What is Enterprise Performance Management (EPM) and How Can it Help Drive Sustainability?
Targeting Energy And Emissions With Digital Transformation
Enterprise Performance Management (EPM) is a digital transformation process that businesses can use to monitor, measure, and manage their performance. The goal of EPM is to improve overall organizational performance by aligning strategic goals with operational activities, and by providing visibility into performance metrics and key performance indicators (KPIs) across the enterprise.
As more and more companies get serious about sustainability and strive for energy optimization and net zero emission, enterprise performance management technologies have expanded to include sustainability capabilities.
Digital Transformation Is Easier Than Ever
Performance improvement is a pervasive goal for almost every enterprise, and artificial intelligence and enterprise performance management software applications have made it easier to improve business monitoring and performance.
However, a full digital transformation of your business to target performance, energy optimization, and sustainability can sound intimidating and expensive – which is why many companies haven’t explored re-wiring their organization to lean more into the benefits of artificial intelligence (AI) and EPM.
According to a survey by Harvard Business Review, only about 8% of companies engage in core practices that support the widespread adoption of AI and advanced analytics to improve operations. And most initiatives are only ad hoc pilots or are focused on a single business process.
This opens up opportunities for companies that understand the power of digital transformation, and who engage a technology partner, like Honeywell, to make the implementation and activation process as easy as possible. Companies who understand the importance of funding digital transformation and who lean into digitalization solutions can see a return from EPM across assets, people, and processes, and transform asset management and energy optimization at scale.
For instance, one of the most “analog” places in the workplace is arguably the warehouse. And yet, the digital transformation of warehouse operations might be one of the most crucial safety and efficiency actions an industrial leader can take. Operations managers often face the use of too many outdated legacy processes and can spend hours collecting data and entering data manually into spreadsheets and systems, which is time-consuming and can lead to user error. Automating these processes can save tremendously on critical managerial time. (For more on this topic, listen to Episode 9 of the Forging Connections podcast to hear about warehouse EPM from Akash Jain, Honeywell Connected Enterprise General Manager for Connected Warehouse.)
"Customers are going to be more open to embrace automation, robotics, warehouse managment systems, variable technologies, blockchain, IoT, the new technologies"
-Akash jain, Honeywell Connected Enterprise, GM, Connected Warehouse
An EPM Solution to Empower Decision-Making
Honeywell Forge innovations offer an enterprise performance management solution for the digital transformation of operations, via a mix of industrial-grade software products and enabling services that help companies use operational data to drive insights.
These data-driven insights enable better decision-making to help you improve processes, enhance productivity, support sustainability initiatives and empower workers to make better and quicker business decisions centered around operational efficiency.
With Honeywell Forge industrial-grade applications, organizations can unite near-real-time data across assets, people and processes into a single system of record, capturing a broad view of data that can help you drive transformation and intelligent operations. By utilizing domain-specific AI and machine learning (ML) solutions, organizational stakeholders can surface inefficiencies to mitigate risk, reduce costs and better support their sustainability goals.
Targeting Energy Optimization and Net Zero Emissions
As the importance of sustainability continues to rise, industrial-grade software is seen to be a key driver toward reaching a sustainable future and providing help to meet net zero emission goals.
Reaching sustainability targets across an entire enterprise is a feat in itself, but with an increase in consumer pressure and investor analysis, managing environmental, social and governance (ESG) goals without sacrificing worker and occupant comfort is often difficult to achieve.
By enabling sustainable buildings with technologies that empower edge-to-cloud visibility and control, and by using predictive intelligence through enterprise performance management solutions, companies can transform asset and energy optimization management across their entire enterprise.
Net zero-emission targets and operational performance can be managed using software to identify emissions sources. This can help you minimize fugitive emissions and leaks, or allow you to capture and analyze data to help re-work facility design – resulting in the opportunity for operations to run more sustainably.
Honeywell Forge EPM applications are working to help customers move beyond point solutions targeting energy and emissions into end-to-end solutions that utilize advanced analytics to help you identify and adjust emissions-related events, reduce operational risk and improve worker safety.
Improved asset energy efficiency can ultimately help companies decrease emissions, enabling organizations to better stay compliant with environmental and emissions regulations, and helping them work towards reaching net zero emission targets and achieving sustainability goals.