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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, while also ensuring 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 organizations. While all of these are major benefits of using enterprise performance management software. They don’t define the primary goal of EPM software and all the systems that businesses invest in?
So what is the goal of EPM software? 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 2023.
EPM Software Provides Easier Access Revenue Planning Data
Companies that still use spreadsheets for revenue planning and forecasting must manually collect and enter all data from Sales. This method of revenue planning is prone to errors and blocks Finance’s confidence in the data they are utilizing and presenting to other departments. Revenue planning and forecasting software’s ability to integrate with sales software is one of its key benefits.
This integration is another huge relief for Finance departments that normally have to wait for Sales to distribute their figures. By implementing EPM software, Finance departments can remain permanently 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 Enterprise Performance Management Solutions are 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 and accurate revenue planning and forecasting becomes nearly impossible. This is the case no matter whether your Finance department is aiming to produce weekly, quarterly, or annual reports. Spreadsheets’ enormous and repetitive nature means that they are prone to errors, such as:
- transposed numbers
- missing data fields
- duplicates
- other human errors
Human error is partly responsible for the 2012 “London Whale” debacle that led to over $6 billion in losses. These types of errors are easily avoidable with a single source of truth!
As soon as a firm employs EPM software, they remove the chance of these blunders from 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 retain full control of. With EPM 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. All departments and senior management can fully trust the revenue planning and forecasting models 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. Learn more by booking a demo today.