Let’s explore the need for advanced modeling capabilities and the ways cloud-based EPM modeling software can facilitate greater accuracy and attention to detail.
The cloud enables more accurate and efficient modeling.
While spreadsheets have always been popular for modeling, many businesses are now turning away from them. In addition to being tedious, spreadsheets are also difficult to manage and prone to inaccuracy. This makes it difficult for companies to have confidence in their financial forecasts and models, resulting in a weakened ability to inform business decisions.
A cloud-based modeling platform is easier to organize and manage than spreadsheets, while providing greater governance and control over the numerous modeling scenarios that a business creates. The cloud also makes it easy to integrate operational and financial data, which increases accuracy and ensures forecasts are aligned with company goals.
Each department requires varying levels of detail in their financial models, and the dimensions will differ between departments. Sales, manufacturing, marketing, and capital planning will all require different dimensions, and therefore, the modeling tactics utilized will also differ. Creating models at a granular level will allow businesses to maintain an agile plan that can be altered quickly, giving dynamic businesses the versatility they need from their modeling.
How Can the Cloud Help?
With a cloud-based platform, company data can be accessed from anywhere.
Operational and financial data integration is essential for successful modeling, but it relies on the use of capable software. The cloud can eliminate the need for on-premises software and decrease the cost of ownership, while providing a consolidated platform to integrate all data and attain a single source of truth for the company. Cloud-based enterprise performance management (EPM) platforms offer:
Cloud-based EPM software can help to improve efficiency and increase the accuracy of budgeting and planning. With cloud-based EPM modeling applications, companies can enjoy advanced modeling capabilities, increased collaboration, lower cost of ownership, and fast deployment. The platform is highly scalable, so businesses can increase their usage requirements without the need to purchase new software.
Interviews, tips, guides, industry best practices, and news.