Capitalizing on more than three decades of experience as a pharmaceutical executive, John Klein of Alpine, NJ, operates as the chairman of Cambridge Therapeutics. John Klein is also the founder of Bilogix, an enterprise performance management (EPM) solutions provider where he serves as the chairman and CEO.
EPM leverages analytics to improve business performance and efficiency and reduce costs, among other benefits. Despite the obvious benefits of implementing EPM projects, doing so can be a waste of time and resources without the proper planning or technical skills required. Below are three common reasons why an EPM project might fail:
– Lack of technical expertise. Implementing EPM tools requires a high level of technical expertise, and, while most EPM firms boast about their technical competencies, it’s crucial for businesses to ask specific questions about how they will solve their respective problems.
– No clear milestones. Establishing clear milestones and goals for EPM implementation is essential to avoid and resolve potential roadblocks. It can also help to begin with a small set of EPM deliverables as opposed to grandiose goals and objectives.
– Lack of strategic vision. Companies utilizing EPM solutions should have a clear and defined purpose for why they are doing so. Emphasis should be placed on improving overall company performance as opposed to the singular focus of completing financial tasks faster.