As businesses grapple with an increasingly volatile and uncertain environment, organizational agility has become more critical than ever. Today's fast-paced business world demands that companies be adaptable and strategic, particularly in their financial planning and analysis (FP&A) functions. Yet, many organizations continue to struggle with data silos, disconnected plans, and time-consuming manual processes, leaving little room for the rich analysis essential for strategic decision-making. The best FP&A software will help lead to success.
Embracing Modern Planning Tools for Enhanced Agility
In contrast, over 6,000 organizations around the world are leveraging Workday Adaptive Planning for a variety of operational planning activities, from financial and workforce planning to sales, demand, and project planning. The benefits are compelling. A staggering 93% of Workday Adaptive Planning customers report accelerated planning cycle times by 30% or more.
The Power of Strategic Transformation
Harvard Business Review Analytic Services explored how finance leaders are transforming their planning processes to create more business value. The results are enlightening. By leveraging modern planning tools, executives have managed to generate significant improvements in business performance, efficiency, and growth.
70% of organizations using modern planning tools have seen a significant boost in their strategic decision-making capabilities.
80% of their Workday Adaptive Planning's customers have observed a 20% increase in operational efficiency after implementing modern planning tools.
65% of customers reported an improvement in overall business performance, with a notable increase in revenue growth and profitability.
Respondents reported 30% reduction in time spent on data consolidation, which in turn has led to a significant increase in time available for strategic analysis, as reported by 55% of the respondents.
A massive 93% of Workday Adaptive Planning users reported accelerated planning cycle times, with more than half experiencing a reduction of 30% or more. This has enabled faster response to market changes and strategic opportunities.
Modern Planning Tools: A Game Changer for Business Agility
HBR's research reveals that 72% of surveyed executives experienced major changes that significantly altered their business plans due to the pandemic. When it comes to enterprise planning, key attributes such as flexibility, adaptability, and data-driven processes were rated as highly important by at least 80% of respondents. However, a significant disconnect exists between the importance attached to these attributes and the extent to which organizations are achieving them in their current planning.
Case Study: Chuy’s Restaurant
A case in point is Chuy's, a full-service Tex-Mex restaurant chain based in Texas. Prior to the pandemic, the company made the strategic decision to shift from Excel spreadsheets to Workday Adaptive Planning. The results have been transformational, enabling Chuy's to perform scenario planning around cash needs and model operating results in a constantly changing business environment.
Chuy's, a renowned Tex-Mex restaurant chain, was grappling with traditional spreadsheet-based planning prior to the COVID-19 pandemic. Predicting future business outcomes and financial standings was a daunting task. Seeking improvement, Chuy's decided to deploy Workday Adaptive Planning. This new step marked a significant transition from Excel spreadsheets to a more dynamic, cloud-based planning system.
By leveraging the modern planning tool, Chuy's was able to forecast different scenarios and model potential operating results with heightened precision. This allowed the company to determine its cash needs under various circumstances, which proved invaluable when the pandemic hit. Restaurants, like many other industries, were significantly impacted, with changing restrictions and consumer behaviors adding variability to business outcomes.
But, thanks to Workday Adaptive Planning, Chuy's was equipped with the agility and adaptability to navigate these unforeseen conditions. The ability to swiftly adjust forecasts and optimize plans provided a strategic advantage during this volatile period. The tool enabled real-time scenario modeling, allowing for quick adaptations of plans based on the latest available data.
This strategic shift in planning and analysis not only helped Chuy's weather the pandemic storm but also positioned the company for future growth. The use of Workday Adaptive Planning resulted in improved operational efficiency, reduced planning cycle times, and enhanced decision-making capabilities - a true testament to the power of modern planning tools.
The Future of Planning
The research underscores a clear trend towards the adoption of modern planning tools. Nearly all (91%) respondents agree that using modern planning tools can help their organizations be more flexible and adaptive in their planning. Furthermore, 58% plan to increase their investment in enterprise planning tools over the next 12 months.
Conclusion
As the business landscape continues to evolve, the importance of agile and strategic planning cannot be overstated. The findings from our research suggest that businesses are recognizing the value of modern planning tools in driving improved business performance and agility. By embracing these tools, organizations can better navigate the uncertainties of today's volatile business environment, seize new opportunities, and drive sustainable growth.
To learn more about how modern planning tools can transform your business, visit abacistgroup.com today.