Enterprise Performance Management
Strategy Execution is the key challenge and it takes tremendous efforts and discipline for almost all successful organizations. Enterprise Performance Management is the integral part of strategy execution. Business leaders and planners need a planning solution which provides flexibility in planning, up to date dashboards, robust user interface, and easy collaboration. EPM solutions bridge the gap between process and technology to drive performance.
- Develop an enterprise strategy
- Translate strategy into operational terms which includes defining strategy maps and scorecards
- Design and implement key strategic initiatives for optimizing planning and execution processes
- Align all levels of planning processes can include business planning, budgeting, sales & operations planning, financial planning, and detailed execution level plans.
- Establish robust reporting and review processes
Financial consolidation is the process of combining financial data from several departments or business entities within an organization, usually for reporting purposes. To consolidate is to join things together. In finance, the process includes importing data, mapping general ledgers to a single chart of accounts, normalizing the consolidated data and producing reports called consolidated financial statements. How often the finance department performs financial consolidation varies from company to company, often hinging on regulatory requirements.
Depending on the complexity of the process and the company's preference, finance managers can use Microsoft Excel spreadsheets, modules in corporate performance management or enterprise resource planning software suites, or specialty software for financial consolidation. Many experts advise against using Excel for the consolidation because spreadsheets don't facilitate collaboration, which in turn, can lead to a high probability of errors.
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