Benefits of Enterprise Performance Management Software
Employees, employers and human resources professionals alike often dread performance reviews. In fact, in one survey, only 58% of companies said their method for reviews was an effective use of time. Additionally, 45% of HR representatives think the annual performance reviews are inaccurate encapsulations of an employee’s work.
To an employee, however, effective performance reviews and frequent feedback can result in higher levels of productivity, lower turnover rates and increased levels of performance. Approximately 70% of workers said they would work harder if valuable feedback was given, resulting in these companies being nearly 8.6% more profitable.
With an enterprise performance management software, businesses can gauge the essential elements of an effective performance review, including productivity and performance.
What is enterprise performance management software?
Enterprise performance management software, also known as business performance management, is a key tool for managers, HR professionals, sales, IT and other departments of your workplace. The software consolidates a myriad of information about your employees’ performance and assists in analyzing, planning and reporting on company-wide objectives.
Popular enterprise performance management software, such as Sisense, Corporater, True Sky and Hubble, offer complex analytics at a low cost without the need for expert IT staff. Comprehensive graphs, performance metrics and interactive dashboards make the process of forecasting and planning for your business easier than ever before.
Increases employee performance
The key takeaway from any effective enterprise performance management software is increased employee performance and productivity.
An increased sense of goal transparency, setting and tracking is an essential element to a workplace. These goals increase engagement, which, in turn, results in higher levels of performance.
In 2020, a shocking 85% of employees stated that they were not engaged in their workplace. What’s more, workplaces with highly engaged employees were 17% more productive.
Some software even allows employees to track company goals from their mobile devices. This feature is becoming more necessary as technology evolves. In fact, over 75% of employees say remote access should be available.
There are truly no downsides to having a goal-oriented team. With employee enterprise performance management software, data-driven goals and a more comprehensive view of company achievements can lead to a happier, more engaged, more productive and more proficient work environment.
Improves company finances
Enterprise performance management software not only benefits employees; it saves time for employers as well.
By utilizing the features of enterprise performance management software, you can easily adjust to ever-changing financial rules and regulations. These processes are as simple as checking a few numbers. Enterprise performance management software also assists with financial closing, aligning taxes and streamlining account reconciliation.
This software also eliminates the possibility of human error, which costs companies millions annually. Your time that used to be spent manually inputting this information will now be free to focus on implementing the forecasts made by your software, completely limiting a time-consuming step and taking your company to the next level.
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