What Is EPM Software? [Detailed Guide + Best Tools]

Are you running your business, or is your business running you?

Well, if you’re spending more time wrestling with reports than making smart decisions, it’s time for a change.

Having worked with performance management teams for decades, I’ve seen enterprises struggle with scattered data, slow forecasts, and reactive decision-making.

But here’s the good news! EPM software can solve this by unifying financial planning, forecasting, and strategy—turning chaos into clarity.

In this guide, I’ll explain enterprise performance management software, how it helps businesses regain control, and highlight some top tools to consider. If you’re ready to shift from managing problems to driving growth, let’s dive in.

What Is EPM Software?

Enterprise Performance Management (EPM) is a system that businesses use to monitor and improve their financial and operational performance. It’s like a company’s financial GPS, guiding decision-makers with data-driven insights.

EPM software helps with budgeting, forecasting, financial reporting, and strategic planning. It ensures that companies stay on track with their goals, adjust to market changes, and make informed decisions.

Think of a retail chain tracking sales across multiple locations. Enterprise performance management solutions analyze trends, predict inventory needs, and prevent overspending. Without it, businesses would rely on guesswork instead of real data to drive success.

Here’s a sneak peek into some of the best enterprise performance management software in the market:

6 Best Enterprise Performance Management Software

I am sure just a glimpse of the features of these tools won’t hush your knowledge cravings.

So, let’s get a detailed view of the best EPM software solutions I have used. You can compare their salient features, pros, cons, and pricing information to get a better idea and choose the most suitable tool for your business:

1. PeopleGoal

Best for Boosting Employee Performance & Improving Engagement

I’ve seen firsthand how PeopleGoal turns performance management into a structured, high-impact process. It’s more than just goal tracking—it aligns individual objectives with company-wide strategies, ensuring employees know exactly how their work contributes to the bigger picture.

It also has customizable workflows that let teams create performance reviews, feedback loops, and recognition programs that actually resonate with employees.

And as far as employee engagement is concerned, it skyrockets when employees feel heard and see their progress in real time. Whether you’re running OKRs, 360-degree feedback, or continuous check-ins, PeopleGoal makes it effortless to create a culture of high performance and engagement.

What You Will Like

• PeopleGoal is highly customizable and extremely user-friendly.
• The platform provides 360-degree feedback, enabling comprehensive evaluations from various sources within the organization.
• With OKR and SMART goal-setting frameworks, PeopleGoal helps align individual objectives with overarching company goals.
• Seamless integration with tools like Slack and Microsoft Teams enhances collaboration and communication.
• Automated reporting features allow for effortless monitoring of performance trends through insightful reports.
• Built-in employee recognition features boost morale by acknowledging individual and team achievements.
• The dynamic App Engine enables the creation of custom applications to support unique HR processes within the organization.

What You May Not Like

• No downloadable or on-premise version
• The dark user interface option is not available

Pricing

FREE 7-day trial. Paid starts at $4/user/month.

2. Lattice

Best for HRIS in Large Enterprises

Lattice is the HRIS system I’d recommend for large enterprises that take performance and people strategy seriously. It’s not just a performance management tool—it integrates engagement surveys, goal-setting, career growth paths, and compensation insights into one unified system.

I’ve seen HR teams cut down so much administrative work because everything flows together, from setting strategic objectives to running efficient reviews and aligning them with rewards.

Plus, the analytics are gold. You get clear, actionable insights into employee sentiment and performance trends across teams and departments.

What You Will Like

• Lattice automates performance reviews with scheduling and reminders, streamlining the evaluation process.
• The platform facilitates goal management by allowing users to set, track, and update objectives across all organizational levels.
• Employee engagement surveys are available to collect and analyze feedback, providing insights into workplace sentiment.
• Structured templates for 1:1 meeting agendas promote regular and productive check-ins between employees and managers.
• Real-time feedback mechanisms encourage continuous improvement by enabling instant communication.

What You May Not Like

• Customization options are limited, restricting the ability to tailor certain features to specific organizational needs.
• The platform offers only basic onboarding functionalities, which may not meet all organizational requirements.

Pricing: Starts at $11/seat/month.

3. 15Five

Best for Enterprise Performance Reviews System

If you’ve ever struggled with performance reviews that feel outdated and ineffective, 15Five is the refresh you need. It transforms reviews from a dreaded HR task into an ongoing, valuable conversation between managers and employees.

The tool focuses on continuous feedback, 1-on-1s, pulse surveys, and goal tracking, ensuring no one’s performance is evaluated based on just a single review cycle. Enterprises love it because it doesn’t just track performance—it actively helps improve it with coaching tools and development-focused insights.

I’ve seen teams move from rigid annual appraisals to dynamic, ongoing performance check-ins, and the results are night and day.

What You Will Like

• The tool contains a “High Fives” feature that fosters a culture of appreciation with peer-to-peer acknowledgments.
• Pulse surveys are utilized to assess employee morale and engagement levels regularly.
• The platform effectively aligns individual goals with company objectives through its objective tracking capabilities.
• Structured performance reviews support employee development by providing clear evaluation processes.
• A variety of developmental tools are available to assist in personal and professional growth.

What You May Not Like

• The platform may lack in-depth data analysis capabilities, limiting advanced analytics.
• The mobile version may not offer the full range of features available in the desktop application.

Pricing: Starts at $4/user/month.

4. Workday

Best for Unified Finance Solutions

Workday is a powerhouse when it comes to unifying finance, HR, and enterprise performance management. I’ve seen large organizations thrive with its real-time analytics, automated financial planning, and workforce management features—all seamlessly connected.

Unlike clunky legacy systems, Workday gives CFOs and HR leaders actual visibility into how financial and people strategies align. Whether it’s tracking workforce costs, managing budgets, or forecasting future financial scenarios, everything flows smoothly.

Besides, enterprises dealing with complex financial structures will appreciate how Workday eliminates silos, keeping everything agile and data-driven. If your finance and HR teams are working in disconnected systems, trust me, this is the platform that brings everything together under one roof.

What You Will Like

• Workday offers a comprehensive Human Capital Management (HCM) suite, providing a wide range of solutions for managing human resources.
• The platform ensures global compliance by adhering to international labor laws and regulations.
• Talent management features effectively handle recruitment, development, and retention processes.
• An intuitive user interface enhances the user experience by simplifying system interactions.
• A robust mobile application enables HR tasks to be managed on the go, increasing flexibility.

What You May Not Like

• The initial setup can be expensive, posing a challenge for smaller organizations.
• There is limited flexibility in altering certain system features, which may hinder customization.

Pricing: Custom pricing.

5. BambooHR

Best for Comprehensive HRIS With Payroll Solutions

BambooHR has always felt like the friendly HR software that still packs a serious punch—especially when payroll is involved. It’s an all-in-one HRIS, handling hiring, onboarding, performance management, and payroll processing effortlessly.

I’ve seen HR teams breathe a sigh of relief when they ditch spreadsheets and start using BambooHR’s automated workflows. And payroll errors? Practically nonexistent with its built-in tax calculations and compliance tracking.

For enterprises that want a seamless performance management system baked into their HRIS, BambooHR’s employee evaluations and feedback features ensure no one’s growth gets lost in the shuffle.

What You Will Like

• Employee self-service capabilities empower staff to manage their own information and tasks efficiently.
• The platform includes time-tracking features to monitor employee hours and attendance accurately.
• An applicant tracking system streamlines the hiring process by managing candidate data.
• Performance management tools enable organizations to set goals, conduct reviews, and track employee progress.
• Customizable reports allow businesses to generate insights tailored to specific organizational needs.

What You May Not Like

• Advanced performance tracking features are limited compared to specialized tools.
• Customization options may not be as extensive as other enterprise-level platforms.

Pricing: Custom pricing.

6. SAP SuccessFactors

Best for SAP Suite Users

If your enterprise already runs on SAP, SuccessFactors is a no-brainer for performance management. It integrates seamlessly with the SAP ecosystem, making HR and talent management a natural extension of your existing workflows.

I’ve seen a lot of large organizations using this tool to streamline recruiting, learning management, performance tracking, and succession planning all in one place.

The real magic, though, is in its advanced analytics—leaders get deep insights into workforce trends, productivity, and engagement levels. And because it’s SAP, it’s built to handle the complexities of global enterprises, from compliance tracking to multi-country workforce planning.

What You Will Like

• SAP SuccessFactors provides a complete talent management suite covering recruitment, onboarding, and performance management.
• AI-driven insights help organizations make data-backed HR decisions.
• Learning and development modules support continuous employee training.
• Employee experience features improve engagement and satisfaction.
• Integration with SAP’s ERP solutions enables seamless enterprise-wide data management.

What You May Not Like

• Customization options may require additional SAP modules, increasing costs.
• The implementation process can be lengthy and resource-intensive.

Pricing: Starts at $31.92/user/year.

What Are the Benefits of Enterprise Performance Management Software?

EPM software combines key financial processes like budgeting, reporting, and forecasting into one platform, reducing errors and improving efficiency.

Let’s explore its benefits in detail with examples for better understanding.

1. Better Financial Planning & Budgeting

Budgeting without accurate data often leads to misallocated resources and financial surprises. EPM software helps organizations centralize financial planning, ensuring more precise forecasts and better control over spending.

Example: Suppose a company has multiple teams handling budgets separately, leading to overspending in some areas and shortages in others.

Implementing EPM tools allows all budget requests to be managed in one system, providing leadership with a clear financial overview. This ensures funds are allocated strategically rather than based on outdated or incomplete information.

2. Improved Decision-Making with Real-Time Data

Timely and accurate data is crucial for making informed business decisions. EPM software provides real-time insights, helping leaders adjust strategies before small issues turn into major problems.

Example: Imagine a company launching a new product. Sales figures come in slower than expected, but by the time the monthly report arrives, it’s too late to course-correct.

With enterprise performance management solutions, sales data is updated daily, allowing the marketing team to tweak campaigns in real-time to drive better results.

3. Enhanced Performance Tracking & KPIs

Tracking key performance indicators (KPIs) helps businesses monitor progress and adjust operations as needed. EPM software makes it easy to set goals, measure results, and ensure accountability across teams.

Example: Suppose a manufacturing plant wants to improve production efficiency but relies on outdated manual reports. After they learned about EPM software, they tracked performance in real-time, quickly identifying production slowdowns and making necessary adjustments to maintain efficiency.

4. Regulatory Compliance & Risk Management

Staying compliant with financial regulations can be complex, especially for businesses operating in multiple regions. EPM software ensures accurate record-keeping and automated reporting, reducing the risk of penalties or compliance issues.

Example: Imagine a financial firm that must submit regular compliance reports. Previously, they compiled data manually, increasing the risk of errors. With EPM tools, reports are automatically generated and validated, ensuring accuracy and saving countless hours of work.

5. Increased Collaboration Across Departments

When different teams work in isolation, miscommunication and inefficiencies can slow business operations. EPM software provides a shared platform where finance, HR, sales, and operations teams can work together seamlessly.

Example: Suppose a company’s finance and marketing teams are misaligned. Marketing launches campaigns without consulting finance, leading to budget overruns. After using EPM software, both teams access the same financial data, enabling better planning and avoiding last-minute cost adjustments.

6. Scenario Planning & Forecasting

Predicting future business conditions allows companies to prepare for economic shifts, supply chain disruptions, or changes in customer demand. EPM software enables scenario modeling to test different financial strategies.

Example: Imagine a retail business that wants to expand into new markets but isn’t sure how an economic downturn would affect revenue. With EPM software, they model different sales and cost scenarios, allowing them to make informed expansion decisions without unnecessary financial risk.

7. Automated Financial Consolidation & Reporting

For companies with multiple branches or subsidiaries, manually consolidating financial reports can be tedious and error-prone. EPM software automates this process, reducing delays and improving accuracy.

Example: Suppose a global business has finance teams in multiple regions, each using different reporting formats. Compiling financial statements takes weeks.

After adopting EPM software, financial data from all locations is automatically consolidated into standardized reports, saving time and ensuring accuracy.

8. Better Resource Allocation

Optimizing how resources are distributed can lead to higher efficiency and profitability. EPM software helps businesses identify areas where funds, employees, or equipment are underutilized or overspent.

Example: Imagine a company that allocates the same budget to all its departments every year, regardless of actual needs.

With EPM software, they analyze usage patterns and adjust allocations, ensuring that high-priority projects receive sufficient resources while minimizing waste.

9. Scalability for Growth

As businesses grow, financial complexity increases. EPM software is designed to handle expansion, whether it’s managing additional business units, international operations, or larger data volumes.

Example: Suppose a subscription-based company starts with a small customer base but rapidly expands. Managing revenue tracking and expenses manually becomes overwhelming.

By using EPM software, they automate financial processes, ensuring smooth scaling without losing control over financial data.

10. Cost Savings & Operational Efficiency

Reducing manual work, improving accuracy, and streamlining financial processes all contribute to lower operational costs. EPM software helps businesses cut down inefficiencies and focus resources on high-value tasks.

Example: Imagine a company where every financial report goes through multiple approval layers, causing delays and extra administrative work. With the use of EPM software, reports are automatically validated and approved based on pre-set rules, cutting processing times and administrative costs.

How EPM Software Solves the Common Enterprise Challenges

We have already seen that enterprises today navigate complex financial landscapes, operational inefficiencies, and rapidly changing market demands. Without the right tools, decision-making becomes reactive rather than strategic.

EPM software offers a robust solution, transforming data into actionable insights that drive efficiency, agility, and growth.

Here are some of the most pressing enterprise challenges and how EPM software provides tailored solutions.

1. Financial Planning & Budgeting Complexity

Enterprises often rely on spreadsheets and outdated legacy systems for financial planning, leading to manual errors, time-consuming reconciliations, and inaccurate forecasts.

As organizations scale, coordinating budgets across multiple departments and business units becomes increasingly challenging, affecting financial agility and strategic decision-making.

How EPM Software Helps in Financial Planning & Budgeting

• Automates budget creation, reducing manual work and human error.
• Provides rolling forecasts based on real-time financial and market data.
• Uses AI-powered predictive analytics to enhance forecasting accuracy.
• Supports scenario modeling to prepare for potential financial risks.
• Ensures transparency with centralized data that is accessible to all stakeholders.

2. Lack of Data Visibility & Integration

Siloed data across multiple systems and departments makes it difficult for enterprises to gain a comprehensive view of financial and operational employee performance. Decision-makers often rely on outdated reports, leading to misalignment between strategy and execution.

How EPM Software Helps in Data Visibility & Integration

• Unifies financial, operational, and strategic data into a single source of truth.
• Provides interactive dashboards with real-time performance metrics.
• Automates data consolidation from disparate sources, eliminating inefficiencies.
• Enables cross-functional collaboration by sharing insights across departments.
• Enhances decision-making by ensuring timely and accurate reporting.

3. Compliance & Regulatory Challenges

Enterprises must comply with evolving financial regulations, tax laws, and reporting standards. Manually tracking compliance requirements increases the risk of penalties, errors, and audit failures.

How EPM Software Helps in Compliance & Regulatory Management

• Automates regulatory reporting to meet compliance standards (e.g., IFRS, GAAP).
• Provides built-in audit trails and control mechanisms for data accuracy.
• Helps mitigate risks by identifying non-compliance issues in advance.
• Ensures timely and accurate tax reporting with real-time updates.
• Enhances transparency with a structured governance framework.

4. Inefficient Performance Monitoring

Without clear visibility into performance metrics, enterprises struggle to assess business efficiency and align objectives with long-term goals. Poor performance tracking results in missed opportunities and operational inefficiencies.

How EPM Software Helps in Performance Monitoring

• Tracks key performance indicators (KPIs) in real-time with dynamic dashboards.
• Provides scorecards to evaluate employee, department, and financial performance.
• Automates variance analysis to detect financial and operational inefficiencies.
• Enables benchmarking against industry standards for competitive insights.
• Delivers data-driven recommendations for continuous performance improvement.

5. Strategic Decision-Making Bottlenecks

Enterprises often base decisions on outdated reports and gut instincts instead of real-time insights. Slow decision-making can hinder market responsiveness and affect long-term growth.

How EPM Software Helps in Strategic Decision-Making

• Uses AI-driven analytics to provide real-time business insights.
• Enhances “what-if” scenario planning for proactive strategy adjustments.
• Aligns financial and operational goals with predictive modeling.
• Reduces reliance on manual data gathering, speeding up decision-making.
• Improves executive decision-making with consolidated, actionable reports.

6. Cash Flow & Working Capital Management

Poor cash flow visibility and inefficient capital allocation can lead to liquidity issues, delayed investments, and operational slowdowns. Managing working capital effectively is crucial for business sustainability.

How EPM Software Helps in Cash Flow & Working Capital Management

• Provides real-time cash flow forecasts to optimize liquidity.
• Identifies trends in revenue and expenditure to manage financial risks.
• Offers automated alerts for cash shortages and surpluses.
• Optimizes working capital allocation to maximize financial efficiency.
• Helps align financial strategies with short- and long-term business goals.

7. Workforce & Resource Allocation Issues

Enterprises often struggle with inefficient workforce planning, leading to talent shortages, excess labor costs, or misaligned human resource distribution. Balancing operational demand with workforce capacity is critical for maintaining efficiency.

How Software EPM Helps in Workforce & Resource Allocation

• Forecasts workforce needs based on historical and predictive data.
• Identifies underutilized and overburdened resources for better distribution.
• Helps HR teams align staffing with business demand fluctuations.
• Supports workforce cost optimization without compromising productivity.
• Provides talent analytics to improve retention and succession planning.

8. Lack of Agility in Business Operations

Enterprises need to quickly adapt to changing market conditions, but rigid processes and slow decision-making can hinder flexibility. Without agile planning, organizations may miss opportunities or struggle during disruptions.

How Software EPM Helps in Business Agility

• Enables scenario modeling to assess the impact of potential market shifts.
• Provides real-time insights to facilitate rapid decision-making.
• Automates workflow processes for increased efficiency and adaptability.
• Supports cloud-based collaboration, ensuring seamless remote operations.
• Enhances risk management by identifying vulnerabilities and alternative strategies.

Unlock Data-Driven Success with the Right EPM Software

Enterprise performance management software isn’t just about tracking numbers. It’s about making informed, strategic decisions that drive real business impact.

The right tool helps you plan, analyze, and optimize performance across departments, ensuring accurate insights back every decision. However, not all EPM solutions are created equal.

I personally like PeopleGoal for its flexibility, automation, and deep analytics. It simplifies goal tracking, streamlines performance reviews, and offers customizable workflows—all crucial for businesses that want data-driven success. If you’re looking for an EPM solution that balances structure with adaptability, you can surely try this tool.

Learn More About EPM Software

What makes EPM software different from basic performance management tools?

EPM software isn’t just about tracking performance—it’s about aligning it with big-picture business goals. While basic tools handle reviews and goal-setting, EPM solutions integrate strategic planning, forecasting, and analytics. PeopleGoal takes it up a notch with customizable workflows, real-time insights, and data-driven decision-making, making performance management way more impactful than just ticking boxes.

How does PeopleGoal ensure employee adoption of EPM tools?

Nobody likes clunky software, and PeopleGoal gets that. It keeps things simple with an easy-to-use interface, automated workflows, and personalized dashboards. Employees can track goals, get real-time feedback, and actually enjoy the process. Plus, seamless integrations, solid training resources, and responsive support make adoption a breeze—no endless emails begging people to use the tool.

How secure is EPM software for sensitive performance data?

Security is a big deal when handling performance data, and EPM software doesn’t take it lightly. Encryption, role-based access, and compliance with major data protection laws keep things locked down. PeopleGoal goes the extra mile with enterprise-grade encryption, GDPR compliance, and regular security audits—so your data stays safe, sound, and out of the wrong hands.