1. Are internal silos holding us back and slowing us down?
IBP should be a connected process, developed and shared by finance and operations. Done well, it positions finance as a strategic ally, aligning processes across multiple areas to create a sustainable, transparent and controlled method of planning ahead. Integrated business planning is about connecting what finance and the business are doing, so the organization can react more quickly to any number of external changes, shocks or disruptions. That collaborative approach accelerates speed to impact.
- Identify the operational silos that may be holding your integration back and begin systematically dismantling them to encourage a more integrated, cross-functional approach to business planning. But don’t bite off more than your organization can chew. The end goal of IBP can be accomplished using a modular approach – breaking down one silo at a time – rather than a costly and higher-risk “big bang” strategy.
2. Do technology gaps stop us from hitting our goals?
Better decision-making now depends on an organization’s ability to use data predictively. Tech-enabled platforms unify ways of working, thinking and operating so functional groups can make better decisions around strategic direction and tactical execution — together. The modular and scalable planning tools of today combined with machine learning, artificial intelligence and other accelerators can transform data collection and processing behind the scenes. This makes business planning more accurate and better connected to what’s happening in real time. That’s important for stakeholders seeking to understand the state of play or apply insight to buy smartly, invest wisely, manage effectively and save comprehensively. When you use technology to surface analytics and insight, teams can focus on results and be nimble when correcting course.
- Assess your tech platforms to understand where the gaps lie and create a plan to connect the tools you have with the additional solutions you’ll need to support a more integrated business planning framework.
3. Is our talent agenda out of date?
Top talent is seeking higher quality jobs that offer the attractiveness and potential for longer-term relationships that come with an overarching career experience. Compensation alone is not enough to recruit and retain the leaders finance will need to support a more strategic function that’s capable of catalyzing cross-functional collaboration and change in the organization. When you embrace IBP, you empower yourself with an instrumental new driver that allows you to rethink your future — and the future of your workforce. Putting humans at the centre of your strategy can unleash meaningful value over the long term.
- Set a clear vision for what it will mean to work in finance going forward, where you’d like the function to go and what changes you’ll need to make to cultivate a corporate culture that talent will actively pursue.
What’s the bottom line?
There’s no better time for CFOs to forge a new path forward through IBP in ways that create agility and value for their organizations. Doing so now can reposition finance as a forward-looking, strategic ally committed to spurring growth, scaling reach and developing value.