New intentions come with the New Year. And new intentions don’t have to be confined to a personal level. Start the year by evaluating your Enterprise Performance Management (EPM) and its effectives across the organisation.
Don’t have EPM software that simplifies your Financial Planning and Analysis? Start 2024 with intent to make the transformation.
Here are 5 reasons to help you question whether it’s time to update or implement new EPM Financial Planning and Analysis software.
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Longer inefficient processes are cost prohibitive.
Aim for 100% efficiency around business processes! Staying with your current processes and outdated technology stack may be comfortable, however outdated processes or an older EPM system redirects your financial teams to maintain scorecards rather than focus their valuable time effectively forecasting for future growth. Modern EPM software can improve business efficiency as well as reporting capabilities that decrease the time it takes to access data, allowing employees to work across departments from any location in real-time, to produce more accurate three-way forecasts.
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The mobile workforce
Covid19 changed the way businesses work. Mobility became a business requirement, not a luxury. In the aftermath of the pandemic, many businesses are still operating remote or hybrid models. Entire companies are forced to adopt technologies that their workforce can access from mobile and desktop, internet connection dependent. Moving to a cloud FP&A solution improves agility, empowering employees to have access to the right data quickly, no matter where they are.
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Changing business demands
Business executives and stakeholders expect results quickly. Are their expectations unrealistic? If funding has been invested into technology to streamline and automate processes, then no. However, if your current investment is not improving business productivity, this expectation is unrealistic. The demand for enterprise software to be faster and more agile is becoming a non-negotiable for a modern company. And accessing data to produce results is just as important. With modern EPM software, your organisation can leverage the latest innovations for Financial Planning and Analysis, data analytics, predictive analytics, automation, and integration.
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Audit and regulations
When employees use spreadsheets to capture business data, any team member can make edits without the appropriate governance in place causing inconsistencies and incoherent data. This poses issues when it comes to auditing and keeping in line with regulatory frameworks. Ensuring an organisation is compliant with regulations is the responsibility of the business. With Enterprise Performance Management software, you can adapt quickly and stay up to date with new regulation requirements and changes and deliver fast, accurate and audit compliant insights.
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Data reporting and analytics
Is your business struggling with its real-time data? Are employees from different divisions within the organisation spending valuable time searching for accurate information they need for the business three-way forecast? These issues are slowing critical decision making, creating inaccuracies and impairing spontaneous problem-solving momentum. If you are not taking advantage of EPM software and spreadsheets are your number one source of information, you’re losing out on the opportunity to make the most informed decision. And don’t forget the advanced reporting functions, analytics features, and automated processes FP&A software offers your business to gain deeper insights into financial and operational performance.
Transform the way finance operates in 2024 and look at the way you’re working with Enterprise Performance Management.
At Taysols we work with Enterprises to ensure they are simplifying their Financial Planning and Analysis process for a seamless three-way forecast. We implement Enterprise Performance Management solutions from our partners – OneStream, Oracle and Board – into multimillion-dollar businesses allowing employees and management to input, access and view financial data quickly.