Today, organizations need to be able to make 2 to 3 strategic turns each year, and the old habit of annual planning is not keeping pace with the competitive landscape. Customer demands are redefining how companies are viewing, developing, and executing on their strategies.
Success depends on your ability to react and execute change. Embracing new planning techniques requires emphasis on cultural change management, concurrent processes, and a pragmatic use of technology.
Companies can start building a closed-loop process to gather three key qualities involved in a successful execution process: collaboration, feedback, and continuous planning.
Once this process is in place, it will help to shorten the executive decision and approval processes. Here is an example of the new goals for planning and innovation:
A recent Forrester survey has found that successful companies can measure success by assessing key qualities of operations and planning. Their survey found four key steps of measurement:
- Identify the sequence and ownership of your planning activities
- Define the quality of collaboration, feedback, and continuous planning
- Assess the total level of quality within each activity
- Review each quality independently to assess its impact on the entire process
Implementing these steps in your organization will lead to fact based metrics and data, which will help to establish consistency, predictability, and transparency, and will develop trust with your stakeholders. The ultimate goal of this process is to take politics and subjective-based opinions out of your planning process.
Would you like help getting started on your journey and understanding your risks?
Our free assessment app Engine is available here.