At a time when companies face increasing pressure to adapt to quickly changing market conditions and competitive forces, executives recognise that connected planning across the enterprise can bring significant value to their organisations. One such type of approach is enterprise business planning (EBP), which uses digital tools to combine multiple planning processes into one integrated approach. In fact, a recent Deloitte survey of 1,600+ finance executives across industries found that they believe EBP would allow their organisations to consistently make better decisions, accomplish more with a fixed amount of resources, and respond more quickly to changes in the external environment.1
However, most of the survey respondents are currently a long way from mature EBP capabilities: As many as 72% felt that their organisation lacked the capability to execute a predictable, cross-functional process or did so inefficiently. Fewer than 10% of executives reported that their organisation was currently executing an effective, cross-functional EBP process.
With such evident potential benefits, what is keeping organisations from advancing their EBP capabilities? Nearly half of our survey respondents identified either a lack of access to quality data or the need for more effective information systems as the biggest barriers.
Luckily, there is hope on the horizon: Next-generation technology enablers are increasingly designed to resolve data and connectivity barriers unique to EBP, ranging from managing common data definitions to producing advanced, cross-functional data visualisations. Therefore, to reap the desired benefits of a mature EBP process, organisations and their leaders should understand and consider integrating these technology enablers within their organisational planning processes.
To learn more about how executives can do this, as well as learn about other considerations around effectively implementing EBP, check out Enterprise business planning in a connected world.
CFOs know finance transformation can be difficult and time-consuming. But they also know it’s an effective way to keep up with the changing needs of the business. Whether it’s technology disruption, business model innovation, or a new industry ecosystem, Deloitte helps finance organisations look ahead to what’s next while keeping the ship on a steady course.