In our previous posts in this series, we discussed what tech refresh is all about, why it is so important and what’s crucial when choosing a new solution. In this post, we will cover the advantages of choosing a best-in-class solution.
Optimizing planning processes for your business
Creating added value for your organization by optimizing planning processes is fairly straightforward with the automation of rudimentary tasks. This benefits not only finance and controlling, but multiple functions across the business where data-driven planning is feasible. The crucial functions of FP&A becomes much more feasible for utilizing the benefits of xP&A with the significantly faster processes of a best-in-class EPM solution.
The “x” in xP&A stands for “extended” and refers to business functions such as sales, HR, marketing and many more. Thus, you add value throughout the business when you select a best-in-class EPM solution that can support these functions in the long term. More efficient processes and informed decisions increase the effectiveness of day-to-day business.
Maintain what works: Business continuity made easy
A best-in-class EPM solution should offer you the freedom to capitalize on the skills your top talent already possesses; Excel, which still dominates the global finance and FP&A industry. The solution you select should offer seamless integration with Excel spreadsheets instead of being forced to replace them completely. This allows your team to build on what works best for them and templates for easy usability across a large team are possible.
Solid prospects thanks to flexibility and scalability
Choosing a best-in-class EPM solution means seeking out the greatest flexibility for your organization and also scalability. The option to integrate various models through a user-friendly interface is important for long term success. Can you conveniently expand the solution as your needs change? A wide network of partners and a marketplace with diverse options are also key to being able to customize a solution to meet your unique needs.
An industry-leading, best-in-class EPM solution will be able to grow with your company and your requirements. The integration of new data as well as new users should be seamless. Selecting a cloud-based tool also ensures your solution is always up-to-date and available anywhere.
Predictive analytics with the latest advances in technology
Forecasting is quickly taking a front row seat in the planning and budgeting processes of modern organizations. A best-in-class solution should also offer you the option to utilize the latest developments in technology such as artificial intelligence and machine learning. This enables your team to create automated forecasts and the ability to improve the accuracy of your forecasts. The more data you have at your disposal, the more accurate forecasts the algorithm can make and the more you benefit from the possibilities of machine learning.
Using the incremental approach outlined in our eBook, “From Business Continuity to Innovation in Your EPM Refresh,” you can follow the roadmap to selecting a best-in-class EPM solution for your organization.
See for yourself what a best-in-class EPM solution can do for your organization here and find out why 94%* of customers recommend the Jedox solution.
* BARC The Planning Survey ’19