Today every business thrives on a sound strategy and fault-proof execution which is the difference between an organizations success and its failure. But with the likes of never-ending customer demand and fast-evolving technology, it is a daunting task for businesses to keep up with the trend and reach success without taking a blow. Therefore, businesses currently are looking for a massive overhaul in the EPM system to leverage their business planning and strategy to the optimum. So what are these changes businesses want? Lets see.
Ever since cloud computing has emerged in the digital domain, organizations have prospered subsequently from its efficiency to make decision-making quicker and to access data in real-time which are the essential features to grow in this digital-driven age. Along with its integration, businesses today are seeking the best way to assemble cloud system to its maximum potential and measure the growth performance. A research produced by IDC (International Data Corporation) last year has predicted that by 2018, companies will see a vast rise in the public cloud spending which will surpass by $ 127 billion. Also comparing to 2014 EPM trend survey, speed and agility have exceeded cost considerations as top cloud advantages, making cloud as the most preferred choice by businesses in the future.
Another trend that is quickly catching up with the EPM domain now is the use of mobile tools. As mobile technology has been pervasive since it is the fastest way to deliver and retrieve information at any situation, businesses are focusing for mobile technology to integrate with the EPM system to its fullest. While convenience is what makes mobile technology useful, surveys have also shown that there has been a significant increase in productivity and growth along with its competitive advantage.
Adopting EPM can be effective when it comes to strategy building and steering towards organizational objectives, but it may also equally require for organizations to remodel its structure to fit in. Hence, businesses are also focusing on a true EPM system that is flexible and the which can easily fit into the business model without a need to change its organizational structure.
What makes EPM the most preferred strategic system is its ability to locate and identify the shortfalls of an organization and keep a check on its strategic planning, balanced scorecards, forecasting; from financial and consolidation and from analytics to reporting. So, businesses demand EPM solutions to be single solution whereby they can reduce the overall cost of ownership and maintenance within the organization.
Lastly one question still remains – Is EPM ready to bring the change soon, or do businesses have to wait for some time?