How EPM Software Can Improve Financial Planning

  John Klein is a pharmaceutical executive who has served as chairman of Cambridge Therapeutics in Alpine, NJ, since 2011. Beyond being responsible for establishing the strategic direction of the company, John Klein concurrently serves as chairman and CEO of the enterprise performance management (EPM) firm Bi-Logix, LLC.

EPM involves processes designed to boost business performance and has applications across a diverse range of industries. While it is useful and effective in reporting results to stakeholders, analyzing performance, and facilitating financial consolidation, it can have a particularly strong impact in regard to financial planning. Compared to manual methods of approaching finance such as spreadsheets, cloud-based EPM software is more automated and significantly less time-consuming. It also minimizes manual errors that might occur with the use of spreadsheets.

Another primary benefit of EPM software is the ability to integrate dynamic planning techniques such as rolling forecasts. This is particularly useful for businesses in rapidly-changing industries, as it lessens the reliance on making decisions based upon static assumptions via annual budgets. In contrast, a rolling forecast can be updated regularly to reflect business or industry changes.

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