Everything you think you know about Enterprise Performance Management is Wrong

April 12, 2023

Enterprise Performance Management

Everything you think you know is wrong

| Tidemark Confidential2

Enterprise Performance Management (EPM) solutions have definitely evolved through the ages.

Today you need new ways of looking at your business and modeling change − not the unkept promises of slow, expensive and unreliable legacy solutions.


The Journey

Counting BeansThe traditional analytics offerings − big and bulky and still relevant for some analytics jobs but inflexible, slow and expensive

Year 2000


The Journey

Excel HellAnalytics on 250 separate Excel documents. Risky, complex and understood by only a select few within an organization.

Year 2007


The Journey

Collaborative and Mobile Business Planning

New business performance management offerings leverage the cloud on any device, involving people from across the business to drive a data-driven culture.

Today


Why Legacy EPM Fails and Modern EPM Prevails

The era of CFOs as gatekeepers who primarily oversaw transactions is over. The dark days of information trapped in

systems only accessible by the few in finance are numbered.

To grow aggressively, companies need a modern approach to business analytics. They need applications that are cloud-based, mobile-

first and field ready.


CFOs Who Don’t Embrace These Technologies will be Left Behind

They need real-time insight, context around data, and collaboration capabilities to take their business to the next level. According to Gartner [1], CFOs are

involved in 84% of all IT decisions.• Making the right technology decisions has

never been more important.


Is your Finance Department ready for the future?

The cloud is the way smart business do business − and it’s here to stay. IDC [2] research predicts cloud

technology spending will grow by 25 percent in 2014, reaching over $100B.

Cloud



Mobile is now the de facto way for business users and consumers to devour and act on data. Technologies that aren’t designed to

work on every mobile device will lose market share in the coming year.

Mobile First, Web Always



According to a recent survey by research and consulting firm McKinsey [3] & Co., more than a third of C-level executives predicted that successfully leveraging big data − along with mobile, social and cloud computing − would boost their operating profits by 10% in just three years.

Big Data



The average company spends 4 months budgeting using legacy technologies.

Error prone spreadsheets are usually to blame, and they’re costing companies 4 months every year that could be spent more productively.



In contrast, companies using modern business performance management spend only 14 days forecasting because their analytical processes enable fast, accurate and data-driven decisions.


Advantages to a Cloud-Based, Modern Approach to Business Performance & Analytics

According to a July 2013 Gartner[1] report, CFOs stated their #1 priority in the coming year is growth. And they state that business analytics and performance management will be their most important tool for achieving growth. With legacy systems it can take weeks to close the books,

but businesses today move in real-time. Can you afford to stick with technologies that can’t keep

up with the pace of business?• And will you wait until your competition adopts them and you are

left behind?


Are you ready to again pay that $250K maintenance bill from your legacy vendor for zero innovation on a product that’s 20 years old? Modern Performance Management in the cloud gives you more accurate, predictable results for

competitive advantage, without the huge price tag.


The Choice is to Eat or Be Eaten

Real Time insight from big data and modern systems gives CFOs the data they need to improve decisions, reduce risk and improve performance.

Using old data is like choosing your clothes on yesterday’s weather report. Hope you don’t forget your umbrella!

Advantages



Context around data − You need it to extract value

Modern business analytics use context to pinpoint where to place resources so that your business runs more efficiently. Would you rather use a GPS or a fold out map? We thought so.

Advantages



Collaboration is KeyYour finance department is only one department − but by integrating all departments and roles within your organization, budgeting and forecasting becomes dynamic and effective. No more Excel Hell − need we say more?

Advantages



StorylinesTM Makes It ClearThe ability to see and share actionable visualizations that dynamically tell the story of a company’s performance in the context of data driven decisions that make sense of massive amounts of internal and external data in real-time. Data that everyone can see, share and understand.

Advantages


CFOs need modern solutions to realize the full potential of their business − they need platforms built for the cloud, for any mobile device and designed to

take in real-time data from virtually any source.


They need solutions that replace annual budgeting with planning that are always current, saving time and resources and driving a culture of performance across the company. Only then will they move from bean counters to business performance management champions.

Modern Solutions:• Improve decision making• Reduce risk• Improve business performance


Footnotes[1] Gartner, July 31, 2013. Tech Go-to-Market: Best Practices for Selling Services or Solutions[2] IDC Worldwide ICT Industry Predictions 2014[3]McKinsey & Company Global Survey, “Minding Your Digital Business”, 2012

Still considering keeping your legacy EPM platform?

Consider This: That’s like managing the next 10 years of business performance with a platform built for the last 10.


Are you ready to make the change?Start your transformation today at www.tidemark.com

Everything you think you know about Enterprise Performance Management is Wrong

Data & Analytics

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