Enterprise Performance Management (EPM) is the process of monitoring and improving business performance across the enterprise. An EPM system integrates and analyses data from various sources such as e-commerce systems, front-office and back-office applications, data warehouses, and external data sources. Most EPM marketers provide EPM solutions that are robust and comprehensive, with the flexibility to provide global organizations with the tools they need to report, plan, forecast, budget, and increase overall productivity. The key components of the EPM system include planning, budgeting, and forecasting capabilities. Moreover, it also has the ability to monitor key performance indicators (KPIs), provide analysis, and manage reporting.
The global enterprise performance monitoring market is expected to grow owing to the rising adoption of business processes by increasing operational efficiency.
The enterprise performance monitoring systems enhance business processes by supporting enterprises to accomplish and automate day-to-day business activities from a single, integrated software application. The EPM system not only improves operational efficiency but also boosts business performance by ensuring precise business planning and reporting. EPM systems provide a simplified business process that eliminates the risk of manual errors and allows key decision-makers in the organization to respond more quickly. Business process automation provides real-time information on business requirements. North America is one of the world's most technologically advanced regions. It includes the U.S. and Canada, which have the largest share of the enterprise performance management market due to their early adoption of business technological solutions. Furthermore, North American manufacturing industries are utilizing AI, IoT, and other technological platforms to perform day-to-day business activities in order to increase business productivity. For instance, the companies such as Johnson & Johnson, Roche, and Hulu have automated their business processes by using tools such as Luminoso, Culture Amp etc. to expand their global teams. This technological adoption is driving enterprise digital transformation. Moreover, retail, healthcare, and banking industries use business application software to manage large amounts of customer data. Oracle Corporation, IBM, and SAP are among the leading EPM vendors. These vendors are making significant investments in cloud-based EPM solutions. For instance, Oracle delivers Intelligent Performance Management that includes Artificial Intelligence which is an advanced version of Oracle ‘EPM Cloud’. The new version ‘Intelligent Performance Management’ makes available Subscription Management apps for automated revenue recognition.
Global Enterprise Performance Monitoring Market Taxonomy
On the basis of component type, the global enterprise performance monitoring market is segmented into:
On the basis of business function type, the global enterprise performance monitoring market is segmented into:
On the basis of deployment type, the global enterprise performance monitoring market is segmented into:
On the basis of organization size, the global enterprise performance monitoring market is segmented into:
On the basis of verticals, the global enterprise performance monitoring market is segmented into:
On the basis of application, the global enterprise performance monitoring market is segmented into:
On the basis of region, the global enterprise performance monitoring market is segmented into:
Major companies operating in the global enterprise performance monitoring market are Oracle, IBM, Infor, SAP, Anapian, Workday, Epicor Software, Unicom Systems, Planful, OneStream, Workiva, BearingPoint, Broadcom, Board International, and Lucanet.
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