Process automation, stability, digital/cloud computing, collaboration, and networking tools were among the top areas of investment in the last 12 months, according to IDC report. During the pandemic, investments in corporate performance management technologies increased, and they are proving crucial in assisting companies in transitioning from disaster to recovery.
This includes ensuring business continuity in the early stages of the pandemic, helping to control costs, performing scenario modeling and contingency planning, then evaluating targeted investments as the recovery begins, and finally strategic planning as the global economy returns to normal.
Any of the issues that customers and consumers of EPM solutions have encountered in implementing these programs have been highlighted. This includes a dependency on IT to maintain certain EPM software, inflexibility with legacy systems and high ownership costs, a lack of proper training, and, as a result, poor consumer acceptance. According to IDC’s report, since finance funds 80% of EPM investments, they want administrative control over the program and not be reliant on IT to handle these programs.
What have customers discovered as a result of applying EPM solutions? The following suggestions were made by respondents to IDC’s survey:
- Spend time getting to know the data and the level of granularity you need in the EPM program.
- Choose an implementation partner who has worked with businesses similar to yours, ideally in your industry.
- Choose a vendor who is the right size for you right now, will satisfy your expectations for the next 3-5 years and has peer-group references.
When it comes to EPM strategies, businesses should plan big but start small. Concentrate on a project that will have a quick return on investment. Have the required internal and external support available for the project and think strategically – make sure the approach you want will satisfy your needs today as well as 3–5 years from now.
Fibrogen is a leading science-based biopharmaceutical corporation with a portfolio of the first-in-class therapeutics that it is researching and producing. The business selected and implemented OneStream to replace Excel and their legacy budgeting tools and align key finance processes including Financial Close and Consolidation, Planning and Forecasting, Financial Reporting , and Tax Provisioning. Fibrogen has achieved agility as a result of an integrated approach that aligns drug development with financial success and cash needs by providing leadership with a real-time coherent vision of the business.
Photo from Fibrogen Annual Reports