Enterprise performance management (EPM) systems and platforms can be a wonderful thing. They come in a range of sizes and can be on-premises digital tools or cloud-based digital tools.
These platforms tend to cover solutions for budgeting, forecasting, and profitability planning by analyzing and reporting enterprise workflow methodologies.
Today we’re going to review five of the best enterprise performance management platforms and what they’re particularly good at.
One: Workday Adaptive Planning
Workday Adaptive Planning is best for versioning and scenario analysis. The platform is a smart solution that is used by brands such as Goodwill, Apptio, Cumulus Media, and HubSpot.
They are a leader in Gartner’s Magic Quadrant for Cloud FP&A. Users of Workday Adaptive Planning can evaluate various scenarios across big data sets as well as collaborate from pretty much anywhere, whether that’s by web or mobile.
Its strengths lie in its ease of creating various reports; its flexible attributes and timeframes for planning; its scenario analysis and comparison tools; and its simplicity of creating formulas.
Its weaknesses lie in its lack of web resorts on its dashboards; the lack of corporate consolidation; and the lack of ability to preserve previous forecasts.
Two: Oracle EPM Cloud
Oracle EPM Cloud is best for financial close solutions. It enables users to plan all aspects of HR as well as finance targets, sales departments and supply chains. As a leader in cloud financial close solutions, Oracle EPM Cloud has built-in reporting requirement standards, balance sheet calculations, and intelligent process automation.
Its strengths lie in the automation of XBRL tagging; its simple automation of reconciliation processes; its personalized recommendations through artificial intelligence; its best-in-class built-in configuration; and its automated cash flow reporting. Basically, Oracle has powerful automation capabilities.
Its weaknesses lie in its lack of some robust process automation; its smartview interface can become a little difficult to navigate; and the fact that its highest capabilities can only be used with additional apps from Oracle Fusion.
Three: OneStream XF
OneStream XF is best for EPM software for manufacturing operations. The platform’s modern and has comprehensive features for budgeting, planning, and forecasting.
It holds a host of specific analytical categories such as product lines, brands, functions, geographies, customers, and plant sites. It also comes with 50 apps that are accessible in its marketplace.
Its strengths lie in its flexible performance solutions; its broad and deep app marketplace; its simple integration with data sources; and its end-user training, which can be embedded into the app.
Its weaknesses lie in dashboard, which can be seen as quite busy; its lack of detail when it comes to its standard documentation; and its configuration of items can require a lot of menuing.
Four: EPM Live
EPM Live is best for its integration with Microsoft SharePoint. It is designed to elevate the user’s ability to track and manage projects along with their costs.
It covers specific performance management needs on its EPM Live module but can also expand the capabilities through an Ignite Unlimited plan, which provides plenty of products related to digital engagement, customer experience, and sales and marketing.
Its strengths lie in its built-in collaboration tools; its easy-to-use integration with any Microsoft platform; and its strong cost management features.
Its weaknesses lie in its excessive clicks for small actions, such as closing a project; it requires Microsoft SharePoint which is an additional cost; and its minimum pricing plan isn’t the most suited for large companies.
Five: ARES PRISM
ARES PRISM is best for its usage by executives. It comes with a whole host of tools for resource planning, budgeting, performance measurement, and funds allocation as well as time-phasing, risk tracking, and schedule analysis.
The platform’s forward-facing data gathering as well as outward-facing data gathering benefit executives that are using it, which are designed to speak clearly with internal and external stakeholders.
Its strengths lie in its adaptability to numerous WBS strings; comprehensive project controls; its user-friendly data import and export functionality; and its ability to handle change implementation.
Its weaknesses lie in its outdated-looking interface; its standardized reports can be difficult to deeply customize; and its lack of ability to incur automation and artificial intelligence as a trend in a new market.