Top Trends in Enterprise Performance Management (EPM) to Watch in 2023

The EPM market is expected to grow at a CAGR of 7%. Stay ahead of the curve by adopting the top EPM trends and market leading solutions like Oracle EPM Cloud.

Organizations of all sizes face the challenge of improving their performance and achieving their financial goals. However, with multiple moving parts and stakeholders involved, it is a challenge to keep track of performance metrics, identify bottlenecks, and make data-driven decisions. That's where Enterprise Performance Management (EPM) comes in. EPM applications have been around since the mid-80s, growing in size, functionality and capabilities steadily through the years.

Enterprise Performance Management (EPM) and its Adoption

EPM provides a comprehensive framework and suite of tools to help organizations plan, monitor, and manage their performance, enabling them to gain insights, take corrective actions, and achieve better business outcomes. EPM includes a range of activities, such as financial planning and analysis, budgeting, forecasting, risk management, and performance reporting. Oracle EPM Cloud, SAP, Workday, and Anaplan are some of the major EPM vendors.

According to a recent report by Research and Markets, the global EPM market is expected to grow at a CAGR of 7% from 2022 to 2027. This growth is driven by the increasing need for real-time monitoring and analysis of business performance, the growing demand for cloud-based EPM solutions, and the rise of big data analytics.

In addition, a survey (year:2022) conducted by Dresner Advisory Services found that adoption of EPM continues its steady upward trend, with nearly 54% of organizations currently using EPM software.

These market insights suggest that businesses recognize the importance of EPM and are willing to invest in solutions that will help them improve their performance. By keeping up with the latest trends in EPM, organizations can ensure that their investments in EPM technology are aligned with their business goals and market dynamics.

Taking the cue, this blog shares the current trends in Enterprise Performance Management.

Latest Trends in Enterprise Performance Management (EPM)

Cloud-based EPM solutions

Cloud-based EPM solutions are becoming increasingly popular among organizations due to their flexibility, scalability, and lower costs compared to on-premises solutions. With cloud-based EPM solutions, companies can access their data and analytics from anywhere, which allows for greater collaboration and more informed decision-making.

Integration with other business systems

Organizations are increasingly looking to integrate EPM with other business systems, such as ERP, CRM, and HR systems, to gain a more holistic view of their operations and performance. EPM integration with other enterprise systems enables companies to streamline their operations and get a more accurate picture of their overall performance.

Artificial Intelligence and Machine Learning

EPM solutions are increasingly incorporating AI and machine learning capabilities to enable predictive analytics, automated forecasting, and other advanced analytical capabilities. These technologies can help organizations identify trends, make more accurate predictions, and drive better business decisions.

Mobile-first EPM solutions

With more employees working remotely or on-the-go, EPM vendors are focusing on mobile-first solutions that enable easy access to critical data and KPIs from anywhere. These solutions enable employees to make informed decisions on the fly and keep up with their performance goals.

Increased focus on data security and privacy

As EPM solutions become more data-driven, there is a growing emphasis on data security and privacy. Vendors are implementing more robust security features to protect sensitive data from unauthorized access, theft, or loss. These features include encryption, multi-factor authentication, and data access controls.

Emphasis on collaboration and teamwork

With EPM solutions often being used by cross-functional teams, vendors are focusing on collaboration features that enable real-time collaboration and seamless communication among team members. These features include chat, shared workspaces, and instant notifications of updates.

Focus on real-time reporting and analytics

EPM solutions are increasingly offering real-time reporting and analytics capabilities to enable faster, more informed decision-making based on up-to-date data. These features are critical as organizations require timely insights to make quick decisions in a highly competitive business environment.

Oracle EPM Cloud – The Major Player

Oracle EPM Cloud is a major player in the EPM market and has been recognized as a leader in Gartner's Magic Quadrant for Cloud Financial Planning and Analysis Solutions for four consecutive years.

Oracle EPM Cloud offers a comprehensive suite of applications to help organizations streamline their finance operations, improve their decision-making capabilities, and achieve better business outcomes.

Here are some key features and benefits of Oracle EPM Cloud:

• Unified and integrated platform for all finance processes, including planning, budgeting, forecasting, consolidation, and close management.
• Robust analytics and reporting capabilities with real-time insights into financial and operational performance.
• Seamless integration with other Oracle Cloud applications, such as ERP and HCM, for end-to-end business processes.
• Scalable and flexible architecture that can adapt to changing business needs and support growth.
• Built-in security and compliance features to ensure data protection and regulatory compliance.

Oracle EPM Cloud Services and Implementation by Jade

Jade Global is an Oracle Cloud Excellence Implementer (CEI) certified partner, offering a comprehensive range of Oracle EPM Cloud services and solutions. We have helped our clients with Connected Planning, Standard and Enterprise Planning, Profitability and Cost Management, Comprehensive Financial Close, Tax Reporting, Narrative Reporting, and Enterprise Data Management.

We offer assessments to provide a tailored Oracle EPM Cloud Roadmap for your organization and can help you create that EPM Strategy for long-term operational readiness.

Endnote

In conclusion, Enterprise Performance Management solutions have become essential for organizations of all sizes to plan, monitor, and manage their performance. Staying up-to-date with the latest trends in EPM helps businesses identify the right EPM solution or enhance their existing EPM with the right kinds of modules to drive better performance. With Jade as your implementation partner for Oracle EPM cloud solutions, you can leverage the best of EPM technology and practices to stay ahead of the competition and achieve long-term success.

To know more visit Jade’s Oracle EPM Cloud Services