5 tips to supercharge your Integrated Business Planning (IBP) process
24 Nov 2020
Blog
- Think beyond the plan. Future-readiness is not only about developing a good plan and sticking to it, but about having the right amount of options. As we look towards an uncertain future, the question is not “which future is the one we plan for?” but “what is our response to the multiple futures we see and how can we be ready to respond as the future changes before our eyes?”
- Use dynamic assumptions. Ensure that each key assumption is dynamic, embedded, and changeable. Monitor them month by month so that when your business experiences change, the assumptions can drive an efficient change to your scenario or modelling outcome, while allowing you to move forward from past expectations quickly.
- Prioritize the executive agenda. Ensure that the plans and scenarios reflect what leadership see as important. Multiple options and lots of detail might seem beneficial, but they can quickly cause confusion or excess work. Agree where we should put our focus and development effort.
- Don’t delay decision-making. Be honest about past and current performance, and present the facts needed to reach decisions. If the resulting action of your IBP review is the need for another meeting then you are delaying actions, results, and business benefits. Challenge the behaviour as much as the process.
- Bring more to the table. In today’s world it is no longer simply sufficient to report on the current status, or that we are in control. Mature IBP processes are restless for improvement, restless for innovation, and always challenging business norms in the pursuit of growth. Make sure that your process, and your participation, reflect the ambition of the business, and the response required to meet the challenges of a changing world.
For more insights and advice click here to watch the full on-demand webinar, or if you have any questions about Integrated Business Planning please get in touch by emailing [email protected].
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