This report explores how companies around the world are conducting strategic business planning, especially in times of uncertainty. . Insights, in partnership with Oracle, surveyed 860 executives from various departments including finance, supply chain and logistics, human resources (HR), and information technology.
We also spoke in depth with executives from various companies to find out how they plan and collaborate, from general business processes to their investment in artificial intelligence and cloud-based applications, and how finance, human resources and operations are evolving to support these efforts. Executives share their own processes and help readers identify techniques to adopt. Here are the main findings of our research:
Months after the outbreak, most organizations still face initial challenges. Half of the organizations surveyed are still dealing with the current emergency, responding to short-term issues, and addressing the issue of financial resilience, such as staff availability and disruption of income. At the same time, some companies, such as manufacturers of cleaning products, have seen their sales increase and are struggling to keep up with demand. Organizations facing both sides of the challenge may have ideas on how to move forward, but they have not yet materialized.
Organizations are working on formulating plans to move forward. Almost a quarter are making the necessary adjustments with a future plan in mind, and another quarter are actively working on a new plan: 16% have reached the stage of “ reinventing the future ” and 6% are analyzing how that might affect your new direction. practical issues like standards and compliance.
Technology is seen as a useful aid in planning efforts.
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Due to the pandemic, more than half of companies have accelerated cloud adoption. This segment is 50% more likely to have met the challenges of the pandemic for businesses, workforce and customers. The survey also shows that artificial intelligence and machine learning have won the trust of large companies around the world. And three-quarters of those surveyed expect connected business planning, combining financial, operational, and workforce planning with cloud-based Internet of Things, artificial intelligence and prescriptive analysis, to improve collaboration and decision making.
Planning is a practical effort. All business departments have a role to play in planning for future success, including human resources and the supply chain, and finance is the glue that holds them together. But for collaboration to work, data can’t exist in silos across the enterprise – consistent, accessible, and accurate data drives business planning and execution.
Some organizations are more receptive to technology than others. A minority, 10%, are reducing the use of cloud technologies due to the pandemic. They lag behind technology in many ways, from keeping financial and human resources data in separate silos to avoiding connected business systems in favor of spreadsheets. These old-fashioned ways may have weakened businesses; For example, if they have not digitized their businesses, they may not have the knowledge that would give them more justification to invest at this critical time.
The road to recovery
It is an understatement to say that the pandemic has turned everything upside down. The global economy has been affected, all industries have been taken by surprise and most organizations have had to make painful decisions. Others have benefited, such as detergent makers, training equipment companies, and RV sellers, but even those who have faced challenges in the supply chain.
However, organizations must move forward. “In this unprecedented new reality, we will witness a dramatic restructuring of the economic and social order in which business and society have traditionally operated,” write Kevin Sneader and Shubham Singhal of McKinsey & Company in “Beyond the Coronavirus: The path to the next normal. “
After the initial answer questions about survival, businesses and individuals alike are bewildered by a long list of additional concerns: How can we continue to thrive? How will we manage the onboarding of new employees as we evolve? What is the next market we want to enter? What changes do we need to make to deal with the lasting social effects of the virus?
A survey of 860 business professionals carried out by. Insights, in partnership with Oracle, shows that after the initial shock, most organizations work hard to plan, research and sometimes find a path to recovery and a return to growth. It also suggests that those who are most excited about the cloud and advanced technologies such as artificial intelligence and machine learning are not only more likely to overcome the hurdles created by the pandemic, but also to correct the path to it. success.
La autora Maya Angelou podría haber estado hablando de Individos cuando dijo: “Puede que no controle todos los eventos que le suceden, pero puede decidir no ser reducido por ellos”, pero el sentimiento is aplica igualmente bien a las comunidades y organizaciones durante este tiempo unprecedented.
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