How EPM Modules Can Enhance Your Company’s Performance
Enterprise Performance Management (EPM) systems act as an extension to ERPs, offering additional control and management over operational data. This empowers companies to analyze, understand, and generate reports on financial performance, providing executives with clearer insights for more informed decision-making.
In this article, we will explore in detail seven ways that EPM systems can benefit your company, regardless of industry. Whether you're in manufacturing, retail, services, or any other sector, the implementation of an EPM system can help you reach new levels of efficiency, accuracy, and strategic insight.
1. Boosted Financial Area Efficiency
The implementation of an EPM system enables financial teams to boost productivity by generating detailed analysis of transactions, which improves decision-making accuracy. By integrating with Artificial Intelligence (AI), EPM systems allow for the efficient and rapid creation of reports and presentations, complete with clear and visually appealing graphs. These tools help financial teams to reduce manual work, automate data processing, and focus on more strategic tasks that contribute to the overall growth and profitability of the company.
2. Improved Planning and Budgeting
EPMs simplify the process of planning and budgeting by leveraging data from the ERP and other systems. They allow companies to quickly generate projections and budget options based on hypothetical scenarios, as well as perform detailed analysis of income and expenses. With AI-backed capabilities, companies can identify hidden gaps and correlations in their financial data. This insight helps financial teams refine their plans and seize opportunities that might otherwise go unnoticed, ensuring that the company remains flexible and responsive in a rapidly changing market environment.
3. Faster Financial Closures
Closing the financial period on time and accurately is one of the greatest challenges for many businesses. EPM systems can significantly reduce the time and effort required to close financial periods by automating key processes, such as matching accounts payable and receivable, reconciling bank operations, and managing credit and intercompany transactions recorded in the General Ledger. This automation allows financial teams to focus on more strategic activities rather than routine tasks. Additionally, EPMs support the management of tasks and workflows, offering continuous monitoring of data and critical deadlines, making it easier to adjust and finalize the data when necessary.
4. Simplified Audits and Compliance
A key feature of EPM systems is their ability to offer a precise audit trail of financial operations, which increases transparency and simplifies both internal and external audit and compliance tasks. When integrated with an ERP system that includes document storage, EPM systems allow for easy access to reconciled reports and supporting documents, ensuring that no alterations have been made. This transparency also helps meet regulatory requirements and strengthens the company’s ability to respond to audits quickly and efficiently.
5. Creation of More Comprehensive and Detailed Reports
EPM systems integrate general ledger data with other key sources within the ERP, enabling the creation of detailed reports on financial trends. These reports don't just cover conventional financial data but also provide in-depth analysis of other crucial business areas, such as supply chain management, production, sales, and ongoing projects. By offering a holistic view of the company’s performance, EPM systems help leaders allocate resources more effectively, focusing on areas that need attention or have the potential to provide the most value. This data-driven approach ensures that business leaders can make better-informed decisions that drive long-term growth and competitive advantage.
6. Enhanced Clarity on Fiscal Matters
Tax compliance is one of the most complex challenges businesses face, particularly with the variety of regulations that exist across Latin American countries. EPM systems offer businesses with international operations the tools to optimize and streamline essential processes such as tax planning, transfer pricing, and handling country-specific tax rates. With the ability to monitor changes in tax laws and obligations in real time, EPMs allow tax teams to make more informed decisions about their compliance strategies. Dashboards and reporting tools provide access to up-to-date fiscal information, helping to mitigate risks related to non-compliance while maximizing tax benefits.
7. Support for Business Scalability
As a company grows, it faces an array of risks that could impede its expansion. A key challenge is managing larger volumes of data and meeting reporting requirements that facilitate strategic decision-making. To scale smoothly and effectively, integrating an EPM system along with a new ERP becomes critical. These systems not only optimize data management processes but also ensure that reporting standards are maintained as the business expands. This scalability enables businesses to maintain operational efficiency and compliance even as they enter new markets or face new challenges.
Oracle NetSuite, with 25 years of experience in the market and over 40,000 successful implementations across all industries and regions, is an ERP system that continually evolves with the latest innovations. These include Business Intelligence (BI), Artificial Intelligence (AI), and a comprehensive Enterprise Performance Management (EPM) module. These features allow businesses to integrate all their operations within one unified platform, providing them with a 360° view of their business and improving decision-making across departments.
As a leading NetSuite partner in Mexico, Central America, the United States, and the Caribbean, Efficientix offers a wealth of experience in streamlining business management and simplifying operations. Our expertise spans industries such as manufacturing, wholesale distribution, and retail, among others, allowing us to understand the unique challenges of each market and region.
Would you like to learn how Efficientix, NetSuite, and their suite of ERP, BI, and EPM solutions can benefit your business? Reach out to us today to speak with one of our business software experts and discover how we can help your company scale and succeed.