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High-performing finance needs best-in-class tools to deliver value at the speed and level of detail demanded by the organization. If you are evaluating enterprise performance management (EPM) software, you are almost certainly overrelient and have reached the limitations of Excel.
However, it’s imperative to note that software by itself is not a solution. Yes, you need the right tool for the job, but you also need expertise to not only implement the system, but administer, maintain and customize it as the needs of the business evolve.
That notion is strongly supported by the fact that 72% of finance leaders say selecting the right implementation partner is the biggest challenge to successfully deploy digital solutions.
It’s an unfortunate reality for many organizations to invest heavily into a digital transformation, only to be left with a system that is not as widely used as anticipated due solely to the fact that no single person understands the underlying structure or how to make any changes. To avoid the pitfall of your new software becoming shelfware, consider selecting an EPM software implementation partner who provides the following to deliver a beneficial solution and follows these five best practices.
Before jumping in with both feet into a new EPM software implementation, it’s imperative to have a well-defined plan and expectations for success. It’s important to distinguish that assessing the situation from an implementation perspective and a full assessment are not the same.
A full assessment, in the traditional sense, is a qualitative and quantitative examination of the state of the organization, the finance team and its structure, processes and deliverables. This is a typical course of action for consulting firms who provide guidance and recommendations, and are not necessarily the ones executing on the plan.
An implementation should start with a brief assessment, where all parties align on the outputs and information necessary to facilitate informed decision-making across the organization. What systems hold that data? How do you want that data synced and connected? Who will view, analyze and report on that data? These are the types of questions to consider and ones an implementation partner will walk you through.
Too often, implementation teams start from a blank canvas and ask you what you want built. Most of it will seem obvious to you but not to them — three integrated financial statements, budget by department with P&Ls and budget versus actual results for starters.
A standout implementation partner will work from a baseline of understanding from a finance and business operations perspective and provide frameworks and suggestions for how to best turn your disparate data into a gold mine of insights.
EPM software and its impact reaches beyond finance teams and executives. It includes your budget owner, their direct reports, the board and investors. It’s a collaborative team effort, one that we like to characterize as a One Team, One P&L Mindset.
As you implement this new EPM system, consider each of your stakeholders’ perspective and the use cases of both your finance team, as well as budget owners, who are responsible for the targets and variances in performance results. Oftentimes the difference between success and failure in relation to reaching the targets set in the budget is accountability. An integrated planning system provides a single scoreboard for all stakeholders and business partners to operate from.
Have you ever been in a management meeting where the numbers the sales executive is reporting differ from that the finance and accounting team produced? This disconnect between business units negatively impacts strategic discussions as the current state may be tracking ahead of goal, or far beyond — depending on whose numbers you refer to. When you align the entire organization on the same set of metrics, everyone knows where they stand at all times and can row in the same direction to work cohesively towards a common goal.
How your data is collected, structured and processed is essential for a successful implementation. Otherwise, you risk a garbage in, garbage out situation that compounds your issues in the future.
The best EPM software is not just a capable tool with the ability to connect multiple systems and automate your reporting packages. To be best-in-class, you need technical experts who can piece together your data.
Implementation from firms like FutureView offer input on how to best structure your disparate data to unveil the metrics needed to drive strategic decision making. You need a solution who will help you turn your spaghetti of tangled data into a presentable and digestible platter of insights.
The last thing you want in an implementation situation is to go live without any principles in place to ensure adoption. It would be like getting the keys to a new car, but you don’t know how to drive. In many cases, EPM software is meant to empower the finance team with the resources it needs to spend less time aggregating and manipulating data, and more time analyzing it.
Yet, the possible use cases don’t end with finance.
Executive leadership teams want to reference snapshots of the business at any given point in time, but without EPM software, they are unsure if the available metrics are the most current and reconciled results. Since you’ve integrated your general ledger data, the moment a transaction is booked, the data is refreshed in the new system with a single click, so you know you are always looking at the most current results.
Budget owners and department heads are logical additions to use the new system from a planning and budgeting perspective. When it comes to budget season, instead of chasing down spreadsheets from each of your budget owners, they can have their own unique access to the software to input their headcount assumptions, expense plans and track monthly results against those plans.
To ensure utilization and that your new software doesn’t become shelfware, you want a partner who can train you and jump in to support you and your team in any capacity and isn’t just a volume implementation shop that immediately moves on to the next project.
Our EPM Platform is designed to automate reporting and facilitate driver-based, detailed planning and forecasting. Everything required to make informed decisions across your enterprise. But we don’t stop at implementation, wish you the best and move on.
Instead, we assign you a dedicated development resource to address any additional customizations and a senior- level FP&A professional with over a decade of industry experience to provide white-glove, fractional support for your finance team.
We structure engagements as such because we’ve experienced first-hand the challenges and resources necessary to make any changes to a complex system without having to enact costly change orders. Co-sourcing from our team of IT and finance experts can supplement and complement your team in any capacity.
Our implementation is not only thorough, but rapid. The majority of clients using ERP systems such as NetSuite, Sage Intacct or Quickbooks Online can be up and running in a few weeks. The speed to value is unlike any other offer on the market and backed by our team of finance executives and business intelligence (BI) developers who work in tandem to deliver what every finance function needs to operate.
We also specialize in integrating and consolidating other systems like Salesforce, data warehouses and HR data in our Platform for a centralized source of truth for planning and reporting.
We’ve been in your shoes and understand the nuances and unique use cases to equip you and your team with the information and insights it needs to make informed decisions on reliable data and metrics. Contact us if you’re interested in learning more about our EPM software implementation and transformative finance solutions.
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