Oracle Enterprise Performance Management (EPM) is a cloud-based platform that helps you model and plan across finance, HR, supply chain, and sales, streamline the financial close process, and drive better decisions. In this article, we will explore how Oracle EPM can help you with planning and budgeting, and why it is a superior solution compared to traditional spreadsheets and siloed systems.

What is planning and budgeting?

Planning and budgeting are essential processes for any organization that wants to achieve its strategic goals and optimize its performance. Planning involves setting objectives, defining strategies, and allocating resources for the future. Budgeting involves estimating the revenues and expenses for a given period, and comparing them with the actual results.

Planning and budgeting are interrelated and iterative processes that require collaboration and alignment across different business functions and levels. They also require frequent updates and adjustments to reflect the changing market conditions and business realities.

What are the challenges of planning and budgeting?

Planning and budgeting can be challenging for many reasons, such as:

• Data silos: Data is often scattered across multiple sources and systems, making it difficult to access, consolidate, and validate.
• Manual processes: Many organizations still rely on spreadsheets and email for planning and budgeting, which are prone to errors, inconsistencies, and security risks.
• Lack of agility: Traditional planning and budgeting cycles are often too long and rigid, preventing organizations from responding quickly to changes and opportunities.
• Lack of insight: Without advanced analytics and scenario modeling, organizations cannot easily understand the drivers of performance, the impact of decisions, or the potential outcomes of different scenarios.

How can Oracle EPM help you with planning and budgeting?

Oracle EPM is a comprehensive solution that addresses the challenges of planning and budgeting by providing:

• A unified platform: Oracle EPM connects data across your entire organization, enabling you to build forecasts and scenarios that update automatically as your bottom line changes. You can also leverage master data management to ensure data quality and consistency across different applications.
• A collaborative process: Oracle EPM facilitates collaboration and alignment across different business functions and levels, allowing you to create integrated plans that reflect the strategic objectives of the organization. You can also use workflow management to streamline approvals and notifications, and audit trails to track changes and comments.
• A flexible approach: Oracle EPM supports continuous planning, allowing you to update your plans and budgets more frequently and dynamically. You can also use driver-based planning to focus on the key factors that influence your performance, and rolling forecasts to extend your planning horizon.
• A data-driven decision: Oracle EPM empowers you with embedded intelligence and advanced analytics, enabling you to make better decisions based on data. You can use AI and machine learning to generate data-driven insights, predictive analytics to forecast outcomes, and scenario modeling to evaluate alternatives.

What are the benefits of planning and budgeting with Oracle EPM?

Planning and budgeting with Oracle EPM can help you:

• Improve accuracy: By using a single source of truth for your data, you can reduce errors, inconsistencies, and reconciliations.
• Increase efficiency: By automating manual tasks and workflows, you can save time, resources, and costs.
• Enhance agility: By updating your plans and budgets more frequently and dynamically, you can adapt faster to changes and opportunities.
• Drive performance: By using data-driven insights and analytics, you can optimize your strategies, actions, and results.

How to get started with planning and budgeting with Oracle EPM?

If you want to learn more about how Oracle EPM can help you with planning and budgeting, you can:

• Request a demo: See how Oracle EPM works in action by requesting a personalized demo from an Oracle expert.
• Read the report: Learn why Oracle is a leader in the 2023 Gartner Magic Quadrant for Financial Planning Software by reading the report.
• Join the community: Connect with other finance professionals who use Oracle EPM by joining the Women in Finance & Operations community sponsored by Oracle & KPMG.