With the world changing at a faster pace than ever before, the need for organizations to be able to react quick is significantly increasing. Not only has this impacted the way we have designed our business processes, but it has also made system support even more important.
Today we see a rising need for planning tools that support you and your team to make well-informed and real-time decisions, to leverage end-to-end visibility and to have the possibility to run as many “what-if” scenarios as needed. And here’s where the term connected planning comes in.
What is connected planning?
Connected planning, a term created by Anaplan, is the practice of breaking down information silos to eliminate inefficiencies between financial, corporate and operational planning. Far-seeing finance professionals who want to empower their teams to be better equipped for the future, must put connected planning at the centre of their transformation efforts.
Why focus on connected planning?
While the traditional business planning of yesterday lacks the technology of collaboration and forward thinking, connected planning gives you the solution of tomorrow’s problems delivering 3 core benefits:
1) More time for strategic initiatives
…and less time you have to spend on data collection. According to Genpact, finance teams spend 40% of their time collecting and verifying data, 20% on spreadsheet maintenance, and 20% on report development. That leaves only 20% for performing analysis and revealing insights that can boost their companies beyond the competition.
Connected planning makes it possible for finance team to work with other (functional) leaders or departments on value-added work and creative problem-solving. It also helps to increase belief in their output through faster, more reliable plans, and interactive dashboards that nudge behaviours and drive action.
2) Taking forecasting to another level
Traditional forecasting methods that rely on legacy planning tools and manual processes often prevent organizations from achieving a responsive forecasting approach. These ‘outdated’ methods can reduce efficiency, cause users to struggle with enormous volumes of data, and produce unreliable results that undermine business performance.
With connected planning siloed information can be easily sorted into adjustable and accessible, real-time views – giving organizations the data transparency and visibility needed to forecast efficiently and make confident business decisions.
3) Realize standardization and consistency
Connecting your business with consistent data structures, planning methods, budgeting, and forecasting can enforce a common language. Something that is very useful, if you know that most organizations struggle with disparate systems and data sources, nonstandard practices, and disconnected or ad hoc processes that cause inefficiencies. A connected enterprise stimulates the data-to-insight-to-action loop, simplifies processes, and ensures efficiency.
In other words: Connected planning means that finance never stands alone.
In need of connected planning?
Connected planning provides immense opportunities for a more connected business. It offers a more advanced approach to spreadsheets and delivers long-term value. Organizations that focus on the bigger picture will enjoy strategic advantages in responsiveness, rapid time to insight, scenario modelling, and improved user experiences.
If you feel like your company is ready to make the leap between platforms, feel free to contact us, and we will guide you throughout the whole process. After all, switching between platforms and restructuring your whole process is a daunting task, but one that would pay off greatly by the end.