future goals, then it is time to implement EPM into the system.
Speak to MDSap, one of the trusted SAP Partners in UAE to understand your options.