Align IT to Your Core Business
Advanced planning solutions must not only have the flexibility to support re-forecasting, but also provide accurate analytics to model and assess results. Model-based forecasting gives finance and business units what-if analyses and data-driven insights, and enables these scenarios to be tested against outcomes throughout execution of the plan. This continuous re-forecasting offers answers to critical questions, including:
- What did we initially predict, and why?
- How are we performing against our plans, and why?
- How should we adapt our plans going forward?
An advanced planning analytics solution:
- can feed updates directly to the finance team, which can then revise marketing and sales projections into net revenue projections and
- give decision makers the insights they need to adapt the strategic plan within hours or days, instead weeks or months when remedial action to attain objectives may be too late.
While spreadsheets remain useful in daily business practice, spreadsheet-based planning—that is, using spreadsheets as sources of input into the planning process—is not only slow and inefficient but also introduces data inaccuracies sufficient to radically undermine the strategic plan itself. In this context, finance professionals considering an advanced planning solution should determine if their software can streamline and enhance the speed and accuracy of the planning process.
Today, cloud-based technologies are helping finance groups not only address spreadsheet inefficiencies, but also take the entire planning, budgeting and forecasting process to a whole new level.
Previously, to model what-if scenarios, predictive analytics required an in-house deployment; now, current agile planning analytics are available in cost-effective cloud solutions that don’t compromise on power or capabilities.
You can learn more in this IBM white paper about ways to better evaluate planning, budgeting and forecasting software. It includes a detailed matrix relating best practices and product features to help you select the best solution for your organization.
Get Your Hands Dirty
Try and fail. Partner up with a pro. Hands-on experience (guided by experts in early go-rounds) helps people grow accustomed to using data. That builds confidence and, over time, can increase the scale and scope of data-informed problem solving and decision support.
We’re planning analytics, custom data apps development pros and thought partners who help you laser focus on the core data you need to drive your business successfully.
Call us to start a neutral and friendly conversation. 512-478-3848.
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www.ibmbigdatahub.com/blog/road-himss-building-foundation-data-analytics