These management processes include strategic ones such as gain-to-sustain, investigate-to-invest, and design-to-decide as well as tactical and operational management processes like plan-to-act, analyze-to-adjust, and record-to-report. EPM creates a competitive advantage for those organizations that adopt it by enabling them to reach a state of (what we call) "management excellence." Companies that achieve "management excellence" anticipate and respond to changing business conditions faster and with more insight than their peers, improving their strategic agility to act on those insights, and improving alignment and collaboration between individual business units and external stakeholders.
EPM must help connect all the performance management processes enterprise-wide. It is no longer solely to connect the processes within an organization because value chains often cross organizational borders and involve multiple stakeholders.
Here are some of the benefits to adopting EPM:
- Delivers targeted best practices and methodologies into the hands of business users where they can be most effectively employed
- Creates a collaborative, real-time management environment in which managers, staff, partners, customers, and suppliers can interact regardless of their position in the supply chain
- Enables parts of the business to focus on the same corporate goals and understand how their choices, when combined with those of other business units, will improve the achievement of those goals
- Empowers users with the simulation, calculation, and visualization tools that will enable them to improve their performance ability
- Provides better communication functions to encourage collaboration and networking among teams
For more information on EPM, please visit http://www.mindstreamanalytics.com/whitepapers.html.