Ventana Research - Five Ingredients for Next-Generation Business Planning
Why a Planning Platform Is Essential
Companies do a lot of planning. They plan sales, determine what products and services they will offer, decide what they will charge, and what these will cost. They plan the headcount they’ll need to run the business and how to organize distribution and their supply chain. However, companies don’t always get a worthwhile return on the time they invest in all these processes.
This Ventana Research focuses on the notion of predictive planning as the keystone of the next-generation of planning solutions. Predictive planning is defined by Ventana as a process that both improves the accuracy of the plans and enables businesses to quickly detect deviations from expected results and take action if those deviations are significant.
Five key ingredients are necessary to tangibly implement a predictive planning approach:
- A single shared source of data and an end-to-end planning platform (from target setting to execution)
- Short, fast, detail-oriented planning and budgeting cycles
- Driver-based planning
- Analytics with alert management
- Collaborative decision-making processes
To do this, the perfect blend is achieved using an integrated platform like Board. Compared to relying on desktop spreadsheets, using an all-in-one BI and Enterprise Performance Management platform can reduce the time and effort organizations spend gathering and correcting data, checking formulas, and manually producing and distributing reports. This shortens planning cycles which in turn promotes agility and helps organizations respond better to competitors’ moves and changing market conditions.
Do you want to learn more about the five ingredients for Next-Generation Business Planning? Complete the form and download the Ventana Research.