Enterprise Performance Management (EPM) has become an integral part of modern business strategy, enabling organizations to plan, monitor, and optimize their performance. In 2024, the market is flooded with advanced EPM software solutions that offer a range of features to streamline financial processes, enhance decision-making, and drive overall business success. In this article, we will explore the 10 best EPM software of 2024, each contributing unique capabilities to meet the diverse needs of organizations.

What is EPM Software?

Enterprise Performance Management (EPM) software refers to a set of integrated business management tools designed to help organizations plan, monitor, and manage their business performance effectively. EPM encompasses various processes and activities aimed at aligning an organization’s strategies and goals with its planning, monitoring, and reporting activities. The primary goal of EPM software is to improve overall business performance by providing a comprehensive and integrated view of key performance indicators (KPIs) across different departments and functions.

Top 10 Enterprise Performance Management Software in 2024

1. Anaplan

Anaplan stands out as a cloud-based EPM platform that empowers businesses with connected planning capabilities. Offering flexibility and scalability, Anaplan enables organizations to create dynamic, collaborative, and real-time plans. Its intuitive interface allows users to model various business scenarios, ensuring agility in decision-making. Anaplan’s strengths lie in its ability to handle complex planning processes, such as financial forecasting, sales planning, and workforce optimization.

2. Jedox

Jedox is a robust EPM solution known for its multidimensional modeling and budgeting capabilities. The platform integrates seamlessly with various data sources, providing users with a comprehensive view of their business performance. With a user-friendly interface and powerful analytics, Jedox facilitates data-driven decision-making. Its Excel-like environment makes it accessible to users across different departments, fostering collaboration in planning and reporting processes.

3. SAP Analytics Cloud

SAP Analytics Cloud combines business intelligence and EPM, providing organizations with a unified platform for planning, budgeting, and forecasting. As part of the SAP Business Technology Platform, this solution leverages advanced analytics and machine learning to deliver actionable insights. SAP Analytics Cloud stands out for its integration capabilities, allowing users to connect to various data sources and create compelling visualizations to drive strategic decision-making.

4. Vena

Vena is recognized for its comprehensive approach to EPM, encompassing budgeting, planning, and financial reporting. With a focus on Microsoft Excel integration, Vena simplifies the planning process for users familiar with Excel’s interface. Its workflow automation capabilities enhance collaboration and streamline financial processes. Vena’s strengths lie in its adaptability to different industries and its ability to scale alongside the growing needs of organizations.

5. Workday Adaptive Planning

Formerly known as Adaptive Insights, Workday Adaptive Planning is a cloud-based EPM solution designed for agility in financial planning and forecasting. It offers robust modeling capabilities, scenario planning, and collaboration features. Workday Adaptive Planning is particularly well-regarded for its ease of use and quick implementation. The solution’s continuous updates and improvements ensure that organizations can stay ahead in an ever-evolving business landscape.

6. Axiom Software

Axiom Software caters to the EPM needs of both finance and operational teams. Known for its flexibility and scalability, Axiom allows organizations to streamline budgeting, forecasting, and reporting processes. The platform’s strength lies in its ability to adapt to changing business requirements, making it suitable for diverse industries. Axiom Software’s unified approach to EPM helps organizations break down silos and achieve a holistic view of their performance.

7. OneStream

OneStream is an integrated EPM platform that consolidates financial processes, including planning, budgeting, and reporting. The solution is praised for its unified data model, enabling organizations to eliminate data silos and improve collaboration. OneStream’s ability to handle complex financial consolidation and reporting tasks makes it a preferred choice for large enterprises. Its extensibility and support for various deployment options contribute to its flexibility.

8. Acterys

Acterys is a modern EPM and business intelligence solution that focuses on enhancing collaboration and agility in planning and reporting. Built on Microsoft Power BI, Acterys leverages the power of this popular BI tool while adding EPM-specific functionality. The platform’s integration capabilities, coupled with advanced analytics, enable organizations to gain deeper insights into their performance. Acterys is particularly suitable for businesses seeking a seamless integration of EPM with their existing Microsoft ecosystem.

9. Epicor ERP

While primarily known as an Enterprise Resource Planning (ERP) solution, Epicor ERP integrates robust EPM features. This comprehensive platform caters to various industries, offering modules for financial management, supply chain, and human capital management. Epicor ERP’s strength lies in its ability to provide a unified platform for managing both operational and financial aspects of a business. Its EPM capabilities contribute to strategic decision-making and overall business optimization.

10. Prophix

Prophix is an EPM solution that specializes in financial consolidation, planning, and reporting. With a focus on automating repetitive tasks, Prophix helps organizations save time and reduce errors in financial processes. The platform’s intuitive interface and user-friendly design make it accessible to users across different departments. Prophix’s automation features, coupled with robust reporting capabilities, contribute to improved efficiency and accuracy in financial management.

Key Components of EPM Software Typically Include:

• Strategic Planning: EPM software facilitates the development and alignment of strategic goals and objectives. It helps organizations create, communicate, and execute strategic plans, ensuring that all business activities are in line with the overarching strategy.
• Budgeting and Forecasting: EPM tools enable organizations to create detailed budgets, forecasts, and financial plans. These capabilities help in resource allocation, cost control, and financial decision-making.
• Financial Consolidation: EPM software streamlines the process of consolidating financial data from various departments, business units, or subsidiaries. This ensures accurate and timely reporting of financial performance at the organizational level.
• Performance Monitoring and Analytics: EPM solutions provide real-time monitoring of key performance indicators, allowing organizations to track their performance against established goals. Advanced analytics help in identifying trends, anomalies, and areas for improvement.
• Risk Management: EPM software often includes features for identifying, assessing, and mitigating risks to the organization. This can include financial, operational, and strategic risks.
• Reporting and Dashboards: EPM tools offer robust reporting capabilities, allowing organizations to generate customized reports and dashboards. This helps in communicating performance insights to stakeholders and decision-makers.
• Data Integration: EPM systems integrate with various data sources, including ERP (Enterprise Resource Planning), CRM (Customer Relationship Management), and other business applications, to ensure a unified view of organizational data.
• Collaboration: EPM software supports collaboration among different departments and stakeholders. This is crucial for effective planning, as it ensures that all relevant parties are involved in the decision-making process.

Conclusion

In conclusion, the EPM landscape in 2024 offers a diverse range of solutions, each with its unique strengths. From cloud-based platforms to solutions leveraging advanced analytics and integration capabilities, these 10 EPM software options cater to the evolving needs of modern businesses. As organizations continue to prioritize data-driven decision-making and agility in their operations, the right EPM solution can play a crucial role in driving success in an increasingly competitive business environment.