Today, higher education institutions require robust systems and processes across all levels to drive agility, transparency and reduce risk. Finance teams are looking to move away from the constraints of legacy systems, tedious manual processes and inefficient analytics tools. Institutions thus turn to the best Enterprise Performance Management (EPM) for higher education solutions to automate processes and mitigate those challenges.
EPM software forms a management layer above all transaction systems providing a level of agility and visibility now critical for any institution that wants to successfully handle the non-forgiving complexities of growth and change. Here, we’ve curated the best EPM software solutions for Higher Education based on their features, customer reviews and industry recognition.
To compile this list, we’ve considered software that meets the following qualifications:
EPM Software solutions are designed to help organizations effectively manage and analyze their performance data to achieve the strategic objectives they have set. An EPM solution integrates and analyzes data from many sources, including, but not limited to, ERP systems, HR and Student applications, data warehouses and also cloud and external data sources. The typical management processes included in EPM solutions are: Goal Setting, Modelling, Planning, Financial Close & Consolidation, Reporting and Analysis.
EPM solutions typically include the following capabilities:
Ultimately, EPM software provides management with data analytics and insights across multiple operational systems and processes. EPM solutions provide agility in forecasting and strategic planning, reporting and decision-making. And they help organizations create alignment across the institution.
Not sure what EPM software solution best suits your institution? You’re in the right place!
OneStream is a leading enterprise Finance solution trusted by institutions. It offers a comprehensive platform that uniquely unifies financial consolidation, planning, reporting and analysis. OneStream’s a modern Finance platform built to handle the complexity of colleges and universities and help them gain agility and increase transparency. With robust budgeting features, OneStream offers the following benefits to colleges and universities (see Figure 1):
OneStream’s unified platform enables Finance and Operations teams to better collaborate and deliver a single source of truth. Having that single source eliminates the complexity of multiple solutions, interfaces and integrations. Not to mention, institutions can also avoid the heavy cost and duplication of data and metadata while avoiding time-consuming processes and upgrades.
With a built-in data quality engine and pre-built connectors, Finance is in control, providing a strong, flexible foundation in data quality that’s ERP and source system agnostic, as real-time as needed, with drill down and drill back to any source, providing auditability across all close, planning, reporting and analysis processes and actionable insights behind every number.
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Oracle EPM is a suite of business applications designed for end-to-end management of enterprise-wide consolidation, close, financial planning & forecasting and performance reporting. Oracle is similar to SAP, with legacy solutions from their acquisition of Hyperion with end of support in 2035 for Hyperion HFM and Hyperion Planning. Their suite of applications is being redeveloped on the Cloud, consisting of individual best-of-breed solutions for each core management process.
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With the end of support of SAP’s legacy EPM solutions – BPC and BFC (BusinessObjects Financial Consolidation) set for 2030, SAP’s go forward solutions for EPM are a combination of SAP Group Reporting embedded in S/4HANA for consolidations and SAP Analytics Cloud for financial and operational planning.
SAP S4/HANA Group Reporting is an enterprise solution for consolidations and since it is part of S4HANA, it leverages a combination of features of Group Reporting for consolidations and S/4HANA for core close capabilities. SAP Analytics Cloud is a cloud-based platform for planning, business intelligence (BI) and predictive analytics, enabling organizations to visualize, plan and make data-driven decisions.
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Workday Adaptive Planning covers planning, consolidation, analytics and reporting functions and is built on a proprietary In-memory database enabling collaboration and real time updates in a browser user interface similar to that of a spreadsheet and supports integration of data from ERP.
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Anaplan is a cloud modeling technology that enables planning, budgeting and forecasting on a single platform. The solution serves clients in an array of verticals and functions, including Finance, Sales and Marketing, Supply Chain, HR and Workforce.
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Choosing the right EPM Software is essential for institutions looking to move beyond legacy/manual processes and evolve to a modern EPM solution. Each of the Top 5 solutions featured in this blog post offers unique features and benefits, catering to the diverse needs of institutions across industries.
However, one financial budgeting software solution stands above the rest if you’re looking to streamline back-office Finance processes and significantly increase confidence in reporting and planning. OneStream ultimately offers the best software to handle your institutions evolving needs, no matter how complex.
To learn more about how organizations are managing the complexity in their EPM processes, check out our whitepaper titled: Taking Performance Management to the Next Level with Intelligent Finance.
And if you’re ready to take the leap from spreadsheets or legacy EPM solutions and start your Finance Transformation with OneStream, let’s chat!
Learn More About OneStream for Higher Education