What are the advantages of a cloud-based performance management solution? One word: scalability.
An enterprise performance management (EPM) solution that allows you to scale upwards as your business grows, as revenue increases, and as you add more users will give you a far better ROI. What does it take to scale upwards? More powerful analytics is a key factor. This is how the right EPM solution handles more data, provides better insights, and drastically improved scalability.
Less Manual Work Equals Greater Productivity
As the business grows, more processes need to be automated in order to free workers up for new tasks and initiatives. Part of scalability is the power of adding automation to reduce the amount of work employees have to do manually. A solid EPM solution will allow for a high level of automation, allowing the business to do away with manual tasks like maintaining spreadsheets and other tedious tasks so that they can focus on innovation, value added analysis, and new project development efforts.
The less manual work your finance team members have to do, the more they can focus on innovation, creativity, and serving internal customers.
Less Onsite Hardware Equals Less MaintenanceAnother factor in scalability is being able to increase digital storage space, processing and analytical power, etc. without having to expand or move data center operations frequently. A cloud-based EPM solution requires no on-premises hardware. This eliminates expenses in a number of ways: less space required to house servers and equipment, fewer workers to maintain the equipment, less power to cool the equipment, fewer repair costs, and less investment in hardware to begin with. This allows the company to grow without tremendous investments in hardware with a huge upfront cost and limited lifecycle.
Less Onsite Data Storage & Analytics Equals Lower CostsHave you checked the salaries that qualified, experienced data scientists are racking up these days? If you haven't, that number starts at about $150,000 and skyrockets from there to over $250,000. Yet a well-designed EPM solution can provide tools to help analyze your data and produce reports, make predictions, and create business insights without the overhead of a data analyst. If big data is part of your business plan, you can glean a tremendous amount of analytical information from your various systems via an EPM solution, and it's easy and intuitive for your average finance personnel to operate and manage. You can then scale upwards using your EPM solution as a leaner, more streamlined organization.
A More Powerful EPM Solution Equals Speedier Results
A cloud-based EPM solution doesn't hold you back when the organization is ready to grow. You can acquire better speed, storage space and analytical power as needed. The right EPM software solution will offer analytical capabilities both to assist you in managing growth and for powering that growth.
To learn more about scalability with EPM, visit Host Analytics for a free white paper.