Enterprise Performance Management (EPM) is a strategic process that helps organizations plan, monitor, and optimize their performance. EPM enables businesses to align their goals, resources, and actions with their vision and mission. EPM also helps them to adapt to changing market conditions and customer expectations.

In 2024, EPM will be more important than ever, as organizations face increasing complexity, uncertainty, and competition. To succeed in this dynamic environment, businesses will need to adopt some best practices for EPM, such as:

• Leveraging cloud-based solutions: Cloud-based EPM solutions offer many benefits, such as scalability, flexibility, security, and cost-effectiveness. They also enable faster and easier integration of data and processes across the enterprise. Oracle Fusion Cloud EPM is a leading cloud-based solution that provides comprehensive and unified capabilities for planning, reporting, analysis, and consolidation.
• Using artificial intelligence and machine learning: AI and ML can enhance EPM by automating tasks, providing insights, and improving decision-making. AI and ML can help with tasks such as data quality, forecasting, scenario modeling, risk management, and anomaly detection. Oracle Fusion Cloud EPM leverages AI and ML to deliver intelligent features, such as predictive planning, smart view, and digital assistant.
• Empowering business users: Business users are the key stakeholders of EPM, as they are responsible for setting and executing the strategy. Business users need to have easy access to relevant data and tools to perform their roles effectively. They also need to collaborate with other users across the organization. Oracle Fusion Cloud EPM empowers business users by providing them with self-service capabilities, intuitive interfaces, and collaborative features.
• Aligning financial and operational planning: Financial and operational planning are interdependent and should be aligned to ensure optimal performance. Financial planning involves setting the budget and targets for the organization, while operational planning involves managing the resources and activities to achieve those targets. Oracle Fusion Cloud EPM enables alignment of financial and operational planning by providing a common platform and data model for both processes.
• Adopting agile and continuous planning: Planning is not a one-time event, but a continuous process that requires frequent updates and adjustments. Agile and continuous planning allows organizations to respond to changing conditions and opportunities in real time. Oracle Fusion Cloud EPM supports agile and continuous planning by enabling scenario modeling, rolling forecasts, driver-based planning, and what-if analysis.

By following these best practices for EPM in 2024, organizations can improve their performance and achieve their goals. Oracle Fusion Cloud EPM is a powerful solution that can help them implement these best practices effectively and efficiently.