When it comes to finding and assessing possible business software providers that may fulfill client demands, industry analyst reports are frequently a significant source of information. However, not every industry analyst study is made equal. Many of them are based primarily on analyst recommendations and a few consumer testimonials. Furthermore, some are based on customer surveys and reviews, which provide a clear picture of how real consumers feel about the software provider and the value they obtain from their products. The “wisdom of crowds” is a term used to describe this phenomenon.
Leveraging the Collective Wisdom of Crowds
The Wisdom of Crowds® EPM Market Study builds on Dresner Advisory’s previous six years of Enterprise Planning and EPM Market Studies and highlights the market’s trend toward a more holistic approach to performance management rather than depending on specific point solutions.
An enterprise performance management system, according to Dresner Advisory, is a critical component of performance management. It enables a company to anticipate the effects of different internal and external events on its future performance and business results. This covers planning and forecasting on a strategic, operational, and financial level. Reporting and analytics tools are also included in EPM systems, allowing businesses to define goals and objectives and track success against them.
EPM systems range in complexity and automation capabilities from simple spreadsheet replacements to complicated multi-user systems that enable collaborative planning, give a wide variety of analytics, and employ modern technologies like in-memory computing and machine learning.
What Has Evolved in Enterprise Performance Management?
- Enterprise performance management (EPM) is still a vital tool. The number of respondents who consider EPM to be vitally important has increased by 3% to approximately 25% in 2021.
- Finance returns to the top of the rankings in 2021 as the function that rates enterprise performance management as the most essential overall, owing to its role in assisting businesses in navigating the COVID-19 difficulties.
- The results for 2021 reveal a continued trend of obtaining enterprise performance management solutions from specialized vendors, independent of whether or not they are affiliated with any ERP provider, with approximately 49 percent of respondents doing so in 2021.
- The top three planning priorities are the same as they were in 2020. (Annual financial budgets, cash-flow forecasting, and headcount planning). These are most likely the capabilities that will be most useful in dealing with the COVID-19 crisis.
- Adoption numbers in the rolling forecast look to have peaked in 2021, with adoption levels decreasing slightly. Rolling projections do not appear to be the major control mechanism for corporate performance management, replacing annual budgets.
- In 2021, there is a modest movement in AI attitudes, with opposition to AI-based forecasting and planning easing.
- In comparison to on-premises implementation, respondents favor cloud corporate performance management solutions.
OneStream is once again Leads the Pack!
The results of this study are unusual in that they are based entirely on customer surveys of EPM software users. Vendors are judged on 33 factors, including:
- Sales/Acquisition Experience
- Quality and Usability of Product Quality and Usefulness of Technical Support Quality and Value of Consulting Services
- Integrity of the vendor
- Is the Vendor Recommendable?
This was OneStream’s fourth year in the Dresner Advisory Wisdom of Crowds study, and the results were once again impressive. Each vendor was assessed on 33 parameters, and as you can see in the spider chart below, OneStream Software outperformed the entire sample on all metrics, was best in class on 9 categories and got a perfect “5” recommendation score.
To help clients comprehend the EPM market, Dresner Advisory offers two models. Their Customer Experience Model assigns suppliers to one of four quadrants based on their combined ratings on Product/Technology vs. Sales and Service criteria on two axes.
Their Vendor Credibility Model takes into account how consumers “feel” about their vendor, charting value for the price paid versus integrity and propose actions to produce a “confidence” dimension. In both models, the highest-scoring suppliers and those deemed leaders in customer experience and vendor reputation are seen in the upper-right quadrant.
In both the Customer Experience and Vendor Credibility models, OneStream was ranked as an Overall Leader based on our results. Here’s a look at how the different suppliers fit into the Customer Experience paradigm.
In the Customer Experience and Vendor Credibility models, OneStream regularly leads the overall sample on all criteria and is an Overall Leader. It is the best in class in terms of product robustness/technological sophistication, dependability, scalability, ease of upgrade/migration to new versions, support professionalism, product expertise, response, and time to address problems. It maintains a flawless recommendation score.