Executing Enterprise Performance Management System? – Make Sure You Avoid Making These Mistakes!

An effective and efficient Oracle Hyperion Enterprise Performance Management system for workers or employees brings tons of benefits for the organizations through far better workforce productivity while retaining skilled workers for enhancing the overall operational efficiencies and  reducing the HR costs. In the reality, in these dire economic days, organizations are extensively opt for on-demand software solutions in order to help step up its workforce optimization efforts.

However, implementing enterprise performance management in an appropriate way is not everyone’s cup of tea. Sometimes it could turn out to be one of the most difficult tasks for the enterprises due to lack of appropriate approach for implementing it.

Many organizations often make a few mistakes when they thought to put enterprise performance management system into place. Are you planning to implement EPM in your enterprise? Make sure you don’t make the following mistakes while implementing it.

Mistake # 1 – Keeping the managers in the dark by not clarifying a few important aspects
Many organizations often struggle with the seamless user adoption, and the main reason behind it is that they have not clearly interacted with managers, which are the key users of the EPM system, regarding the crucial decisions that required in choosing the performance management system. Moreover, they fail to educate the managers about the benefits they are going to gain with the help of the EPM system.

How to overcome this issue? Well, you should ensure that you get in touch with the managers and discuss each and every aspect associated with the EPM. Moreover, you should ensure that you communicate and provide appropriate training to the managers if needed as it is a base for the success.

Mistake # 2 – Making frequent changes
Making the performance management process fulfill almost each and every aspect of your business may require years. Making frequent changes increases the risk of overwhelming managers and workforce.

Instead, try to concentrate on a few important outcomes and try to achieve success in those areas only. EPM systems can be configured with tons of options and features that at the end are useless as there is not meaning of using such features.

Mistake # 3 – Building Complicated performance review forms
Performance management systems are designed by keeping in mind the ease of use. However, many times a few of the HRs are so excited with tons of options available and thus, they try to configure review forms with tons complicated options, which at the end create confusion for the end users.

Well, you should always stick to simplicity. Just because it offers tons of options and features in the review form, it doesn’t mean you should use all of them. You should keep in mind the usability and user-friendliness while configuring the review forms.

Mistake # 4 Overlooking the importance of change management
Modifying or configuring the application is just a part of simplifying the work performed by the organization in conjunction with the incorporation of the new system. However, most of the organizations often overlook the importance of change management without realizing the benefits of changing the behavior of both, employees and managers.

Never underestimate the power of change management. Try to establish an unparalleled communication and training sessions for the senior management , HR, managers and employees.

Well, failing to identify and fix the mistakes discussed above can ruin your entire Oracle Hyperion performance management investment. Do you have more points to highlight? Comment below to share it with us…!

Basics Of Oracle EPM (Enterprise Performance Management) 11

Undoubtedly, enterprise performance management system helps organizations achieve desired results by helping them establish an impressive performance from all the aspects of business processes that take place within the enterprise premises. We all know that managing the performance of the organization requires a lot of things, including gathering data in the enterprise, analysis the gathered data and making sure that results are placed in real-time practice.

Oracle has been at the forefront of providing world-class enterprise performance management systems and solutions. Many of us might not be aware about Oracle EPM 11. In this post, we will see a detailed discussion on what is Oracle EPM 11 and what kind of benefits organizations can leverage from it.

What is Oracle EPM 11???
Oracle enterprise performance management (EPM) unifies conventional EPM and business intelligence (BI) while supporting a wide range of strategic, financial and operational management processes within the organization. It offers a complete and integrated system that help organizations manage and optimize the enterprise-wide performance, which at the end enable them to achieve a high level of management excellence by being smarter, agile and aligned towards the goals of the organization.

Apart from all new data integration capabilities, Oracle EPM solutions brings expanded locationization features for Asia Pacific, Latin America and other European Markets. Let’s see what kind of components EPM 11 suite bring for you.

EPM 11 is a great mssixture of Oracle EPM 11 BI+, an extensive business intelligence platform that incorporates financial, reporting, dashboards and analysis and is accessed via a thin client interface, with Oracle applications, a bunch of highly advanced integrated financial management applications for planning and modeling, consolidation and score carding and at last, Oracle EMP 11 Foundation services, which allows ease in managing EPM, scaling and deployment within all the departments, application, business units and locations.

What are the benefits of Oracle EPM 11?
EPM 11 comprises of tons of components starting from Heperion planning, Hyperion Strategic Finance to the Hyperion profitability and cost management. This enables it to offer plenty of benefits to the organizations including:

• It centralizes all the master data in a single and complete solution, which helps organizations minimize the business risk as data is secured and streamlined.

• It aligns corporate resources, improves financial controls and eliminates spreadsheets while ensuring timely and precise information accessible at the fingertips.

• It helps organizations increasing the end-user productivity while significantly changing the way EPM related information accessed, navigated and managed with all Microsoft Office software not just Excel.

• By empowering IT to maintain a licensed structure and the ability to deploy important capabilities in a single, modern and integrated EPM system, it helps enterprises reduce the cost of ownership.

• Offers more flexibility for the consumers in change management by enabling them to get benefit from what’s already created as well as the ability track compliance a significant feature for the organizations concerned.

With the help of the features, Oracle can deliver breakthrough performance management, and there is no doubt in that. What’s you thought on this? Share it with us!

Visit our website and learn more about OracleEnterprise Performance Management System

Oracle EPM Platform – How It Fulfills The Growing Requirement For EPM In Organizations?

Enterprise performance management (EPM) is nothing but a successful management of business performance management that consider the manifestation of various operations within a closed-loop model across all the aspects of the enterprise. There are a few rapidly emerging domains within the field of enterprise performance management that are initiated by the academic research, corporate initiatives, and commercial approaches like business planning, strategy formulation, financial management and supply chain effectiveness.

Now the question comes that how Oracle can help you match up with ever growing demands of enhanced enterprise performance management? Well, EPM applications or solutions provided by the Oracle support strategic planning, goal setting, financial and operational planning, end-to-end financial close and reporting process and more through an extensive and well-integrated suite.

With the Oracle enterprise performance management solutions, applications having capability to deliver greater speed and agility, which are bunched together in the general category of EPM, can offer more agility compared to the early days. Moreover, it can be easily managed by the financial organizations with little or no support from IT while getting rid of increasing the manpower for the same. With the EPM applications, now it is easy to boost up your financial close and reporting method while leveraging from far better transparency and confidence within your numbers.

Of course, enterprise performance brings tons of benefits to the organizations. It helps functional departments to leverage from better collaborative analysis and slicing and dicing data in a more innovative and out-of-the-box ways. Also, it enables employees or executives with real-time access to the key performance indicators, communicate and get a detailed look at the data.

Apart from these, EPM applications can also be used by the HR team or executives within the organization to analyze workforce and impact of salary and associated decisions. Moreover, it helps functional managers to analyze the best possible method for effective and quick decisions for business investments. An effective EPM solutions can significantly affect the overall functions of the organization to meet its legal or regulatory needs & deeds.

What kind of benefits that organizations leverage from Oracle EPM solutions?

There is no doubt that EPM applications greatly enhance the productivity and performance of the organizations. But opting for Oracle EPM solutions can bring tons of other benefits including:

• It helps you speed up the planning at the speed of business and leverage from improved analytic insights with the help of best in-class in-memory analytics software and hardware.

• Offers a complete, open and well-integrated EPM system that will help you unify the performance management, business intelligence and cutting-edge analytics on a single foundation.

• Brings unified web and MS office interfaces, common reporting tools, mobile information delivery and a unified administration across the enterprise.

With the help of strategic planning, financial close and reporting, and planning, budgeting and forecasting, Oracle EPM applications can surely help organizations fulfill their ever growing enterprise performance management needs & deeds…!