Integrating people, processes, and data across functions while making information available instantly to those who need it allows for real-time planning cycles. Planning is executed concurrently and collaboratively, rather than sequentially.

As traditional silos break down, planning activities can be executed in parallel based on common assumptions, enabling clearer accountability and better-informed decisions. Differences between the plan and actual performance are addressed transparently and systematically.

Working off the same data source and leveraging cognitive capability and machine learning to reduce human biases can help improve plan accuracy. EBP makes use of embedded feedback loops to systematically address differences between the plan and actual performance, automatically improving itself for the next planning iteration.

People responsible for operational performance can better anticipate market changes and align their decisions to broader business goals. Breaking down silos lead to greater alignment across all business functions.

EBP consumes fewer organizational resources because many manual planning activities can be automated and redundant steps can be eliminated.

Firstly, it's crucial to develop a clear vision to pursue, prioritize relevant use cases, and define a suitable governance model. Moreover, a comprehensive business case should be crafted and subsequently approved, with a strong emphasis on key performance indicators (KPIs) and defined targets. Finally, a well-structured phased transformation plan should be created, aiming to provide tangible value on a quarterly basis. This plan should also outline pilot projects capable of swiftly generating value and effectively mobilizing the organization.

In the EBP journey, functional redesign should target optimizing your organization's processes to align with strategic goals. This involves streamlining workflows, promoting cross-functional collaboration, embracing data-driven decision-making, aligning activities with objectives, upgrading technology where necessary, managing change effectively, ensuring compliance, and fostering transparent communication. As a result, the operating model should be adjusted to enable the fulfillment of a corporate strategy and vision to a business operation. Functional redesign sets the stage for executing your strategic plan with agility and effectiveness.

Implementing new planning technology is more than just adopting a software solution; it involves establishing a strategic partnership for your business. To ensure a successful selection, a comprehensive assessment of various factors is essential such as evaluation of vendor, technical or functional capabilities. This should resolve in asking crucial questions like “What is the vendor’s customer experience?” or “What is the scalability and performance of the tool?”

To navigate this complex process, it's imperative to follow a structured approach. Typically, a managed system selection process can take anywhere from 4 to 12 weeks, depending on the size and complexity of your organization.

Technology implementation is a pivotal phase in the Enterprise Business Planning creation process, driving efficiency and effectiveness across the organization. Once the right planning tool is selected, it's crucial to seamlessly integrate it with existing systems to ensure consistent information flow. Majority of technologies offer a flexibility in customization to the needs of the company. This is where the functionalities of the technology ecosystem are tailored to the adjusted operating model.

One of the best ways how to approach the implementation is to utilize an agile methodology that allows for a quicker implementation by ensuring more collaborative approach and allowing for incorporation of constant feedback that delivers alignment of expectations and results. Moreover, the significance stems from the early identification of issues, if they arise, and a ready resolution without delays.

Among ensuring a proper and successful integration, change management strategies are implemented to facilitate a smooth transition and garner user buy-in, ensuring that the technology is embraced across the organization.