EPM: A Year-Round Necessity, not a Seasonal Tool

Some business leaders might have second thoughts about the importance and the impact they can get from EPM implementation following the myth that EPM usage is seasonal and used only during budget preparation and for budget preparation purposes. I have seen and implemented myself multiple applications across multiple industries that demolish this myth where Oracle EPM is used continuously which maximizes the benefits of it.

Here are just a few examples:

Forecasting: Whether forecasting is done monthly or quarterly, EPM can serve as a central platform, allowing easy generation of forecasts and seamless comparisons with both actuals and approved budgets. This capability helps finance teams create more accurate scenarios by drawing insights from historical data, variances, and trend analyses—all within a single tool.

Budget transfers: Although some might think how a planning application is used for post budget processes like budget transfers, Oracle EPM has shown great flexibility and utmost success in this area. Having implemented and supported budget transfer solutions firsthand, I’ve seen how EPM can be used to move and track budget funds between spending areas to support current business and priority changes. In mega projects across the region—especially in the government sector—live budget transfer Oracle EPM applications enable hundreds of users to reallocate billions of funds to priority areas under centralized management. The flexibility and reliability of Oracle EPM in this matter is unmatched.

Financial planning & reporting: With the robust integration with ERP systems, Oracle EPM is one stop for finance leaders when it comes to reporting. You can view on any time frequency (daily or every few minutes) your Actuals vs Budget, how much of the budget is consumed and how much is left, track your achieved sales whether it is on track as planned, how many planned vacant positions filled and how many left and many other useful information that can be configured to be constantly viewed.

Financial consolidation and close: Whether you are a business group or a federal government, FCCS can be used for your monthly and yearly close and consolidation. No matter how complex is your monthly close process or your consolidation criteria, FCCS can accommodate it. Automatic intercompany elimination and translations are among the functionality that you get with a click of button. I have seen in multiple customers with the right implementation generation of the quarterly, half year and yearly statutory reports got much easier and accurate.

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By understanding and leveraging the full potential of EPM, organizations can significantly improve their financial planning, forecasting, and reporting processes. It's time to move beyond the seasonal mindset and embrace EPM as a strategic tool that drives business success throughout the year. By investing in EPM, businesses can gain a competitive edge, make informed decisions, and achieve their long-term goals.

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