A Dimensional Research survey sponsored by connected planning outfit Anaplan shows that using next-generation technology to connect data, people, and processes across the enterprise to combine strategic insight with business foresight accelerates business value.
The study showed that 92 percent of companies believe that better planning technology produces better business outcomes and 74 per cent of companies plan more frequently than they did five years ago. More than 97 percent of survey respondents said planning is critical to enhancing revenues, optimising resource allocation and converting strategies into action. Around 82 percent of “aggressively growing” companies incorporate market data into their plans within days or weeks.
However, just 15 percent of companies report executing on all of their plans, and only 39 percent put three-quarters or more of their plans into action.
Anaplan Chief Planning Officer Simon Tucker said: “Business planning is at a critical tipping point, and in the era of digital transformation, organisations need to leave behind the static and siloed approach of traditional business planning to survive in today’s market. Data has to flow in all directions, across business units, so that everyone has a single source of truth. Organisations using a connected planning approach have a competitive edge by integrating—and acting on—market changes more quickly.”
The survey seemed to show a correlation between a company’s ability to be more agile and data-driven in its planning with driving better business outcomes with 82 percent of respondents of “aggressively growing” companies saying that planning is critically important for enhancing revenue.
Jeff Brobst, Vice President, Finance, Seagate Technology said: “We overhauled our planning process, which was highly siloed and disconnected with more than a dozen independent software applications to a more agile, connected planning approach that leverages a single, cloud-based platform,” said. “We see tremendous value with connected planning by more effectively integrating market changes into our plans and driving collaboration across business units to help us see around corners and make better decisions. As a result, we’re seeing the impacts of changes more quickly.”
Respondents also addressed the role of advanced analytics, machine learning and artificial intelligence in connected planning. Demand for emerging technologies in the planning space is strong, with 94 percent of survey respondents reporting that they believe machine learning has a role in the future of planning technology and 55 percent of IT professionals stating that capabilities like “what-if” analyses allow organisations to perform advanced analyses with confidence.
You couldn’t make it up.
