- EPM solutions can help to optimize your planning & reporting processes
- Start with business & technical requirements to select solution
- Involve the right stakeholders from the start
- Create a blueprint to design the solution before built
- Foresee Project Management during implementation
- Vena Solutions leverages the power of Excel with the strengths of a full EPM platform
Enterprise Performance Management (EPM) is essential for organizations that want to stand out. EPM integrates and analyzes business data to optimize performance by connecting strategy to operational plans and execution. Covering planning, budgeting, forecasting, and financial consolidation, EPM provides the foundation for effective Financial Planning & Analysis (FP&A).
To help you navigate through the challenges and requirements within the reporting landscape, we will be organizing a number of webinars with relevant topics to share meaningful insights and best practices.
The first webinar, 'How Vena Solutions can support your EPM journey' featured insights from our industry experts Maarten Lauwaert and Sophie Van Lier on what an EPM journey looks like and we zoomed in on trends and best practices. Together with our partner Vena Solutions, they demonstrated how Vena Solutions can support your FP&A and Reporting challenges. Our expert Maarten Lauwaert hosted the session.
What is Enterprise Performance Management (EPM)
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.
Thanks to EPM tools, a company is able to really professionalize its key processes like planning, budgeting and forecasting, and thus reporting.
Sophie Van Lier, Senior Manager EPM
The importance of EPM solutions
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.
The challenges within an EPM journey
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
Trends & best practices
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)
Vena Solutions leverages the power of excel with the strengths of a full EPM platform
Maarten Lauwaert, Expert Practice Leader Data & Analytics
Why Vena Solutions
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.
How Vena Solutions compares to common alternatives
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.
Key messages
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.
Related content
-
Blog
#takeaways Risk Round Table: How to enhance organizational preparedness to mitigate emerging risks
-
Reference case
From process optimization to treasury expertise: a project consultant's journey through a critical transition
-
Reference case
Documenting Internal Controls for Korean SOX: a pragmatic approach to overcoming resistance
-
Blog
5 reasons why TriFinance is the perfect EPM partner for your organization
-
Article
Balancing personalization and risk sharing: the future of the Belgian non-life Insurance Industry in the Age of AI
-
Blog
#takeaways ESG webinar 9: The environmental pillar of the European Sustainability Framework
-
Freelance opportunities
Freelance Senior Network Engineer
-
Career as Consultant
Data Engineering Manager
-
Career as Consultant
Enterprise Performance Management Consultant
-
Career as Consultant
Senior performance management consultant
-
Career as Consultant
Operations consultant - Insurance
-
Career as Consultant
Data Analyst - Banking/Insurance