EPM is an acronym that stands for Enterprise Performance Management. It refers to a set of processes, methodologies, and technologies used by organizations to manage and enhance the performance of their business operations. It involves the collection, analysis, and reporting of financial and non-financial data to support strategic decision-making, goal-setting, and performance evaluation.
EPM encompasses various activities aimed at improving an organization's performance across different levels, from individual departments to the overall enterprise. These activities include budgeting, forecasting, planning, financial consolidation, reporting, and analytics. EPM systems often integrate data from different sources, such as financial systems, human resources, sales, and operations, to provide a holistic view of an organization's performance.
The primary objective of EPM is to align an organization's actions with its strategic goals and objectives, and to drive performance improvement by identifying areas of strength and weakness. It helps businesses monitor their progress towards goals, identify key performance indicators (KPIs), and take corrective actions as needed. EPM enables better financial control, risk management, and resource allocation by providing accurate and timely information to decision-makers.
Overall, EPM provides organizations with a comprehensive framework to measure, manage, and optimize their performance, supporting better decision-making and driving improved financial results.
