How to Improve Revenue Planning with EPM Software
By Kevin Hsu - Jan 17, 2017
We know that when it comes to enterprise performance management (EPM), metrics and key performance indicators are an essential component. Most CEOs also know that having EPM software streamlines your revenue planning process and speeds up the time it takes to issue revenue planning and forecasting reports, whilst also assuring that the data in the revenue reports is accurate and sound. In addition, EPM software enables a firm to accomplish more while utilizing fewer finance employees — driving cost savings across the organization. All of these things are serious benefits of using enterprise performance management software; but, fundamentally, what is the primary goal of EPM software and all the systems that businesses invest in?
To improve revenue planning and forecasting, which in turn increases revenue and improves the profits of your organization. No firm is opposed to that! So, here is how you can utilize EPM software to achieve the primary goal of EPM software for your company in 2017.
EPM Software Provides Easier Access Revenue Planning Data
Companies who still use spreadsheets for revenue planning and forecasting have to manually collect and enter all the data from Sales. This process and method of revenue planning is often prone to errors and blocks the finance department from having confidence in the data they are dealing with and presenting to other departments. One of the key benefits of using EPM software is that this type of revenue planning and forecasting software can easily be integrated with the sales software or CRM. This integration is another huge relief for Finance departments who normally have to wait for Sales to distribute their figures. By implementing EMP software, Finance departments can permanently be up to date with the Sales Team’s data. Without having to manually copy data and worry about inaccuracies and also have full access to the firm’s data, finance can spend more time focusing on the important aspect for increasing revenue — analysis.
Cloud-Based EPM is Easier and More Accurate for Revenue Planning Than Spreadsheets
As anyone who has dealt with them knows, spreadsheets are the bane of a revenue planner’s existence. Once you have one too many spreadsheets, conducting regular & accurate revenue planning and forecasting becomes nearly impossible. No matter whether your Finance department is aiming to produce weekly, quarterly, or annual reports. The enormous and repetitive nature of compiling spreadsheets means that they are prone to errors, such as transposed numbers, missing data fields, duplicates, and other human errors. However, as soon as a firm employs EMP software, they remove the chance of these blunders occurring and free the Finance department from heavily depending on the IT department. How does EPM software do this? By giving the Finance department a system that they themselves can use and have full control of. With EMP software, the Finance department can hone in on what they need to do, the Sales department can meet their goals, and the IT department can concentrate on their work. With each department able to focus on their part of the puzzle, and with the elimination of human errors, all of the departments and senior management can have full faith in the revenue planning and forecasting models that are produced using an EPM solution.
Kepion Revenue Planning and Sales Forecasting Software automatically integrates with all your sales & demand data from your CRM or other systems, conducts what-if analysis based on different revenue scenarios and assumptions, models driver-based planning modules to drive costs, staffing, capital assets from the sales plan, and spreads values over time for upcoming revenue and sees immediate impact to bottom line. Kepion covers the spectrum of planning scenarios in need for dimensions such as product and customer, and for driver-based planning using variations of units times price.