Having a great business strategy is only the first step to growing a sustainable business. You also need clearly defined objectives and effective processes that provide structure and direction in achieving those goals. Perhaps even more importantly, you need a system for tracking and measuring performance so you can continue to improve performance.

Since there’s no one-size-fits-all solution, companies have to make sure that their EPM implementations fit their needs. Here are some of the most common challenges hindering their efforts.

People problems

EPM solutions might be focused on turning data into business results, but they are really about empowering finance teams. If people are not taken into consideration at every step of an EPM implementation, the solution will not be effective in the long term.

During the implementation, a successful project team should place emphasis on knowledge transfer to internal teams. This vital step empowers staff to independently manage and refine the EPM system, fostering a sense of ownership and self-sufficiency. However, questions and challenges can surface post-implementation, so having a strong and committed partner that provides continuous support is essential. Whether it’s troubleshooting unexpected issues or offering guidance for further optimisation, your partner should be there to support the organisation, ensuring that it continues to derive maximum value from the EPM investment.

There’s no point in implementing an EPM solution only for people to go back to the way they were doing things before. For acceptance and continued usage, people need to be equipped to extract value from the system, which is where training comes in. Custom training programmes that are attuned to the precise requirements of the organisation can help end-users to be thoroughly equipped to navigate and harness the full capacity of the EPM system. This will lead to a marked increase in user adoption rates, and positivity about the change, all of which plays a critical role in ensuring that the company reaps the maximum value and efficiency EPM was designed to deliver.

It’s all about the data

Data quality is essential for the smooth running of EPM systems, and is especially important when integrating data from multiple sources or migrating it from legacy systems. Poor data quality can lead to poor conclusions and bad decisions, increase operational costs, and lead to missed opportunities.

Data quality should be one of the first considerations at the start of an EPM project, but it is just as critical to ensure data quality on an ongoing basis. As well as improving the dataset itself, high-quality data can help reduce risks, costs, and productivity. With quality data, finance teams will spend less time identifying and validating data errors, and more time using the data for its purpose.

Planning the process

As with any other project, a disconnect with clear business objectives and an absence of alignment with strategic goals can lead to a directionless EPM implementation. Embarking on an EPM initiative demands not just a clear vision but also a deft execution strategy.

The start of the project requires far more consideration than just the choice of technology or vendor. This choice is, of course, extremely important, and should be based on a thorough understanding of the offerings available on the market along with their potential impact. However, a comprehensive analysis of a company’s existing business practices and requirements will not only inform the type of EPM solution needed, but will help identify gaps in the system and potential areas for enhancement.

Seasoned EPM consultants are invaluable throughout the process, offering a wealth of experience in not only shaping but also meticulously fine-tuning strategies to perfectly align with the company’s unique goals. Engaging with experts provides an opportunity to carve out clear and attainable objectives, as well as providing the expertise and support needed later in the project. Providing access to industry best practices and combining them with a deep understanding of organisational nuances, EPM specialists like Futuresense can craft bespoke strategies that resonate with the specific needs and aspirations of each enterprise, helping to map out an actionable roadmap and lay the foundation for a successful EPM solution.

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