There are several software packages for managing a company. You are the primary manager and connoisseur of your business, but there are some software packages that you should not miss. Like BI and EPM, they are almost the same except they are different. What is BI and EPM? Why are they essential in a company?
Definition : BI and EPM
BI or Business Intelligence is a programmable software for computer intelligence, capable of analysing, synthesising and consolidating all the information existing in a company. It is also capable of rendering solutions in graphs for the data to be visualised. In order to better follow, before taking a decision.
The EPM or Enterprise Performance Management is a management of the performance of an organisation, based on a single programmable monitoring : such as key performance indicators, overheads and operational costs, etc.
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How BI and EPM work
BI works for a general analysis of all the data of a company : purchases, sales, accounting, customers, etc. It presents clearly, legibly and comprehensively the functional activity in the company. It helps you understand your business.
The EPM analysis is totally accurate, no mistakes are possible. It provides you with the data you need quickly. To help you make a decision at a moment’s notice. It can also immediately distribute information to the different departments of the company. It is available for several other tasks that are not mentioned.
The advantages of BI and EPM installed in your company
BI offers many advantages to the company that uses it. It is programmed to present the information it shares in a very coherent and structured way. It is smart enough to show a high visibility on the numbers, deviations and anomalies, which may occur. Thus, BI simplifies decision making through its relevant and accurate analysis. However, it also anticipates and forecasts the near future trends.
Your financial management problem is functional and solved with EPM. It is automated with manual and time-consuming intervention. You are free to check where you want and when you want. The result of the EPM is completely reliable.
In summary, BI and EPM are different, but related to each other. To be functional, fast and efficient, your company needs both. Business Intelligence is available to offer you solutions for all the data in your system. The EPM is a decision and analysis solution to manage the data it is asked for one by one (finances, indicators, etc.). None of them are insignificant.