SCC The Benefits of An Enterprise Performance Management Essay

User Generated

Wnzba1985

Business Finance

Sinclair Community College

Description


  1. Effective organizations today must constantly strive to close the gap between strategy and execution in order to ensure that the company meets the needs of customers, shareholders, employees, etc. and contributes to the long-term success of the company.
    Write a 1,400- to 1,500-word paper that describes the Enterprise Performance Management (EPM) Process and the benefits of EPM, including the following points:
    • Management Efficiency
    • Executing Strategy
    • Improving Performance
    • Reducing Risk
    • Competitive Advantage
    • Compare and contrast differences between running a business and managing a business

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Explanation & Answer

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Enterprise Performance Management
Student’s Name
University of Affiliation

Definition of Enterprise Performance Management
Enterprise Performance Management (EPM) is defined as the process supported by
business intelligence software, reporting, and planning that enables a business to align its
strategies with planning and execution. The EPM paradigm came to fruition in the 1950s and
comprised of the past, current, and future information for a comprehensive technique of
operational and financial planning (Cokins, 2017). Some of the elements of EPM, which are
discussed later in this paper, include forecasting, budgeting, and planning (FBP); performance
reporting (PR); and profitability and cost analysis (PCA). EPM also comprises of reporting,
consolidation, and financial processes. The ultimate goal of these suites of solutions is to back
the business via connecting the strategic plan with the periodic forecast and annual budget using

top-down and bottom-up models. EPM can also be defined as the software designed to integrate
with the Enterprise Resource Planning (ERP) system to provide a management platform,
complementing the transactional Enterprise Resource Planning modules. EPM systems are
imperative in business as they support practices that integrate business operations with finance
for integrated organizational planning and forms the basement for aspirational, organizationalwise interconnected planning. The effective use of EPM in business, especially in the financial
function, enables the Financial Planning and Analysis team to expect performance gaps and dig
into the primary causes, work together strategically with the organization, and execute reliable
and timely analysis, planning, and reporting.
Elements of EPM
Forecasting, Budgeting, and Planning (FBP): They play a vital in business management. FBP
is meant to serve and support the organization in comprehending how its operations play a
pivotal role in delivering its future long-term strategies. FBP helps an organization allocate
limited resources in a way that goes hand-in-hand with the business; strategic intent. Lastly, FBP
serves an organization with planning actions that could help it meet its strategic objectives in
response to dynamic activities.
Performance Reporting: T...


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