Key business strategies are born out of effective enterprise performance management (EPM) initiatives. Competition and ever-changing market conditions make EPM all the more valuable as strategic decision-making comes from evaluating all aspects of your organization’s data. If there is an opportunity for your organization to optimize business outcomes, it will be identified through careful analysis of your current processes and outputs.
By leveraging advanced analytics, visualization tools, and predictive modeling capabilities, a business intelligence platform can give organizations all the information they need to identify opportunities for improving performance metrics across varying aspects of the organization.
What is Enterprise Performance Management?
Enterprise performance management has become a buzzword for organizations looking to define their method for monitoring, managing, and optimizing their overall business performance. EPM encompasses a comprehensive suite of strategies, ranging from financial planning, budgeting and forecasting, data consolidation, and of course, reports and analytics. The purpose of focusing on EPM initiatives is to enable organizations to better evaluate their company’s performance to better align with strategic objectives and drive sustainable growth.
How a BI Platform Automates Enterprise Performance Management
Based on the definition above, it’s not hard to understand how immensely complex this function of a business operation can be. It requires the ability to view and assess data for all areas of the business and translate that data into easily digestible information bites that your team can use for developing key business strategies. All this to say, it can be quite the headache to attempt EPM without the proper tools or resources.
A powerful and flexible business intelligence (BI) platform will be able to automate many of these tasks for you. Here’s some of the ways that an automated BI solution can chip away the more complex aspects of EPM, so you can focus on the simple stuff, like what color to make your graph.
1. Data Management and Consolidation
One of the most difficult and tedious aspects of enterprise performance management is having to sort through multiple sets of data. A survey by State of SaaS Series found that organizations with 1,000 or more employees use as many as 335 different applications to run and manage their business, meaning hundreds of sources of data. This makes the first step of EPM, data management and consolidation, an extremely crucial element for producing accurate results.
Core Knowledge AI has the ability to integrate with any disparate data source, including financial systems, HR applications, CRMs, or any other operational database that your company may use, so when it comes time for consolidation, bringing all of your data together can be completed in a few button clicks.
2. Real-time Monitoring and Analysis
The added benefit of unlimited integration options ensures that your data is as up-to-date as possible. Core Knowledge AI supports automatic or scheduled data syncing, so you are always working with your data in real-time. This allows you to get to the heart of your data quickly to make informed decisions or identify emerging trends before any potential issues arise.
3. Forecasting
A business intelligence platform, like Core Knowledge AI, is equipped with advanced forecasting and scenario planning features that enable organizations to model various business scenarios easily by analyzing past trends. Customizable analytics allow you to add whatever data you need for accurate forecasting to assess potential impact on performance. By simulating different outcomes, organizations can develop agile strategies to mitigate risks, capitalize on opportunities, and optimize resource allocation.
4. Collaborative Planning and Budgeting
To streamline budget planning, a business intelligence system will also allow your entire team to provide input on what their budgetary requirements may be. With Core Knowledge AI, you can utilize user permissions to enable collaborative planning for department budgets through our two-way communication portal. This makes it easy for managers or leadership teams to submit proposed budgets for approval, which can streamline the overall implementation of new budget plans, as well as maintain historical records of past budget reports for reference.
5. Performance Reporting and Visualization
Having all of your data synced into one environment makes it that much easier to produce reports and analytics on-the-fly using whatever data sets you need. BI software is built around the ability to transform data into easy-to-read output visualizations and Core Knowledge AI goes a step further to ensure dynamic and agile reporting capabilities. Reports and analytics can also easily be disseminated to team members with our online web portal which is protected by customizable user permissions, so your employees only see what you want them to see.
Leverage BI for Enterprise Performance Management
As complicated as enterprise performance management can get, this type of business planning is extremely crucial to developing effective strategies to increase efficiencies and maximize business processes. In order to create valuable, actionable insights, you need a platform that is dynamic, flexible, and accurate.
Core Knowledge AI is an extremely powerful solution that can simplify not only EPM, but business intelligence, and other complex operational functions. Schedule a demo to see how Core Knowledge AI can help your business achieve your strategic objectives with confidence.