Hope you are well aware of the term Enterprise performance management; if not, no worry. Enterprise performance management is generally represented by EPM. It is a process of monitoring and enterprise performance across all levels to improve overall business performance.
It was a tough task and took many days and even months to find out the performance of a business. It was a tough job for the large companies, and despite all efforts, some shortcomings were also found. The modern world has the solution to every problem.
Now modern software is available that can ease your enterprise performance management process. Many free and paid enterprise performance management software is available in the market to make your whole process easy to evaluate but with accuracy.
Corporate performance management is similar to EPM(enterprise performance management software) but is more focused on the activities related to finances, such as cash flow, etc. The enterprise project management system means overall business goals when divided into small projects to achieve overall goals.
Stay with me to know about EPM, CPM, and enterprise project management systems and some popular software for managing these systems.
Benefits of performance management for business
You have known about the enterprise performance management process, but we must know the performance for business. There are many benefits of performance management for the business.
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- Better management at all levels
A big organization may have hundreds of departments, so if your business is performing well, it does not mean all of the departments are contributing equally. Maybe one of the departments generates 100 percent profit on inputs while the other causes loss due to poor performance.
Your overall business is in profit, but there are many chances of problems in specific departments and levels that may improve your profit ratio after identifying and eliminating.
So by performance management, all departments are evaluated individually, and problems are highlighted individually to know where a business has weak points and how to eliminate them.
- Help to find the right employees at the right place.
With improved and continuous performance management, each of the employees is evaluated based on their achievements. We know who is more skilled and what is the right place for him to provide maximum to our business?
When an employee’s performance is evaluated, it helps the business identify the right person and help the employee evaluate their performance for a better career.
- Better planning and reduced risks
After performance evaluation, a business knows where the problem is and how to resolve the problem in the future. After evaluation of performance, we take necessary actions to reduce the upcoming risks. By such actions, a business can be protected from legal issues and risk of losses in the coming future.
A enterprise performance management software can easily track those problem and can notify to the owner.
- Improvement in productivity
When an employee continuously evaluates based on performance, he becomes more vigilant and committed to his duties.
The performance of each department also evaluates that urge the departments to take actions to improve their performance. So by improvement in employees and department performance overall productivity improves.
- Cost efficiency
With a enterprise performance management software system, we can evaluate the performance of each department and employee to know the weaknesses at each level that helps us to take necessary actions. Timely actions and decisions also reduce the risk of loss, and efficiency also improves, saving a lot of costs.
Best Enterprise Performance Management Software:
Many popular EPM software may help you evaluate your business performance at an improved level with great ease. But below are some best EPM software for you to choose from.
1. Oracle Cloud EPM
It is an enterprise performance management application that is a fully featured EPM tool designed for agencies and enterprises to manage their activities to evaluate overall business performance.
In the Oracle Cloud EPM tool, end-to-end features are designed for the windows. It contains qualitative and quantitative analysis features, Budgeting and forecasting, Ad hoc analysis, and much more.
· Fully featured EPM software
· Designed for agencies and enterprises
· Suitable for all sizes of enterprises
· Friendly user interface
· Free and premium versions
· End-to-end features
It is agile performance management software that comes with excellent performance reviews features. It also contains the appraisals, align employees’ goals, chat-based interface, competency-driven, performance to organization objectives, 360 feedback, and OKR goals.
· Offers features for employee appraisals
· Chat-based interface for easy communication
· Contains features for performance to organization objectives
· Friendly and simple to use
· A free version is suitable for small enterprises
3. OneStreem XF
It is a modern and comprehensive platform that may help you to manage overall enterprise performance. It comes with planning, budgeting, forecasting, manufacturing operations, product lines, functions, brands, customer management, and plant sites management. It is an easy-to-use, high-performing, and highly flexible tool.
· It offers features to evaluate an organization’s performance at all levels.
· Offers specific features for budgeting, forecasting, manufacturing operations
· It is a highly flexible tool
· Friendly user interface
· Cloud-based and on-premise compatible
Olapsoft is the best enterprise performance management software developed for enterprise analysts and allows its users to build enterprise-class planning systems.
A business can track the effectiveness of their employees and actions in all departments without applying high-cost technical staff.
The software comes with the basic simplicity of MS Excel that combines with enterprise system reliable features.
· Best software for enterprise analysts
· Offers features for enterprise planning systems
· Business and employees effectiveness can monitor
· Compatible to use with MS Excel
· Easy to use
We have selected planful as the last best epm software to help you manage your business performance. It comes with end-to-end solutions and is developed for enterprises and agencies to manage their performance evaluation activities. This online software is equipped with Qualitative analysis, Quantitative analysis, Budgeting and forecasting, ad hoc analysis, and much more in one place.
· Suitable for managing business performance
· End-to-end solutions
· Suitable for agencies and enterprises
· Offer features for qualitative and quantitative analysis
· User-friendly interface
What is corporate management?
The concept and terms for managing the performance of a business have a variety of labels, but the most popular is the EMP and CPM.
Many of the experts and practitioners positioned both terms in the same meanings. But there is a little difference between these terms that make us able to differentiate.
There is not much difference in the functioning of both terms, but some analyst firms and software vendors link the term corporate performance with management performance processes mainly driven by the Finance organization.
CPM software free
The corporate management software is mostly paid, but some popular and good-performing software is available for free. But they offer limited features. Below is some best cpm software free that may help you manage your business performance process driven by finance.
1. Prophix software
Prophix is the best corporate performance management software that meets all the needs of your evolving business. With the help of the free CPM software, you can access limited features that may help you improve profitability and minimize risks.
It is equipped with planning, budgeting, consolidation, and reporting features. It is compatible with cloud and on-premise that is suitable for your future needs.
· It offers features to meet your continuous business needs
· It may help you to improve profitability and minimize the risks
· Equipped with consolidation, budgeting, and planning features
· Support cloud-based and on-premise
· User-friendly interface
Jedox is also advanced cpm software that is flexible and makes it simple to prepare budgets, forecasting, planning, sales, and help you manage other departments.
It is also helpful to improve data quality and optimize the planning processes with a friendly interface. Jedox is a cloud-based software that is compatible to use with Microsoft Excel.
Its advanced features such as flexible BI, planning capabilities for analytics, management reporting, and dashboards are excellent and may assist in managing corporate performance systems.
· It is compatible to use with Microsoft Excel
· Cloud-based software and on-premise supportive
· Support all corporate performance management activities
· Offer all features such as sales, planning, forecasting, and much more
· It may help you to improve the quality and planning process
LucaNet is one of the popular and most recommended corporate performance management software by finance experts. Software is easy to use and is combined with professional consulting to learn planning, reporting, data management, and financial consolidation.
It ensures reliable data and helps the Group accountants, controllers, and CFOs efficiently to improve their performance. LucaNet is compatible with cloud-based and premium features and perfects to choose from for all sizes of business.
· It is free software with limited functions.
· The free version may be suitable for small or medium-sized businesses
· Very supportive features for Controllers, CFOs, and accountants
· Paid version is suitable for all sizes of businesses
· Offer features for reporting, planning, data management, and much more
Acterys is one of the professional tools that also offer limited free features for better performance management. It is equipped with quality features to help users generate professional data models and integrate the data with relevant sources.
Access may help you to connect your data with a variety of accounting systems and sources. It is supported with several templates such as HR, Management consolidation, cost center, cash flow, and Capex.
It is one of the best cpm software free that may help business users build effective financial planning and Analytics and control the performance management processes with BI.
· The free version comes with performance management features
· It offers features to generate professional data models and integrate data with sources
· Excellent features for cash flow, CAPEX, cost center, and much more
· Compatible to use for effective financial planning
· Friendly user interface
It is an in-depth analysis software that may help business users know exactly how your business financial functions are going.
Fathom is equipped with advanced features to evaluate the performance of Cash flow, profitability, growth, and many other key performance indicators for your business.
It gives you options to connect it with Xero, MYOB, QuickBooks, and many other tools to import financial and non-financial data via Microsoft Excel.
· Equipped with advanced features to support cash flow, growth, and profitability
· Offer features to import data from XERO, MYOB, and QuickBooks
· Suitable to use for financial and non-financial data
· Simple and friendly user interface
· Offer similarity with Microsoft Excel
What is an enterprise project management system?
You may be well aware of project management, but it may be a new term for your enterprise project management system. It is abbreviated as EPM, which refers to all of the practices to manage the projects at the company level.
EPM involves all the strategies implementation and the processes that may help streamline the effectiveness of a specific project on a large scale.
The objective of project management and epm make them different. When you talk about project management, you are focused on the successful completion of a project.
But EPM means you are focused on a project; not just its successful completion but its effectiveness and success are linked with the overall business objectives at a large scale.
What are the benefits of enterprise project management?
When focusing on the benefits of enterprise project management at an organizational level, you may find it helpful for several purposes. Some of the major benefits of EPM are given below.
- Improve efficiency
Focusing on overall business is tough to get success as compared to a project. So a big organization can subdivide its tasks into projects and link those projects with the overall business goals.
So instead of focusing on broad areas, the assignee focuses on achieving specific enterprise projects connected to the enterprise’s main objectives.
So with less stress and focus, employees can efficiently achieve success in projects, and their efficiency improves due to less stress and pressure.
- Reduced risks and barriers
Collaboration and communication are stronger and faster in project management, proving more purposeful than an overall business communication.
So a business can better integrate the projects and can achieve their business goals at a wider level. Early and timely information also guides in advance to plan to deal with upcoming risks and barriers.
- Improve productivity
The overall productivity of a business is connected with the productivity of each department. So when the strategy for enterprise project management applies in any organization, it makes it easier to improve overall business productivity.
Each department focuses on its projects, but those projects are linked with business productivity, and achieving individual department projects boosts a business’s productivity.
- Better visibility
When overall goals are divided into projects, then it becomes easier to evaluate the projects individually. It may also improve the overall visibility and also improve business efficiency. With better visibility, you can find the weak areas and take quick actions to eliminate the weaknesses.
- A steady focus on goals
Business goals are divided into small goals, and completing these small goals connects them to overall business goals. So each time when an employee is focused on their project, he is steadily struggling to achieve your enterprise goals and also improve self-efficiency.
What is the difference between enterprise performance management, corporate performance management, and enterprise project management system?
These three terms are linked with each other and have very small differences. Enterprise performance management deals with the overall performance of a business, but corporate performance management deals with activities that are driven by finances.
Enterprise project management system means when the enterprise does some projects by linking them with their enterprise goals to achieve them efficiently. But all are very helpful for a business when a business deals with all these can easily succeed.
You have gone through our content; we have explained enterprise performance management software and system for enterprise performance management. We have also explained in detail about corporate performance management and free software for CPM.
In the last, we told you about enterprise project management and the benefits of the project management system. All are very helpful and make a business assess their performance at different levels and achieve the desired goals with efficiency.