Continuous Planning for Competitive Edge: Overcoming Inefficient Practices

0
1510
#image_title

Introducing the Board Global Planning Survey 2023, a comprehensive study that sheds light on the challenges and impacts of planning transformation in the face of unprecedented events. As businesses worldwide grapple with the aftermath of global crises, it becomes evident that a significant number of organizations are unprepared for continued disruptions. With keywords like planning transformation challenges, unprecedented events, and inefficient practices, this survey highlights the urgent need for strategic planning, overcoming obstacles such as technical capability, skills gaps, and inefficient tools. Join us as we delve into the findings and explore the imperative of continuous planning to navigate the era of continuous disruption and gain a competitive edge.

  •  Despite widespread planning transformation attempts since 2020, 90% of businesses encountered challenges, with a lack of technical capability, skills gaps, and inefficient practices hindering success.
  • Unprecedented events, including the pandemic, supply chain disruptions, and economic crises, have propelled planning to the forefront, prompting organizations to take it more seriously and allocate increased budgets for transformation.
  • The survey reveals that businesses heavily reliant on outdated tools like spreadsheets face inefficiencies and time-consuming planning processes, necessitating a new approach for strategic planning and adaptability in the face of future globally significant events.

 In today’s rapidly changing and unpredictable business landscape, planning transformation has become a critical endeavor for organizations seeking to thrive amidst a series of unprecedented events. However, a recent survey conducted by Board International has uncovered significant challenges hindering the success of planning transformation initiatives. This article delves into the findings of the survey, highlighting the impact of unprecedented events, the roadblocks faced by businesses, and the need for a new approach to planning.

 Unprecedented Events Trigger Planning Awakening:

The past few years have witnessed a string of economically disruptive events, ranging from the global pandemic to supply chain disruptions and recessionary pressures. These events have served as wake-up calls for businesses worldwide, with 85% of decision-makers acknowledging a heightened focus on planning within their organizations. Budgets for planning transformation have increased, and board members and investors are demanding a more strategic approach to navigate these uncertain times effectively.

 Challenges in Planning Transformation:

Despite the recognition of the need for planning transformation, the survey revealed that 90% of businesses faced challenges in executing their initiatives. A lack of technical capability emerged as the top obstacle, cited by over a quarter of decision-makers. Additionally, organizations struggled with skills gaps and a scarcity of team resources, further hindering successful planning transformations.

 The Burden of Inefficient Practices:

Inefficient planning practices proved to be a major roadblock in the journey towards effective planning transformation. Shockingly, nearly all decision-makers (98%) admitted to relying on outdated tools such as spreadsheets, a technology dating back to 1985. This reliance on antiquated tools not only hampers efficiency but also consumes valuable time, with planners spending an average of 27 hours per week on scenario modeling alone. It is evident that a new approach is urgently needed to overcome these inefficiencies and embrace more integrated and intelligent planning methods.

 Adapting to the Era of Continuous Disruption:

The survey findings underscore the necessity for continuous planning, as organizations face an era of perpetual disruption. Marco Limena, Board CEO, emphasizes that businesses must recognize this new reality and continuously adapt to gain a competitive edge. By advancing digital capabilities and adopting a more strategic and agile approach to planning, organizations can effectively navigate future globally significant events such as supply chain disruptions, rising interest rates, pandemics, and recessions.

 As the business landscape evolves and unprecedented events continue to shape our world, planning transformation remains a critical priority for organizations seeking resilience and success. The Board Global Planning Survey 2023 highlights the challenges faced by businesses, ranging from technical capability gaps to reliance on inefficient practices. Embracing a new approach to planning that leverages intelligent tools and fosters continuous adaptation will enable organizations to thrive in an era of continuous disruption, achieve better outcomes, and secure a competitive edge in an ever-changing world.

 FAQs:

Q: What is planning transformation, and why is it crucial for businesses?

A: Planning transformation refers to the process of adopting new strategies, technologies, and approaches to improve the efficiency and effectiveness of planning within organizations. It is crucial because it enables businesses to navigate through unprecedented events, such as the global pandemic, supply chain disruptions, and economic crises, with agility and resilience.

Q: What are the main challenges faced by businesses in planning transformation?

A: The survey conducted by Board International highlighted several challenges faced by businesses in planning transformation. The top challenges include a lack of technical capability within the organization, skills gaps among employees, and scarcity of team resources. These obstacles often hinder the successful execution of planning transformation initiatives.

Q: Why is there a need for a new approach to planning?

A: The reliance on outdated tools, such as spreadsheets, is one of the key reasons why a new approach to planning is necessary. The survey revealed that a significant percentage of decision-makers still use spreadsheets for planning tasks, which not only results in inefficiencies but also consumes valuable time. Adopting more integrated and intelligent planning methods is crucial to overcome these inefficiencies and ensure organizations can respond effectively to ongoing disruptions.

Q: How can businesses adapt to the era of continuous disruption?

A: To adapt to the era of continuous disruption, businesses must embrace continuous planning. This means continuously reviewing and updating their planning strategies and processes to stay ahead of evolving challenges. Additionally, organizations should invest in advancing their digital capabilities to leverage intelligent planning tools and gain a competitive edge. By fostering agility, organizations can navigate future globally significant events such as supply chain disruptions, rising interest rates, pandemics, and recessions more effectively.

Q: How can Board International help businesses in planning transformation?

A: Board International is a leading provider of intelligent planning solutions. Their platform enables organizations to plan smarter, gain actionable insights, and achieve better outcomes. With their expertise and technology, Board International has helped numerous global enterprises digitally transform their planning processes. They offer a range of solutions to address the challenges faced by businesses in planning transformation and support organizations in navigating the era of continuous disruption.