Understanding the Importance of Enterprise Performance Management
Over the years, the global enterprise performance management market has grown exponentially, and according to reports from a renowned source, it is expected to touch the mark of $12.6 billion by 2024, with a growth rate of 12.9 percent CAGR. Major factors that immensely contribute to the growth of the enterprise performance management (EPM) market lies around the proximity marketing strategies among retailers, growing focus on core businesses, and need to enhance performance. Therefore, EPM is specially designed for companies, nonprofit organizations and even government entities to plan their strategies accordingly so that they obtain maximum efficiency. Processes such as budgeting, planning forecasting and modeling, consolidating results and closing books help organizations to analyze the performance and make result-oriented decision making.
However, based on the type, the market is divided into segments, which include software and services. On the deployment factor, the market is further segmented into operations, finance and so on. It is necessary to keep into consideration the regional factor such as market division in North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
With cloud computing drastically changing the entire scenario of the modern day market, it is compelling businesses to change their working landscape and adapt to the advanced technologies that are making the trend. It is fostering business personals to take evasive action to move toward certain applications on the cloud to avail the benefits of cost and efficiency. With such immense possibilities, enterprise performance management has significant potentials for companies to become agile and cost-effective by optimizing the conventional practices or technology.