Cloud-based Enterprise Product Management (EPM) has become the answer to most businesses’ digital needs. It helps companies to streamline processes, eliminate manual work and create a single digital product dashboard. However, to make this a reality for their organization, companies need a reliable EPM solution that can help them keep track of every product, user, service, and process.
A primary prerequisite to successfully achieving your business goals is carefully selecting your EPM implementation partner. Ensure they prepare a clear and precise software system onboarding plan for your organization that includes an end-to-end journey with transparent implementation, testing, adoption, and maintenance milestones. The same goes for their monitoring strategy, a continuous process that can be traced back in real-time. If your EPM provider has these capabilities and efficiently uses them correctly, it might take less time than expected to deliver returns on your business goals.
What Does an Oracle Cloud EPM Partner Do?
An Oracle Cloud EPM solution partner provides business management services for product families. They manage all product-related activities, from sales and marketing to product finance and service lifecycle management, to help a company drive sales and profitability across its product portfolio. It includes a “one-stop solution” for product realization and development. Additionally, it includes creating a digital product road map, managing the creation of product specs, product prototypes, a product launch plan, a sales and marketing plan, a financial plan, and so on.
Oracle Cloud EPM providers help your business become more efficient by boosting revenue and reducing expenses. They help you create, capture and manage all of the information associated with your products from all areas of your business, from sales, marketing, and finance to customer service and operations. Using a Cloud-based EPM solution, organizations can produce high-quality documents, manage projects and track inventory across the entire product lifecycle in real-time.
However, the question remains how does a Cloud EPM Deliver Sustainability?
Sustainability is about meeting the needs of current and future customers, employees, and investors. It’s also about managing costs over the long term. Oracle EPM providers must have a clear strategy to manage the service delivery, costs, and revenue that are genuinely sustainable.
When you choose an EPM partner to drive your digital transformation, it’s critical to understand how they manage the service delivery, costs, and revenue. You need to look out for these factors to ensure you choose a partner with a sustainable business model who will make this transformation successful for your company.
- Customer Satisfaction: How does the provider rate customer satisfaction? Does the EPM provider have a positive Net Promoter score? Does it show a positive year-over-year growth?
- Customer Acquisition: Is there evidence of customers signing up for the service? What is the net new customer acquisition cost (i.e., the cost of new customers divided by their lifetime value)?
- Cost Management: Does the provider have an established cost management framework? Does it have a proper understanding of the cost of operations and delivery?
- Profitability: Is the business profitable? Is it growing? If it’s not, why is that?
- Perceived Market Validity: Does the provider offer a service that has real-world customer value?
Determining Factors for Sustainable Delivery
There are many factors to consider when evaluating an EPM provider’s sustainability. But when it comes down to it, the most crucial factor is whether or not the company is profitable. Many Cloud EPM vendors claim to be sustainable but aren’t making any money from their customers. It isn’t sustainable as you risk subsidizing the company for years to come if you choose an EPM vendor that isn’t profitable. One way to identify sustainable EPM companies is to look at their customer acquisition cost (i.e., the cost of new customers divided by their lifetime value). A company with a high customer acquisition cost likely has high customer support costs, expensive sales processes, and oversold products.
Key Takeaway
Cloud-based Enterprise Performance Management (EPM) is a valuable tool for organizations looking to achieve sustainability goals. It helps organizations improve efficiency, collaborate more effectively, and reduce costs. Cloud EPM solutions help organizations by providing real-time data and analytics. It can help organizations to identify areas for improvement and make data-driven decisions. It can also help your organization to create and manage its products. A well-managed Oracle Fusion Cloud EPM solution will provide real-time visibility into the status of products and transactions across the organization, help you to reduce costs, boost revenue, and increase revenue while also delivering quality products. Furthermore, with an EPM solution, companies can create, capture, and manage all of the information associated with their products from all business areas, such as sales, marketing, finance, customer service, and operations.
However, choosing an EPM implementation partner that can provide a reliable, efficient, and sustainable service is vital. A good EPM implementation partner should have a clear onboarding plan that includes an end-to-end journey with clear implementation, testing, adoption, and maintenance milestones. Additionally, they should have a monitoring strategy that is a continuous process, can be traced back in real-time, and delivers a sustainable business model. Factors to look for in an EPM implementation partner include customer satisfaction, customer acquisition, cost management, profitability, and perceived market validity. Ultimately, a sustainable EPM partner should be able to deliver returns on business goals, provide real-world customer value and be profitable in the long run.
Connect with Tangenz IT System Integrators, an Oracle Preferred Partner, to learn more about sustainable Oracle Cloud EPM solutions and its implementation assistance services.
