Supply disruptions, demand fluctuations, labor shortages, and price hikes: The COVID-19 pandemic spurred an era of uncertainty that caught many organizations unprepared. With the pandemic’s onset, organizations around the world suddenly had to rethink their operations and planning. Almost three quarters (72%) of surveyed business executives say the pandemic significantly altered their business plans, according to “Organizational Agility Requires Modern Planning Tools,” a recent study by Harvard Business Review Analytic Services in association with Workday.
By and large, business leaders agree on their enterprise planning needs in today’s fast-changing world. At least 80% of the 288 surveyed executives rate the following attributes as highly important for enterprise planning: flexible/adaptable, continuous, data-driven, collaborative, and scalable planning.
But the report identifies a major disconnect between the planning attributes that organizations want and the ones they have. While 91% of respondents describe data-driven planning as highly important, only 47% say their organization’s planning is data-driven to a great extent. And while 88% say flexible and adaptive planning is highly important, only 40% consider their planningflexible and adaptive. Instead, many continue to rely on traditional and inflexible tools such as spreadsheets.The report explores this gap and how businesses are closing it.
Minding the Gap