By enabling key elements of your finance process with an EPM solution, you simply automate, integrate and create reliability in a repeatable way and drive strategic growth, predictability and accountability. When an EPM solution is paired with an ERP system, it is supercharged with the ability to centralize data, enabling the organization to gain new and deeper insights into its current performance and, if needed, adjust accordingly.
In fact, Oracle — which offers solutions in both spaces — has been moving toward grouping ERP and EPM together as ERP/M. Here is an example of how these two tools might interconnect in practice:
- An SMB sets up an ERP cloud to consolidate its most important
workflows, for instance, finance, sales and logistics. - As transaction processing becomes more high-volume, the ERP
system struggles to keep up with the growing complexity with
reporting, budgeting, and forecasting. - Enter EPM, which helps (1) automate the close, (2) centralize
budgeting and forecasting, and (3) provide better insight
through delivered or self-service ad-hoc financial reporting so
that the organization can set itself up better for growth.
Unfortunately, EPM is often an afterthought, despite these tangible benefits. Companies may see EPM as too niche or fear its implementation may be overly disruptive, complex and expensive. That is not the case with Oracle EPM Cloud, especially now with the availability of two versions, Standard and Enterprise, and a new pricing structure make EPM capabilities more affordable to businesses.
Let’s look at four major reasons why EPM solutions are vital to sustained growth:
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