This article will highlight several software options that can be trusted to meet the needs of strategic planning in enterprises. Each addresses key performance indicators (KPIs), to assist users in enterprise resource planning decision-making. The best EPM software can help with financial forecasting and e-commerce reporting, supply chain effectiveness, strategy creation and execution, and even strategic planning.
Are your business processes more based on accurate and timely enterprise performance data than they are now? If the answer is “yes”, then enterprise performance management technology should be considered for your business units.
Let’s take a look at these solutions, their capabilities, and the best choices on the market.
What Is Enterprise Performance Management Software?
Enterprise performance management (EPM), which can be hosted on-premise or in the cloud, is designed to gather and manage metrics that relate to financial performance and business planning.
Enterprise applications for performance Management often include budgeting, forecasting, and profitability planning solutions. EPM’s core function is to allow you to analyze, understand and report on the enterprise workflow methods.
Difference between ERP VS EPM Software?
Simply put enterprise resource planning (ERP software) addresses the operational processes of a company, while EPM software streamlines any business management processes.
ERP systems have a higher likelihood of addressing A/R, A/P, and financial reporting. They also manage cash management and budgetary management. EPM systems can address complex enterprise planning, budget maintenance, and support for capital asset plans.
This list includes software that touches on both ERP and EPM solutions. EPM systems remain the strongest focus.
EPM Software Comparison Criteria
- User Interface (UI): Enterprise performance can be a daunting task so the best EPM tools will have a UI that is capable of handling complex, busy data and has a wide feature set. User interfaces should be clear, easy to read and offer a lot of detail with few clicks. A modern, crisp, and colorful user interface is a bonus.
- Usability: Training staff in an EPM system can be a daunting task. Therefore, usability scorecards are focused on the availability and quality of detailed training solutions, customer support features, predictive documentation (webinars FAQ, forum, and tutorial videos), as well as ongoing educational initiatives (especially as software updates occur).
- Integrations: EPM deals with financials, reporting, and the software should be capable of connecting with other tools used for these purposes.
- Value for $: Dealing effectively with an enterprise and its stakeholders requires a reliable, scalable, reasonably priced tool. Are the EPM pricing structures easily adaptable to your changing and growing enterprise?
EPM Software Key Features
- Robust budgeting and forecasting
- Sound data visualization
- Advanced KPI monitoring
- Financial consolidation and closing capabilities
- Participatory and collaborative modeling
- Supply chain effectiveness reports
- Human Capital Management (HCM) reports
The 10 Best EPM Software
Below is a quick description of each EPM solution on my list, along with screenshots that show some of its best features.
1. Workday Adaptive Planning
Workday Adaptive Planning, a smart enterprise planning tool, is used by HubSpot and other companies like Goodwill, Apptio, and Cumulus Media. Gartner 2020 identified them as a Magic Quadrant leader in Cloud FP&A. Users can evaluate multiple scenarios using large data sets. They can also collaborate from any location, including Excel, web, mobile, and Excel. Managers of departments will be able to benefit from dynamic staffing and skills-based planning.
Workday Adaptive planning costs only $800/user/year and comes with a 30-day free trial.
- It is easy to create and share different reports
- Planning options that are flexible in terms of dimensions, attributes, and timeframes
- Excellent scenario analysis and tools for comparing the change
- Formulae creation is easy and intuitive
- There are no web resorts in the dashboards
- There is no corporate consolidation (multiple organizations/HQ partners within one group).
- If actuals are adjusted/recalculated, it is possible to keep previous forecasts.
2. Oracle EPM Cloud
Oracle EPM Cloud allows you to model and plan all aspects of corporate human resources, finance targets, and sales departments. Their global reporting requirements standards, automatic cash flow, balance sheet calculations, and intelligent process automation (IPA) have made them a leader in cloud financial closing solutions. Oracle enterprise performance management system provides smart insights and personalized recommendations through their extensive AI.
Oracle Cloud EPM costs from $500/user/month and offers a free EPM software 30-day trial.
- Automating XBRL tagging & taxonomies
- Automate reconciliation easily
- Offers best practice configuration built right in
- Excellent automated cash flow reporting, multi GAAP reporting
- We lack robust process automation (RPA).
- The interface for Smartview is somewhat cumbersome
- Additional Oracle Fusion apps are required to achieve the highest functionality
3. OneStream XF
OneStream XF, a comprehensive platform for corporate performance monitoring, is a modern and flexible tool that helps to increase agility in enterprise planning, budgeting, forecasting, and forecasting. Manufacturing companies will love their drill-down planning and analysis. This can be done by product lines, brands, and functions, as well as geographies, site locations, customers, and other criteria. Their service is further enhanced by the availability of over 50 apps on their marketplace. OneStream has customized pricing upon request.
- High-quality, flexible and adaptable performance solution
- Additional EPM applications are available on an extensive marketplace
- Integration with the underlying data sources is easy and thorough
- Training for end users can be integrated into the application.
- Excessive menuing seems to be required for certain items.
- A dashboard can seem a little busy
- They could have more detail in their standard documentation
4. EPM Live
Ignite’s EPM Live, a Microsoft SharePoint-integrated enterprise work management system, is designed to improve your ability to track and control all projects and associated expenses. You can focus on your specific performance management needs with the EPM Live module, or you can expand the solution’s capabilities by signing up for the Ignite Unlimited plan, which includes over a dozen products that enhance customer experience, digital engagement, and process automation.
EPM Live starts at $6/user/month. You get a 30-day free trial. Pricing for Enterprise Plans is available on request.
- Includes 70 functional extension modules ready for use
- Social collaboration tools are built-in to improve team performance
- Amazing cost- and resource management features
- Integration with any Microsoft program is easy and native
- Large enterprises are not able to accept a minimum pricing plan.
- For small tasks like closing a service request or closing a project, it is necessary to click too many times
- Additional cost for MS Sharepoint software
5. ARES PRISM
ARES PRISM offers a range of enterprise-oriented tools that can be used to budget, resource plan, performance measurement, and funds allocation. It also includes earned value management, time-phasing and cost, and schedule analysis. Risk tracking and forecasting are all possible with ARES PRISM. The system’s forward-facing and outer-facing data gathering, analytics systems will be of great benefit to executives. They can communicate coherently with both internal and external decision-makers.
ARES PRISM offers a free trial and enterprise pricing on request.
- Features comprehensive project controls capabilities
- Flexibility to different WBS stringsy
- Well-managed change implementation
- Flexible, user-friendly data import and export capabilities
- It can be difficult to customize standardized reports.
- The graphic interface is outdated and unattractive
- There is no way to inflict AI and automation as a market trend in a new area.
Epicor ERP’s business intelligence and analytics offer real-time, in-context data that is accessible to customers, vendors, and inventory managers. The fully integrated retail management system includes best practices, data-driven customer loyalty guidance, and competitor price comparisons. You should take advantage of the robust employee scheduling tools and document management tools.
Epicor is $175/user/month and comes with a free trial.
- Good supply chain management (SCM), functions
- High customization with a new REST API in 2019
- High-quality dashboards and reports
- Enterprise Search is a top-of-the-line database search tool.
- Integration with other financial and HR applications is possible
- It is a bit difficult to upgrade and implement.
- The ordering process isn’t as intuitive as it should be.
7. Infor d/EPM
Infor Dynamic Enterprise Management (Infor EPM) combines financial planning and business tools to help you evaluate current and future activities. Managers can create, test and deploy scenarios using their user-friendly modeling tool. This includes machine learning insights and recommendations. You will be able to manage the project execution, delivery costs, and timelines of work-in-progress.
Infor d/EPM offers an enterprise pricing option upon request. A free demo is also available.
- Planning P&L, balance sheets, and cash flow are unified
- A powerful and easy-to-use modeling tool
- Unlimited versioning for what-if scenario planning
- Too much text is often included in UI.
- Manual intervention is required to make reports presentable.
- Initial implementation and setup can be time-consuming.
Planview, a complete enterprise PPM system, features a modern approach to reporting and analytics that makes visualizations easily accessible and easy to understand. You can tap into their solutions for financial planning, strategic planning, program management, and road mapping. Planview’s PPM-oriented strengths are excellent stakeholder engagement features, trade-off analysis to shift priority navigation, and trade-off analyses.
Planview is available at a low $20 per month and comes with a 30-day free trial.
- KPI analytics tiles can be customized and are easy to understand
- Very low per-user/per month cost
- It is easy to set up data entry screens using drop-down lists or unique fields
- Capacity planning and strong investment capabilities
- Forecasting for teams and resources is a work in process
- Timesheets could be more user-friendly
- Based on the project scope dates, cannot chart resource availability
9. Axiom EPM
Axiom, a flexible, sophisticated enterprise performance management system, is used by Capita, UCL, and Splendid Hospitality Group as well as Engie. They manage complex data estates, including cost management, forecasting, strategic planning, budgeting, and forecasting. The cost management module features clear, evidence-based costing methods and profitability trends across all business lines. Axiom EPM company offers free demos and enterprise pricing.
- It is easy to set up and adjust security settings for data access
- There are many options for customizing reporting templates
- The premium consulting package includes unique reports on any data set
- The spreadsheet database format is intuitive for anyone who’s used Excel or Sheets.
- It can be difficult to drill down to a single charge or specific one
- Reports are based on FTE metrics that were paid, not productive FTEs.
- The interface isn’t as modern and engaging as other competitors.
Anaplan, an EPM software, is designed to enable agile decision-making by mobilizing complex scenario planning. They can quickly create an accurate supply forecast for your entire network and allow you to pivot as necessary in a changing marketplace. Intelligent, advanced reporting provides predictive warnings of S&D stockouts, excess inventory, and wasted capital, which will help you streamline your inventory flow.
Anaplan offers enterprise pricing upon request.
- You can easily link multiple planning streams to one central location
- A robust calculation engine that produces near-instant results
- Large data sets can be handled well, and data with low granularity can be managed
- Forecast adjustments and scenario analysis in a simple way
- Integration with third-party platforms may be possible
- Dashboards could be more customizable/expansive
- There is no formula syntax helper at the moment