Integrating EPM models with the data-driven systems that feed them is a critical step in reducing the time it takes to generate closures. The new EPM platforms, through their own ETL, allow us to connect with various protocols to the source systems, collect data, convert it, transform it, and feed it into financial models. This integration gives us the tools to cover everything from data loading to master data updates (metadata), allowing us to accurately record the data generated at each close.
Some of the solutions with which we work allow us to connect to legacy systems in order to review a specific record (such as journals from an ERP accounting extract) that explain a cost in one of our financial models. These features enable us to create models that are considerably more compact, without the need for excessive details that degrade performance, while still allowing us to use the “drill through” feature to see what’s behind a given data intersection.
In environments with a large number of users who only need to consult information generated / prepared by a small number of key users, we propose hybrid environments in which, once the consolidated close is completed, or the forecasted / FCST / Budget; we “publish” that information in reporting environments to which everyone in the organisation has access (EPM – Data Lake – MS Power BI).