Measuring levels of health is no simple task. And it’s the same for the health of enterprises.
For some companies, it’s good enough to not be bleeding – or being in the red. Yet there are so many metrics that can give a company a better and more accurate picture of the overall health of the organization.
In order to make sure that your business is operating at full profitability as well as the ability to meet future targets, you’re best of implementing and utilizing an enterprise performance management (EPM) platform.
Without a dedicated EPM platform, performance management becomes a monumental task, as companies are presented with an array of challenges.
Common EPM challenges
Large amount of data. When it comes to large organizations, there are huge amounts of data that are generated on a daily basis. If you’re going to accurately gather metrics and keep them updated in software such as Microsoft Excel, it’s going to be a logistical nightmare that will suck up huge amounts of time and money.
Keeping metrics updated. Your organization may be fine with inputting sales reports, etc. Yet what about when you are inundated with new sales? What are the levels of communication between the different departments? If there are no instant updates to new events, your data is going to be out of date and irrelevant very quickly.
Accurate data. The sheer volume of data that is generated by an enterprise makes collection from across departments very difficult. It’s almost impossible to be 100% sure that the data that you are seeing is accurate and up to date.
Company-wide collaboration. It’s a typical scenario: some departments are particularly careful and diligent when it comes to tracking data at the department level while others are less scrupulous. The effort to collaborate closely and collect data across all departments is a real effort.
While these challenges are very much part of enterprise performance management, there are solutions that are packaged in the form of EPM platforms.
With the right EPM solution, businesses are better positioned to make the right calls using richer and more accurate data.
There is a broad range of solutions to choose from. So how do you select the right one?
Not every EPM solution or platform is going to fit the specific needs of each company. Some need a big arsenal of capabilities to manage the whole organization while others are content with less complexity.
To make sure that your company is going to adopt the right solution for your particular business, there are a handful of questions that can guide your decision process. These questions include:
Does the platform provide features that are specific to my industry?
Every industry has its own concerns when it comes to enterprise performance management. Take manufacturing, for example, which would want to maximize the efficiency in production by tracking weaknesses in every step of the manufacturing process.
Does the EPM platform cater for your size business?
The ambitions, aims, and challenges of small businesses clearly differ from those of an enterprise. As such, you need to make sure that the EPM solution is going to fit the size of your business.
Does the platform have the EPM features that your company needs?
There’s no point paying a lot of money on capabilities in which most of them are useless to you. Perhaps you’re looking for particular features such as automated data import, easy integration with other platforms, budgeting capabilities, and security and admin controls.
Does the solution provide implementation support?
When it comes to implementing a new software solution, it’s likely to be a challenge – and especially for large organizations, where many people are going to have to learn how to use the platform. That’s why it’s important to select a solution that provides support and training.
By implementing an effective EPM platform, it gives your organization a higher level of insight into the general and specific health of the company and its departments and provides decision-makers with richer real-time data in which to base their insight.