In the face of a very uncertain future, companies have been discovering the value of rapid planning and budgeting cycles. As events unfold, they’re changing expectations for the future significantly on a daily or weekly basis. However, even when the world returns to a steadier state, companies will benefit from making their planning and budgeting processes faster, easier, more relevant, more strategic, more agile and more accurate.
Outcomes are uncertain and contingent on specific events, leading executives to consider multiple scenarios, each with different drivers, not just a vague base case, upside and conservative projections. And to do scenario planning rapidly at a sufficiently granular level, organizations must integrate their business planning efforts – siloed planning won’t work.
Ventana Research SVP and Research Director Robert Kugel explains why companies need a “Planning Center of Excellence” as a practical way of achieving these objectives.