Technology is changing the way modern-day businesses operate and compete
It is no longer a case of ‘big will beat small’, but a matter of ‘fast will beat slow’. Businesses that can respond the fastest to ever-changing economic and industry conditions will come out on top. For businesses small and big, data is a key resource. A key determinant in how fast a business can respond is how quickly it can access the latest information and its ability to use this for analysis, planning and forecasts.
bi5 partners with a number of platform providers to enable organisations to quickly and easily access data in real-time to make better decisions and stay ahead of the curve.
Budget, plan, report and analyse with an EPM/CPM solution
An enterprise performance management (EPM)/corporate performance management (CPM) solution can improve the performance of every aspect of your business with the ability to seamlessly integrate data from multiple sources for budgeting, planning, reporting, and analysis purposes.
Budgeting, Planning & Forecasting
With workflows, improved collaboration and the ability to quickly and confidently run sensitivity, scenario and ‘what-if’ analysis on your budgets and forecasts, an EPM/CPM budgeting solution will give you the business intelligence you need to give your business the edge.
Whether it’s driver based or direct input, top-down, bottom-up or zero-based budgeting, an EPM/CPM tool will be able to accommodate ALL of your budgeting and forecasting needs.
Take the pain out of your financial close and consolidation process and gain more confidence in your reported numbers and financial month-end position.
With EPM/CPM solutions you can generate your monthly management reporting quickly by using data automation and ETL abilities, connected directly to your ERP/accounting system. Multi-company, multi-currency, multi-fiscal year, intercompany eliminations are also a breeze as is audit-time with a clearly defined and fully traceable financial consolidation solution.
Performance Measurement & Analysis
With your budgets and forecasts in the same platform as your actuals, reporting and variance analysis becomes a breeze.
The data integration capabilities of EPM/CPM systems allows you to get a full understanding of your performance against budget, benchmarks and prior years, and then quickly and easily drill down to transactional/invoice level without the need to move between programs.
Contact a planning, budgeting and forecasting expert today
bi5, your planning, budgeting and forecasting partner
bi5 Solutions is the go-to partner for all your budgeting, planning, forecasting and reporting requirements. bi5 has worked with a wide range of businesses to deliver bespoke budgeting, planning, financial reporting and consolidation solutions.
Our consultants’ technical know-how combined with their finance and business knowledge enables us to quickly and efficiently understand your business and requirements, and deliver working solutions that are right for your business, both now and long into the future.
bi5 has considerable experience working and implementing a variety of EPM/CPM platforms, so we have the understanding required to ensure you get the right product for your business, your needs and also your budget.
“bi5 worked with us to build bespoke, forward-looking financial tools that had an immediate impact to our bottom line.”
Standing for enterprise performance management and corporate performance management, these tools are primarily about addressing the planning, budgeting, forecasting and reporting functions within your business, be that financial, operational, or organisation-wide. EPM/CPM is the more recent term, yet they are both often used interchangeably.
Business intelligence (BI) tools are types of application software that collect and process large amounts of unstructured data (big data) from internal and external systems and data sources for business analytics. Business intelligence (BI) tools provide a self-service way of consolidating data and finding relevant information for reports and data analysis. Business intelligence software has predictive analytics and machine learning capabilities and allows users to create reports, dashboards and data visualisations to suit their needs. The results give both employees and managers the power to accelerate and improve decision-making, increase operational efficiency, pinpoint new revenue potentials, identify market trends, report KPIs and identify new business opportunities.
There are many reasons why our customers choose a cloud-based EPM/CPM solution for their budgeting, planning, forecasting and reporting needs. For some, the primary reason is to improve efficiency and effectiveness and take the pain out of their budget process. For others, the main purpose is to expedite their reporting process, improve confidence in the reported numbers, and more easily consolidate multi-currency and multi-company structures. Yet for others, it is more about removing the reliance on their ERP (enterprise resource planning) vendor (with its pricing and other limitations) for their reporting function by bringing this in-house and enabling self-service data from multiple systems to be automatically integrated into reports.
At bi5 we are big believers in both business intelligence and EPM/CPM solutions. For some businesses, all they need is business intelligence software. However, for others, an EPM/CPM (budgeting, planning, forecasting) solution takes them to the next level and puts them a step ahead of their competitors.
Business intelligence software allows you to look at how you have performed through data analytics, dashboards and reports. With an EPM solution, you can then go straight from this analysis to updating your forecasts and rolling budgets, whilst also undertaking scenario and ‘what-if’ analysis based on your latest data. Business intelligence (BI) tools are often centred around visualisations and charts, which are ideal for some areas of the business, however, they are sometimes not that well suited to the finance function, where the ability to easily view P&L and balance sheets and to drill down to individual accounts and real-time transactions is important.
Aside from the fact that ERP (enterprise resource planning) solutions take much longer to implement than an EPM solution, the main difference is that ERP products focus on processing (and storing) transactional data, whereas an EPM solution generally uses these data sources to support the management process through budgeting, planning and ad hoc reporting functions. Whilst there is some overlap, EPM solutions provide much more flexibility in the structure of your reports, and will improve your business's ability to quickly and efficiently change and update budgets and reporting requirements as the business grows and develops.
Get in touch with one of our business intelligence experts today.