In the last couple of months, we have heard comments from some prospects saying “I didn´t know EFP did reporting. I thought it was only for budgeting and planning until our consultants kept recommending it to us.”
This somehow makes sense because for the longest time, we have always marketed EFP or Epicor Financial Planner as a budgeting & planning tool, and we still do to this day.
To clarify once and for all, EFP supports financial reporting & analysis on top of budgeting and planning.
Consequently, when we say this, we then get questions like “how does EFP differ from Epicor Data Analytics, XLConnect, and AFR? Which one should we choose?”
Now that last one is a loaded question to answer because each company has its own needs and what you should choose should be that solution that you believe will address all your pain points.
However, what we can do is to clarify that EFP, EDA, XLConnect, and AFR support financial reporting in different ways.
While this may not be an exhaustive explanation, it might enlighten you on certain items.
Epicor Data Analytics supports questions such as “Why it happened”. In other words, EDA is about diagnostic analytics.
XLConnect primarily marketed as a reporting solution within Epicor supports the question “what has happened” or descriptive analytics.
AFR answers the question “What is happening” or operational reports.
Now, perhaps the reason why many are a bit uncertain where EFP stands within the financial reporting space is because EFP supports all these questions.
EFP is a competent tool for operational reporting, descriptive analytics, and diagnostics analytics. It has the power to answer questions like what is happening, what has happened, and why it happened.
It is worth emphasizing that EFP is ideal for mid-sized to large organizations with advanced reporting needs and it is an ideal solution for those that want a unified tool for reporting, budgeting, planning & financial consolidation.
To be very clear – EDA, XLConnect, AFR, and EFP are all robust and capable solutions within Epicor and what it all boils down to would be your specific needs and preferences since all these solutions integrate with Epicor ERP systems.
Epicor is all about making sure they have a solution for varying needs of the customers they serve, and this is just one example of Epicor offering several solutions depending on a customer´s need and want.
If you want a deeper discussion or if you want to see EFP´s reporting and budgeting capabilities in action, visit www.dsp.se or email firstname.lastname@example.org and we´ll be happy to give you a walk-through of this modernized subscription solution.