– As seen on the Host Analytics blog (http://blog.hostanalytics.com/)
‘Digital Disruption’ is everywhere. Technology is changing the way business is done, rendering old legacy software obsolete.
But with the disruption digital brings, there are many distinct advantages, as well. In the realm of finance, digital technologies are used to improve the growth and profitability of the business, moving away from the old batch processing into real-time analytical capabilities. Furthermore, as aspects of finance like forecasting are made easier by new digital technologies, the business can take advantage of more advanced capabilities such as predictive analytics. Then the finance department becomes a truly valuable leader within the business.
EPM in the Cloud
This is the landscape in which enterprise performance managment (EPM) software now resides. Upgrading to new EPM software no longer means long, expensive, disruptive processes of selecting and implementing the product. Cloud, also known as Software as a Service (SaaS), makes EPM software less expensive, faster to implement, and enormously more powerful. Additionally, it eliminates the ongoing maintenance and upgrade efforts and costs. And with cloud-based products you don’t have to wait 12 – 18 months for new releases, the innovation comes faster, typically in quarterly feature releases. Cloud-based EPM software also frees the finance team from total dependence on the IT department.
To discuss the current climate of SaaS EPM software, Host Analytics recently invited Paul Hamerman of Forrester to speak about what their research has uncovered about this fast-changing field for the webinar Navigating the SaaS EPM Landscape. Hamerman is Vice President and Principal Analyst serving Application Development and Delivery Professionals for Forrester. To discuss the situation from a customer’s perspective, the webinar also included Rick Odom, the Senior Manager of Financial Planning and Analysis for Welch Allyn.
The Three Dimensions EPM Software Needs to Cover
Hamerman opened the presentation by explaining the three dimensions of EPM software. In the digital age, EPM software must operate across all three dimensions in order to serve today’s companies.
- EPM software must provide strong internal and external reporting capabilities. This is how the software gives the company a valuable historical perspective.
- EPM software must provide strong enterprise performance analysis. This is how the software gives the business a valuable perspective on the present time.
- EPM software must provide strong planning, budgeting, and forecasting functionality. This is how the software delivers value to the company for the future.