#takeaways EPM webinar 1: How Vena Solutions can support your EPM journey

EPM is the combination of process and technology used to monitor, plan and steer an organization's business performance. The goal of EPM is to help companies to achieve or exceed their strategic goals. Therefore, the strategic objectives will be translated into a set of KPIs and long term plans that measure the progress of the strategy execution. Typically, these KPIs are not limited to the financials. An EPM project is cross-divisional and touches several layers/departments within a company. EPM encompasses processes and solutions related to legal consolidation, Financial Planning and Analysis (FP&A), but also reporting such as ESG, HR Planning… aiming to enhance decision-making, streamline operations, and align with strategic objectives.

Why are EPM solutions so important? Thanks to EPM tools, a company is able to really professionalize its key processes like planning, budgeting and forecasting, and thus reporting. Such solutions go far beyond the capabilities of traditional Excel-based processes. While Excel is still a powerful tool for managing data, it does lack some advanced functionalities needed for more complex financial planning.

With an EPM platform, like Vena, you can integrate data from multiple sources, make workflows transparent, and perform scenario analysis with what-if functionalities. EPM solutions also allow you to secure the data and to manage audit trails which makes it a more controlled environment.

Another motivation to switch to an EPM platform is the reduction of errors when entering data, and it is also useful for handling version management (for example in a budgeting process) while it also allows for more complex calculations.

Besides, this kind of platform really facilitates cross-departmental collaboration and communication.

Implementing an EPM solution comes with its own set of challenges, and understanding these early on can help ensure a smoother journey.

• Selection process: making the right decision based on your requirements
  • Solution
  • Implementation partner

• Align with data & analytics strategy
  • Technical integration with different systems & data sources

• Involvement of other departments:
  • Not only Finance!
  • Change management!

• No out-of-the-box solution
  • Blueprinting important: reflect on the process functionalities, data model, input templates etc.
  • Avoid too complex calculations & allocations

• Continuous change
  • Regulations change continuously: make sure to comply in the ever changing world

• Training & Support
  • Internal knowledge building
  • Support for maintenance & extensions

• Consider the total cost of implementing EPM solutions
  • Budget internal & external costs
  • Project follow-up

There are several exciting trends shaping the EPM landscape today.

AI and machine learning are one of them. While artificial intelligence is still in its early stages, it is expected to evolve rapidly and play an increasingly important role in EPM solutions.

Another key trend is the increasing number of integrations that EPM platforms support. Modern EPM systems now also integrate seamlessly with collaboration platforms like Microsoft Teams and reporting platforms such as Power BI. This enhances again cross-departmental collaboration, allowing different teams to work together more effectively.

Another important trend is the rise of Software as a Service (SAAS). This also played a crucial role in improving the ease of use for both end users and key users. With user-friendly interfaces and cloud-based accessibility, EPM solutions are more intuitive and easier to maintain than ever before.

What we also notice in the EPM landscape today: an increasing number of EPM solutions are more and more focusing on integrating content, such as consolidation and ESG reporting. This allows companies to manage and report on more complex regulatory requirements within the same platform. This, in turn, leads to a more streamlined process.

The last trend that we notice is that we also see more cross-functional reporting teams emerging, where multiple departments really collaborate on financial (or let’s call it ‘extended’) reporting and analysis. This approach not only breaks down silos but also provides a more comprehensive view of organizational performance. Which also leads to better decision-making.

When implementing an EPM solution, there are several best practices that can greatly improve the chances of success. Take these into account:

• Tool selection: requirements future-proof (not only current requirements)
• Blueprint: set-up of data model & processes
• Integrations: use central data repository
• Start small and extend
• Collaboration between IT and business (no silo’s)
• Project management during implementation
• Create own competence center internally for the chosen technology (functionally & technically)

TriFinance is tool-agnostic by design, meaning we always focus on finding the best solutions for our client's specific needs. For EPM, however, we have a strategic partnership with Vena Solutions because we believe in Vena Solutions’ deep integration with the Microsoft stack. To maximize Microsoft technology investments, Vena Solutions strategically integrates with Microsoft Excel, PowerPoint, Power Bi, Teams, Copilot, etc. Vena Solutions is recognized by Gartner in the Magic Quadrant for Financial Planning Software.

Some other advantages of Vena Solutions:

• Front-end integration via Excel
• User friendly system: end & key users are able to use Vena after a short training
• The process is set-up through workflows. These are processes where tasks are allocated to the responsible departments/budget owners to input or review data
• Flexible system: business changes such as adding new companies, G/L accounts etc. or changing the process are items that a key user can easily do by himself
• Cloud-based platform where communication can be exchanged
• Audit trails

During the webinar we demonstrated a deep dive into Vena Solutions. Feel free to request for this deep dive or schedule a demo session of Vena Solutions for your company.

Read more on alternatives for Vena Solutions as an EPM tool. While we value Vena's strengths, we also recognize the wide range of EPM alternatives available. This page compares Vena Solutions with other common options, helping you choose the right EPM tool for your needs.

In conclusion, the key message of the first TriFinance EPM webinar is that choosing the right EPM software can help to optimize your planning & reporting processes. Be well prepared before you start an EPM journey. Start with business & technical requirements to select a solution, involve the right stakeholders from the start, create a blueprint to design the solution before building it and foresee Project Management during implementation. Vena Solutions is one of the tools that can support you. Vena Solutions leverages the power of excel with the strengths of a full EPM platform.