In business planning, financial plan or budget is the main phase. When the business is operational, planning is the vital task to strongly manage its financial performance. A budget is an estimation of income and expenditure for a particular period. Effective budgeting process can help financial managers to perform their business functions effectively.
Many managers know that the main business processes are budgeting, planning, reporting, forecasting, consolidation and other functions. Then are you using the proper tool which allows you to fulfil your business functions effectively? The perfect tool can combine these processes thus you can perform the business cycle on a repeatable basis as you needed for your company. Then what is the perfect tool for your company? Surely not Excel spreadsheets and manual procedures- it is an Enterprise Performance Management (EPM).
EPM products such as Oracle Hyperion, SAP Budgeting Planning & Consolidation, and IBM Planning Analytics have the capabilities of financial processes.
How EPM will help to get the best practices in financial solutions.
- Reduces the time spent on generating financial reports
We will get financial reports from various departments, several systems and locations. It takes much time and resources to generate reports for every month, quarter and year. Here EPM will reduce the time to generate the reports through dashboards, Ad hoc analysis and etc., which helps to spend more time on analysis and decision making instead of spending time on generating financial reports
- Data Integrity
Certainly, data integrity is the main challenge. It can be achieved by using the EPM solution. Here it is the best place to build the budgeting and planning process because it will help to maintain a single platform with high-level security to get the best results.
- Reduces the time taken for budgeting and planning cycles
Most of the organisations will change their existing goals or set new goals, so planning never ends. It is a continuous process. Certainly, it can consume a lot of time to maintain the planning, budgeting and other functions’ cycles. Here, EPM provides trends to help them with their products.
- Consistent security
Based on your company size and environment, Security consistency will become a great challenge. You may have to communicate with various departments and teams. All departments and teams will not permit to see the entire information. Finally, it will become impossible to set proper security. With the help of EPM solutions like Oracle along with its shared services will provide access, roles and provisions to users for particular applications.
Replace your old methods with EPM products so that you can bring the best practices in your business.
Data Labs India is a digital transformation company helps organizations to achieve supply chain excellence through robust supply chain business processes and cutting edge technologies; empowered by AI and IoT. Our highly innovative solutions and products for end-to-end supply chain planning and operations make our clients truly competitive.