Here’s how to compare EPM solutions

Choosing an EPM platform is a big decision. The implementation process for a new platform 
 could last months, your entire team will need to adjust to using the new tool, and its capabilities will have a significant impact on the way you make business decisions - it’s a huge commitment.

But the payoff can make that all worth it. That’s why making the right choice for you is of the utmost importance. 

To support anyone in the process of making that decision, Pigment has written a guide that provides you with an idea of the questions you should be asking before even speaking to vendors: 

1. Do we even need business planning software?

That’s a question worth asking. A of finance professionals revealed that small businesses with fewer than 50 employees were unlikely to have an FP&A function, and of midsized companies with up to 500 employees, only 28 percent had an in-house FP&A team. Those tasked with financial planning, forecasting, and budgeting processes in these organizations are probably able to do their jobs adequately using Excel or Google Sheets. 

But at 500+ employees, a full FP&A team becomes a necessity, to deal with the complexity of the business planning required to steer a company of that size. Likewise, it’s at this point where a proper planning platform is required to run your business effectively.

2. Is your business ready to implement a solution?

An indicator that you’re ready for implementation is the presence of well organized and integrated ERP, CRM, HR and other systems. Their presence suggests that the underlying data that FP&A solutions require is available and that there are technically sophisticated, non-finance staff that can be leveraged, along with finance professionals, to ensure a successful implementation.‍

3. What are the problems we’re looking to solve?

Identify your biggest pain points and keep them in mind while evaluating a solution. As a vendor, the three biggest problems that customers come to us with are:

Data is disparate and siloed ‍

With multiple SaaS tools and data sources scattered across an enterprise, no single source of data truth can be found. Businesses need a credible, real-time view of all information sources to plan effectively.

Disparate teams make collaboration difficult‍

What businesses need is a way for teams to work together, at the time of their choosing, via an easy-to-use platform to drive the business forward.

It’s hard to change direction‍

Rigid, legacy tools lack the features and integration necessary to quickly execute and pivot to new strategies. Businesses require a full-view of their operations and the means to achieve this unified perspective, so they can quickly adapt their plans when their business needs change.

To read the full guide, which includes a list of the criteria you should be asking vendors for details on, click here.