Transitioning to NextGen EPM: Overcoming Legacy Systems Challenges in Finance

Navigating the Evolution of Enterprise Performance Management EPM: Transition from Legacy to NextGen Solutions

Introduction

Enterprise Performance Management EPM systems have become indispensable tools for finance professionals in navigating strategic decision-making processes. However, many traditional EPM solutions are rapidly reaching their expiration date and causing significant challenges for organizations that dep on them. In this webinar series, our expert partners at Huron Consulting will discuss the common issues associated with legacy EPM systems while exploring the benefits of NextGen EPM systems through a comparison with several established legacy solutions.

Why Upgrade to NextGen EPM?

In today's rapidly evolving business landscape, it is crucial for finance tea stay ahead of technological advancements and streamline their operations. By identifying challenges posed by legacy EPM systems, understanding the risks they entl, evaluating strategies for replacement, and recognizing the advantages of NextGen systems, organizations can better prepare for the future of EPM solutions in finance.

Benefits of NextGen EPM Systems

NextGen EPM systems offer several key benefits that address the limitations found in traditional systems:

1. Enhanced User Experience: Modern systems prioritize user-friliness and intuitive interfaces to facilitate faster adoption across departments.

2. Integration Capabilities: NextGen systems are designed with advanced integration features, enabling seamless connections between finance operations and other organizational processes.

3. Data Analytics Reporting: Sophisticated analytics tools and customizable reporting dashboards provide deeper insights into financial performance and key indicators.

4. Scalability: Scalable architectures ensure that the system can adapt to growing business needs without requiring significant overhauls or upgrades.

5. Security Features: NextGen systems incorporate robust security measures, ensuring compliance with industry standards and protecting sensitive data from vulnerabilities.

6. Innovation and Flexibility: These solutions often include built-in APIs and modular components that support continuous innovation and customization to meet evolving business requirements.

Transitioning to the Future of EPM

To successfully migrate to a NextGen EPM system, organizations should consider several factors:

1. Assess Current System Limitations: Identify specific areas where legacy systems are falling short in terms of performance, usability, or compliance with evolving industry regulations.

2. Define Clear Objectives: Establish clear goals and expectations for the new system based on business needs, including improved efficiency, enhanced reporting capabilities, and better scalability.

3. Research Potential Solutions: Evaluate different NextGen EPM systems that align with your organization's requirements in terms of functionality, integration capabilities, and total cost of ownership.

4. Prepare a Strategic Implementation Plan: Develop a comprehensive plan that includes timelines, resource allocation, trning for users, and contingency measures to ensure smooth transition.

5. Seek Expert Guidance: Leverage the expertise of experienced consultants or industry partners like Huron Consulting to guide your organization through the implementation process.

6. Monitor and Optimize Over Time: After deployment, continuously review system performance and user feedback to refine processes, enhance features, and address emerging challenges.

Transitioning from a legacy EPM system to a NextGen solution is not merely an upgrade-it represents a strategic shift towards modernizing finance operations, enhancing decision-making capabilities, and ensuring long-term competitive advantage. By understanding the benefits of NextGen systems, organizations can position themselves for success in an ever-changing business environment.

Explore more about optimizing your performance management strategy with our expert insights and discover how to prepare for future advancements in corporate finance technology.

References:

• Dresner Advisory 2023 Wisdom of Crowds Enterprise Performance Management EPM Market Study: CCH Tagetik has been recognized as an 'Overall Leader' in Customer Experience and Vor Credibility.

*in Finance, Finance, October 10, 2024

• Accountants: Is It Time to Break Up with Excel?, October 9, 2024

• Optimize Performance Management: Enhance Your Finance Strategy, October 1, 2024

The Wolters Kluwer team invites you to explore the CCH Tagetik platform for a demo and to contact us directly if you're interested in learning more about how our solutions can revolutionize your finance operations.

Stay tuned for further insights on enterprise management and discover how technology is shaping the future of finance.

This article is reproduced from: https://www.wolterskluwer.com/en/expert-insights/wb-navigating-epm-system-evolution

Please indicate when reprinting from: https://www.xe84.com/Financial_UFIDA/NextGen_EPM_Transition_Webinar_Series.html