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Enterprise Performance Management: - The Need of the hour for Modern Agile Businesses

As companies look to fully embrace agility as a way of working and doing business, integrated planning is emerging as an ideal way forward. Integrated planning unleashes the power of enterprise performance management across your company to support business and organizational agility. That’s right. Some thought this approach was only for the finance organization. But it can take on the needs of all lines of business within organizations especially those aspiring to be agile. Let’s explore how.

The importance of being agile

Agility can help solve problems created by business changes or disruption. Agile companies can react swiftly and successfully when new competitors, new technological advances or sudden market shifts appear on the horizon. While Collaboration and sharing are critical to agility when delivering long-term business values which is the eventual goal. Agile companies also provide employees across all business units with access to a central repository of data to make informed decisions, connecting the process across all departments. This is critical and a much sought after value add from an IT eco system perspective. If you want to embrace agility, you need to establish processes and systems that enable information to flow freely in all directions. In addition your employees must be able to experiment, test theories and iterate facts. But this free-flow of information can get stuck if data exists in silos and planning and analytics are not built in a free hand mode.

So, what’s the answer then for Modern Agile Businesses?

It’s all about ‘Planning the Work and Working the plan with integrated planning’. As this article is about strategic business planning which explains, operations, sales, marketing, human resources and other departments and disciplines. They all need fast, flexible planning and analysis. These business areas also need to be able to easily share information, access data, and test scenarios in one unified, centralized place or repository. Integrated planning removes the silos and barriers to information-sharing by applying a modern, enterprise performance management approach to planning that creates a single source of viable information. This drives the best possible decisions and integrated planning which helps you attain insights and create plans at the speed of business, collaborate cross-functionally, and respond quickly to changes.

Accelerated Planning, Analysis and Insights:-
Agile companies can’t be slowed down by complicated layers of technology and manual processes that are not easily shared or updated across business areas or units. Integrated planning automates processes like budgeting and forecasting. You no longer have to search for a spreadsheet that might be on someone’s hard drive or wonder if the change you made in one part of your plan has been updated elsewhere. As a result, you can greatly reduce time it takes to gain deep insights, and your teams can make better decisions faster using more accurate data at easy disposal.

Easier collaboration for greater accuracy and Alignment:-
With integrated planning, the barriers to open collaboration can vanish instantly. Modern Agile Businesses processes and data are in sync across the organization. Starting from HR automation to Sales Optimization to Operational Optimization the plans are more accurate and everyone is on the same page. Uniform communication flows in every direction as teams from different parts of the organization work together to achieve common goals and align strategies. Collaboration is a key component of an agile organization where a strategic integrated planning and delivery always delivers better outcomes.

The agility to react swiftly to change:-
Business conditions can change in an instant. It’s about how quickly can one react in times of a crisis. Different planning and forecasting tools make it difficult to adapt, test theories or consider all the possible impacts of a market shift. While a strategic Integrated planning on the other hand helps your organization prepare. Dynamic plans, forecasts and reports enable your entire organization to adjust to unexpected developments or disruptions. You can look at information from all points of view and assess impact to inform the best decisions possible. The Need for Modern Agile Businesses has been revamped by Enterprise Performance Management. This is crucial to Integrated planning where we are already in plans to work with NASSCOM on this initiative.
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