In this article, I will outline several trustworthy software solutions targeted at the strategic planning needs of enterprises. I will outline how each addresses EPM key performance indicators (KPIs) and helps users in high-level enterprise resource planning decision-making.
Could your business processes be more strongly based on the most accurate, timely enterprise performance data? If you answered “yes,” then it’s time to consider employing enterprise performance management technology within your business units.
The best enterprise performance management software will be able to help with financial forecasting, e-commerce reporting processes, supply chain effectiveness, and strategy creation and implementation.
So let’s look at what these solutions are, what they do, and the best options on the market.
What Is Enterprise Performance Management Software?
Enterprise performance management (EPM) software is an on-premise or cloud-hosted digital tool designed to collect and manage metrics related to financial performance and business planning processes.
Enterprise applications for performance management will often cover budgeting, forecasting, and profitability planning solutions. The core functionality of EPM is to help you analyze, understand, and report on your enterprise workflow methodologies.
What is the difference between ERP and EPM Software?
Simply put, enterprise resource planning (ERP) software addresses operational processes within a corporation while EPM software tries to streamline any business management processes.
ERP systems are more likely to address A/R, A/P, financial reporting, cash management, and budgetary management. EPM systems are more likely to address highly detailed operations plans, complex enterprise planning, complex budget maintenance, and support for capital asset planning.
Much of the software on this list touches a bit on both ERP and EPM solutions, with EPM systems remaining the strongest focus.
Best EPM Software List
Here’s a shortlist of the best enterprise performance management software:
- Workday Adaptive Planning
- Oracle EPM Cloud
- OneStream
- EPM Live
- Ares Prism
- Epicor
- Infor d/EPM
- Planview
- Axiom EPM
- Anaplan
EPM Software Comparison Criteria
Here’s a summary of my evaluation criteria:
- User Interface (UI): Enterprise performance is a huge undertaking so the best EPM tool will have a UI that deals well with busy, complex data and a broad feature set. The user interface should be tidy, readable at a glance, and provide drilled-down details with minimal clicks and menuing. Bonus points for maintaining a crisp, colorful, modern UI.
- Usability: Training staff on an EPM system is a huge undertaking so usability scorecards focus on the availability of detail-oriented training solutions, real-time customer support features, predictive help documentation (webinars, FAQ, forum, tutorial videos), and ongoing educational initiatives (particularly as software updates come and go).
- Integrations: EPM deals a lot with financials and reporting and so the software should be able to connect with other tools commonly used for such purposes, for example, Salesforce, QuickBooks, Microsoft Excel, CRM data sources, and self-service human resources.
- Value for $: Dealing with an enterprise and its stakeholders means you’ll need a robust, easily-scalable, and fairly priced tool. Is the EPM pricing structure easily adaptable to the needs of your growing and changing enterprise?
EPM Software Key Features
- Robust budgeting and forecasting
- Sound data visualization
- Advanced KPI monitoring
- Financial consolidation and closing capabilities
- Participatory and collaborative modeling
- Supply chain effectiveness reports
- Human Capital Management (HCM) reports
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Overviews Of The 10 Best EPM Software
Here’s a brief description of each of the EPM solutions on my list showing what it does best, plus screenshots to showcase some of the features.
1. Workday Adaptive Planning – Best versioning and scenario analysis
Workday Adaptive Planning is a smart enterprise planning solution used by the likes of HubSpot, Goodwill, Apptio, and Cumulus Media. Gartner 2020 positioned them as a Magic Quadrant Leader in Cloud FP&A. Users are empowered to evaluate multiple scenarios across large data sets; plus, they can collaborate from anywhere—by web, mobile, and Excel. Department managers will benefit from dynamic headcount and skills-based planning solutions.
Workday Adaptive Planning costs from $800/user/year and offers a free 30-day trial.
Pros
- Easy to create and share various reports
- Flexible dimensions, attributes, and timeframes for planning
- Excellent scenario analysis and change comparison tools
- Formulae creation is accessible and intuitive
Cons
- There aren’t any web resorts within the dashboards
- No corporate consolidation (multiple organizations/HQ partners in one group)
- No way to preserve previous forecasts if actuals are restated/adjusted
2. Oracle EPM Cloud – Best for financial close solutions
Oracle EPM Cloud helps you model and plan all aspects of corporate human resources, finance targets, sales departments, and your supply chain. They are recognized as a leader in cloud financial close solutions thanks in part to their built-in global reporting requirement standards, automatic cash flow, and balance sheet calculations, and intelligent process automation (IPA). Oracle offers smart insights and personalized recommendations using their comprehensive AI.
Oracle Cloud EPM costs from $500/user/month and offers a free 30-day trial.
Pros
- Automating of XBRL tagging and taxonomies
- Easily automate reconciliation processes
- Offers best practice configuration built right in
- Good automated cash flow reporting and multi GAAP reporting
Cons
- Lacks some robust process automation (RPA)
- Smartview interface is a bit cumbersome
- Highest functionality requires additional Oracle Fusion apps
3. OneStream XF – Best EPM software for manufacturing operations
OneStream XF is a modern, comprehensive platform for corporate performance management that works to boost agility of enterprise planning, budgeting, and forecasting processes. Manufacturing operations will appreciate their drill-down planning and analysis by product lines, brands, functions, geographies, plant sites, and customers. They also have over 50 additional apps accessible in their marketplace, further extending the value of their service.
OneStream has customized pricing upon request.
Pros
- Highly flexible, adaptable performance solution
- Expansive marketplace for additional apps
- Easy, thorough integration with underlying data sources
- End user training can be embedded right into the application
Cons
- Configuration of certain items seems to require excessive menuing
- Dashboard comes across as a bit busy
- Their standard documentation could be more detailed
4. EPM Live – Best for Microsoft SharePoint integration
Ignite’s EPM Live is a Microsoft SharePoint integrated enterprise work management solution designed to enhance your ability to track and manage all projects and associated costs. Hone in on specific performance management needs by subscribing to the solo EPM Live module or expand the solution’s capabilities through an Ignite Unlimited plan—over a dozen products for customer experience, digital engagement, sales and marketing, and process automation.
EPM Live costs from $6/user/month and offers a free 30-day trial. Enterprise plan pricing is available upon request.
Pros
- Comes with 70 ready to use functional extension modules
- Built-in social collaboration tools assist team performance
- Fantastic cost and resource management features
- Easy, native integration with any Microsoft program
Cons
- Minimum pricing plan is not suitable for large enterprises
- Excessive clicks required for small things like closing a project or service request
- Requires MS Sharepoint software at an additional cost
5. ARES PRISM – Best EPM software for executives
ARES PRISM includes a whole suite of enterprise-oriented tools for budgeting, resource planning, performance measurement, funds allocation, earned value management, time-phasing, cost and schedule analysis, risk tracking, and forecasting. Executives will benefit from their forward-facing and outward-facing data gathering and analytics systems, which are designed to speak coherently to both internal decision-makers and external stakeholders.
ARES PRISM has enterprise pricing upon request and offers a free demo.
Pros
- Features comprehensive project controls capabilities
- Adaptability to various WBS strings
- Handles change implementation well
- User-friendly, flexible data import and export functionality
Cons
- Standardized reports can be a bit tricky to deeply customize
- Outdated-looking graphical interface
- No way to incur AI and automation as a trend in a new market
6. Epicor – Best EPM software for retail analytics
Epicor ERP business intelligence and analytics boasts real-time, in-context data made accessible to customers, vendors, and inventory managers. Their fully integrated retail management system comes with built-in best practices, data-driven customer loyalty guidance, competitor price comparisons, and other performance solutions. Be sure to take advantage of their robust employee scheduling features and document management tools.
Epicor costs from $175/user/month and offers a free demo.
Pros
- Good supply chain management (SCM) functions
- Highly customizable with a new REST API implemented in 2019
- Good quality dashboard and reports capabilities
- Top-notch database search feature (called Enterprise Search)
Cons
- Additional integration with financial and HR applications welcomed
- Somewhat cumbersome to implement and upgrade
- The order release process is not as user-friendly as it could be
7. Infor d/EPM – Best user-friendly modeling tool
Infor Dynamic Enterprise Performance Management (Infor d/EPM) merges intelligent business tools and financial planning capabilities to help you assess current and potential activities. Their user-friendly modeling tool empowers managers to create, test, and deploy scenarios with machine learning insights and recommendations. You’ll find yourself able to easily manage work-in-progress delivery costs, timelines, and project execution.
Infor d/EPM has enterprise pricing upon request and offers a free demo.
Pros
- Unifies planning P&L, balance sheet, and cash flow
- Powerful and user-friendly modeling tool
- Unlimited versioning for what-if scenario planning
Cons
- UI often incorporates too much text on each screen
- Reports need some manual intervention for them to look presentation-worthy
- Time-consuming initial implementation and set-up
8. Planview – Best enterprise PPM
Planview is a comprehensive enterprise PPM system with a sleek, modern take on reporting and analytics modules that make visualizations endlessly accessible and digestible. Tap into their solutions for strategic planning, program management, road mapping, investment prioritization, and financial planning. Planview’s PPM-oriented strengths include excellent stakeholder engagement features and trade-off analysis for shifting priority navigation.
Planview costs from $20/user/month and offers a free 30-day trial.
Pros
- KPI analytics tiles are clear and customizable
- Very affordable per-user/per-month cost
- Easy to configure data entry screens with drop-down lists and unique fields
- Strong investment and capacity planning capabilities
Cons
- Forecasting for teams vs resources features are a work in progress
- Timesheets would benefit from more user-friendliness
- Can’t chart resource availability based off of the project scope dates
9. Axiom EPM – Best EPM software for cost management
Axiom is a sophisticated, flexible enterprise performance management solution used by companies like Capita, UCL, Splendid Hospitality Group, and Engie. They do strategic planning, budgeting, and forecasting, reporting and analytics, profitability, and cost management for complex data estates. Their cost management module boasts clear, evidence-based costing algorithms as well as profitability trends across business lines.
Axiom EPM has enterprise pricing upon request and offers a free demo.
Pros
- Easy to set-up and adjust user security for data access
- Myriad customization and possibilities for reporting templates
- Premium consulting package includes unique reports for any data set
- Spreadsheet-style database is intuitive for anyone who has used Excel or Sheets
Cons
- Can be challenging to drill-down to a single or specific charge
- Uses paid FTE metrics for reports rather than productive FTEs
- Interface is not as engaging and modern as some competitors
10. Anaplan – Best EPM software for supply and demand planning
Anaplan is a EPM software designed to mobilize complex scenario planning in order to empower agile decision-making. They easily develop an accurate supply forecast across your entire network with the flexibility to pivot focus as needed in an ever-changing marketplace. Their intelligent, advanced reporting features predictive warning of S&D stock-outs, excess inventory, and wasted capital to better streamline your inventory flow.
Anaplan has enterprise pricing upon request and offers a free demo.
Pros
- Easily link multiple planning streams to one centralized location
- Features a robust calculation engine with near-instant results
- Handles large data sets well and can manage low granularity of data
- Easy scenario/what-if analysis and forecast adjustments
Cons
- Integration with other third-party platforms could be expanded
- Dashboards could be more customizable/expansive
- No formula syntax helper built in at this time
Other Enterprise Performance Management Software
Here’s a few more EPM solutions that didn’t make the top list.
- Jedox – Best for procurement and purchasing plans
- Vena Solutions – Best for automating administrative tasks
- IBM Planning Analytics – Best for change management planning
- Insight Software – Best BI for sales and marketing
- SAP – Best for first-party feature scalability
- Planful (used to be Host Analytics) – Best for rolling forecasts
Which EPM Software Have You Used?
Time for the audience to weigh in. Are you currently using any corporate performance management (CPM) tools that you want to boast about? What’s your best business performance management tip? Is there a SaaS financial planning tool that you would add to this list if you could? Sound off in the comments.
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