As CFO, CFO or controller, you’re on the front line of your company’s financial challenges. Between rapid growth, increasingly complex regulatory requirements and the constant pressure to produce reliable analyses, traditional processes are quickly showing their limits.
If you’re still relying on tools like Excel, or if your processes are manual and time-consuming, you know just how much of a drag this can be on your company’s performance. Errors, delays and limited visibility can become real obstacles in a competitive business environment.
But how do you know when it’s time to modernize your tools? Enterprise Performance Management (EPM) software can transform the way you manage your financial and operational performance. Here are 7 telltale signs that your SME could benefit from such a tool.
How do you know if your current processes are holding you back ?
Before exploring these signs, ask yourself the following questions:
- Is your budgeting process too long or error-prone ?
- Do you have a clear, real-time view of your performance indicators ?
- Do you spend more time on administrative tasks than on strategic analysis ?
If one or more of these issues resonate with your situation, it may be time to take action.
Let’s take a look at the 7 signs that an EPM tool could become indispensable for your SME
1. Your budgeting process is too long and inefficient
Planning and managing a budget is one of the most time-consuming tasks for SMEs. When your teams juggle scattered Excel files or unconnected tools, the process becomes long, tedious and often prone to human error. These inefficiencies hamper your ability to react quickly to the unexpected.
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The EPM solution
An EPM tool automates and centralizes budget planning. Data is consolidated in a single platform, facilitating collaboration between your teams, reducing errors and accelerating your lead times. You gain in responsiveness and accuracy.
2. Your financial reporting is manual and error-prone
Producing financial reports often requires hours of manual labor. Each update requires tedious adjustments, increasing the risk of data inconsistencies. These problems slow down your decision-making and damage your credibility with stakeholders.
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The EPM solution
With an EPM tool, your financial reports are generated automatically from centralized, reliable data. You get accurate analysis in real time, so you can spend more time on strategic analysis and less on reporting.
3. You lack visibility of your company’s performance
When your data is scattered across different tools or systems, it becomes difficult to get an overall view of your company’s performance. This dispersion hampers your ability to quickly assess opportunities, identify risks and make informed decisions.
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The EPM solution
EPM software brings together all your financial and operational data in a single platform. Thanks to interactive dashboards and real-time key performance indicators (KPIs), you benefit from complete visibility to effectively manage your business.
4. Your strategic KPIs are poorly tracked
Alignment between your financial, operational and strategic objectives is essential to ensure the coherence of your teams’ efforts. If your KPIs are poorly defined or inconsistently tracked, this can be detrimental to your SME’s overall performance.
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The EPM solution
An EPM tool enables you to define, monitor and analyze your KPIs centrally. You can easily adjust your priorities and ensure that all teams are working towards common goals.
5. Your SME is growing or changing
The rapid growth of an SME or a transformation (structural or digital) introduces increased complexity. Processes that worked in the past become obsolete in the face of new business realities.
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The EPM solution
EPM software is designed to grow with your business. Whether it’s managing subsidiaries, meeting regulatory requirements or supporting digital transformation, it adapts to your growing needs and helps you stay in control.
6. You have trouble anticipating future financial needs
Financial forecasts are often based on historical data or rough estimates. This limits your ability to anticipate future needs and prepare your company for unforeseen market events.
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The EPM solution
Thanks to its modeling and predictive analysis capabilities, an EPM enables you to simulate different scenarios (“what-if”) to better anticipate future challenges and opportunities. So you’re better prepared to adapt your strategy.
7. Your team spends too much time on repetitive tasks
When your finance teams spend more time on administrative tasks (consolidation, reporting, planning) than on strategic analysis, you lose valuable added value.
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The EPM solution
By automating these repetitive tasks, an EPM frees up time for your teams. They can concentrate on high value-added activities, such as optimizing performance and preparing strategic decisions.
Why act now ?
Sticking with outdated or manual processes exposes your SME to a number of risks:
- Costly errors due to inconsistent data.
- Limited visibility, hampering decision-making.
- Wasting time and resources on unproductive tasks.
Adopting an EPM tool means investing in more efficient management and improved long-term performance. It’s also a way of staying competitive in a constantly changing economic environment.
To find out more, read our article How to choose your performance management tools ?
Conclusion
The financial and operational challenges facing SMEs are many, but they are not insurmountable. By adopting an EPM solution, you can transform your processes, improve your performance and support your company’s growth.
Would you like to find out more? Contact us today to find out how our EPM solutions can transform your financial management.
