EPM Software is a valuable analytic tool, especially if you want to find a new way to improve your EPM analytic capabilities. EPM stands for Enterprise Performance Management and can offer huge benefits. But, the software needs key capabilities in order for it to offer any insight and intelligence.
For example, the software needs to have access to data, as well as the ability to integrate and to analyze the data for different meaningful insights.
Now, let’s have a look at reasons why data integration and analysis is essential to an effective EPM system.
- Useful Large Data is not just too much data – It’s actually lots of types of data
Big data is very valuable, and not just because it’s large. Its value lies in its depth, breadth and complexity, which actually means that your data analysis processes will be far more valuable with more data types you integrate from different sources.
By integrating data from different sources, such as production and financial systems, customer relationship management software and more, you’ll get a much wider view of the operations, as well as on areas which need to be improved, costs which might be cut, customer satisfaction and waste which needs to be eliminated.
- Data gathered from within various departments can really improve procedures and processes
Data gathered from within departments in a company is useful and used in order to identify areas within each department which can be revised and improved. For example, by gathering and analyzing data from every software cloud service, application and other system which are used by the finance department, you can easily determine if and where money may be being wasted, how much money you have left at your disposal as well as if and where new potential revenue is hiding. Also, integrating and analyzing data from systems in the marketing department can identify new different ways to generate new leads and much better ways to engage more customers and build stronger relationships with them.
- Data integrated from other departments can improve procedures and processes as well as data gathered from within departments
Data is not just useful to departments from which it was gathered or generated. It can be useful to other departments within the company, as well as for the entire organization. For example, data gathered from the finance department can be very useful to the sales team in order to set their goals for the future, and data from tech support and customer service can be useful for company development, as it can be used to improve existing services or products, as well as build new ones.
To sum up, EPM software can deliver meaningful and relevant analytics within an organisation. To learn more about EPM and data analysis do not hesitate to contact ClearDesk today, we’re here to help!