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Enterprise Performance Management Definition

In today’s complex and rapidly changing business environment, managing business performance is crucial for any organization’s long-term and short-term success. There are several roadblocks and hurdles while attributing to deliver business insights which are critical for decision making. Ensuring compliance with the frequent changes to regulatory requirements, the ability to monitor performance against budgets and plans is quite challenging for the enterprises. For such instances, Enterprise Performance Management (EPM) is implemented by the enterprises to evaluate and enhance their performance to maximise their business processes and to obtain their set goals.

EPM is often been compared with Business Intelligence (BI), however, it has a significant difference with the latter one. BI provides a better picture of how the business is performing, such as historical sales forecast vs. actual.  While EPM is the next generation BI process that allows enterprises to take decisions strategically and to align these decisions with their corporate goals. EPM performs continuous and real-time reviews that involve consolidation of data from various sources and through an analytical approach while querying and putting the results into practice by enhancing processes through better feedback loops.

However, EPM looks at the project as a whole and pulls the curtain back by analyzing and allocating the resources optimally. It provides enormous value to the business by allowing complete control over the project. By streamlining the project management process, EPM enhances business units operating in different departments and locations to work together towards the same goal. Moreover, EPM software is moving towards the cloud environment and thus providing more benefits to the enterprises by automating and accelerating the enterprise process.

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