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Enterprise Performance Management (EPM) is an umbrella term used to describe the methodologies, metrics, processes, and systems that help enterprise companies monitor and manage their business’s performance.
Executives seeking deeper insights into business trends and potentially ambiguous opportunities utilize Performance Management. Sub-components of EPM include: Enterprise Planning, Performance Monitoring & Measurement, and Enterprise-Wide Reporting.
Benefits definitely outweigh the challenges in deploying an EPM capability. These benefits include:
Failing to properly manage or dedicate your company to continuous improvement of your performance management capability can lead to undesirable outcomes. Organizations must be aware of common ways that performance management initiatives can be undermined, causing business performance to stall or decline, instead of thrive.
While most modern budgeting software solutions can eliminate the basic spreadsheet challenges associated with data capture and simple aggregation, they typically do not take the next step: enabling the organization to use its data to improve budget decisions and the linkages between budgets and outcomes.
Data visualization tools, like software dashboards, are becoming more popular and necessary to deal with exponential data growth. According to the industry research; however, dashboards have often failed or at best they delivered only a fraction of the insight that is needed to monitor the business. Why?
We are so excited to announce our customer, Park City, Utah, has been recognized with a Certificate of Achievement from the ICMA Center for Performance Analytics™ for their performance management efforts!
“The certificate program recognizes the principles of performance management,” said Randall H. Reid, ICMA Director of Performance Initiatives. “Jurisdictions meeting the qualifications have demonstrated leadership in continuous improvement and community engagement, and they serve as examples for other governments to follow.”
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