3 Core Issues to Address to Revive Your Business Planning
The number one reason for startup business failure cited in a recent study was incompetence, with lack of planning listed as a major strategic pitfall. Understandably so, the right amount of proper planning can help you avoid myriad costly problems. The solution, however, is not a quick fix for businesses.
Those charged with the operations of a business often have very little insight into the information that they need. This means business leaders don’t have a real-time view into exactly what the business is doing. It’s like trying to reach an obscure destination without GPS. Without proper planning, the business suffers.
Think about your sales, financial, and operational planning. Are these processes still run on incomplete data sets? Do the right people have access to the right data at the right time? Today, planning is no longer in the realm of the business executive. It’s the operationally-focused manager who makes tactical plans that drive value directly to the bottom line.
In our recent GigaOm Research report, Instinct meets evidence: using operational data to drive planning by David S. Linthicum, key findings reveal what modeling and analytics can offer for effective planning and execution to integrate data into every decision process. Businesses can put flexible tools directly into the hands of operations. This empowers the right people to take action with the right information. As you evaluate your planning processes, it’s important to understand the root of the problem. Here are three core issues that businesses must consider to improve operational planning:
- Lack of pertinent data
Most charged with business planning can’t see all of the data they need to do their jobs effectively. The frontline managers and executive leaders need information that will provide the best understanding of the current and future states of the business.
- Lack of timely availability of insights to operational teams
Those who are on the front lines of the business frequently can’t gain access to the business data they need. For example, a warehouse manager lacks the ability to see that a chronic lack of inventory cost 30 percent of sales last year, and the manager lacks information to solve the problem or provide better planning.
- Operations don’t have the flexibility to model and view their business
Operations teams lack the ability to see the information in ways that are meaningful to them. This means having the ability to compare current and historical data to make key determinations around the health of the business and thus the actions that must be taken immediately.
The report discusses key problems and concepts that should be considered during the planning process for the individual needs of different enterprises. Download the report and learn how you can adopt data-driven and automated planning to get the value you seek. You’ll learn about unique use cases and actionable steps to make immediate improvements.