Global Survey From Board Bridges Tech Trends, AI Opportunities, & Planning Imperatives
May 02 2024 - 2:00AM
Business Wire
Board International has published its second annual Global
Planning Survey. Based on insights from 1,500 business leaders
across regions and industries, this survey reveals a strong focus
on growth and the need to navigate complex markets through
sophisticated planning strategies.
In 2023, enterprise organizations took steps to move beyond
rapid-response global pandemic mode—systematically pursuing
modernization initiatives such as upgrading business systems,
process, and platforms. In 2024, with a new foundation in place,
organizations were ready to build on these investments and
accelerate growth—but the data shows a more nuanced picture of
today’s business landscape.
Are businesses positioned for breakthroughs?
The Global Planning Survey revealed a significant gap between
aspiration and reality. According to the survey, 78% of respondents
believe their planning transformation attempts were successful in
2023. But despite this optimism, only 16% of businesses have
achieved “the gold standard” of business planning: continuous agile
planning.
Taking a closer look at areas where organizations reported they
fall short on, the survey pinpointed 3 key challenges. 47% reported
data challenges and the inability to operate without reliable,
trusted data. Another 47% highlighted arduous, manual tasks that
impeded agility and held organizations back. And 42% admitted that
legacy planning tools could not handle the complex demands of
sophisticated scenario planning.
Static spreadsheets are presenting a challenge
In addition, the Global Planning Survey found that more than
half (55%) of those surveyed admitted still performing many
planning processes in conventional spreadsheets like Excel. While
spreadsheets have traditionally played a valuable role in planning,
they fall short in their ability to perform complex scenario
planning and effective collaboration, placing an artificial limit
on what should be a broad range of potential future situations.
The survey data reinforces this point: 71% of companies report
failing to consider enough potential scenarios as they plan for
growth, leaving them vulnerable to unforeseen events.
Despite challenges, the path forward is promising
As an encouraging sign, companies recognize the limitations of
spreadsheets and have begun embracing game-changing innovations
including AI and tech-fueled agility. The survey found that 45% are
exploring machine learning to improve decision-making, while 44%
are looking to AI-powered business intelligence tools.
"Scenario planning is a critical tool for businesses to navigate
an increasingly complex business landscape,” commented Jeff Casale,
Board CEO. “However, traditional scenario planning methods can be
time-consuming and resource intensive. It’s no surprise this is
where AI is coming into play as a powerful enabler for future
planning models and activities."
By embracing AI and next-generation planning tools, companies
can quickly model market scenarios and the potential impact of
decisions—building out the best approaches to navigate unexpected
shifts. This empowers leaders to enhance resilience, make
data-driven decisions, and ultimately secure that all-important
competitive advantage.
For more details on the Global Planning Survey ’24, visit:
https://www.board.com/en/document/global-planning-survey-2024
About Board
Board Intelligent Planning solutions help over 2,000
organizations worldwide plan smarter, enable actionable insights,
and achieve better outcomes. Industry leaders trust Board to unify
strategy, finance, and operations through more integrated and
intelligent planning, so they can take full control of performance.
Partnering with Board, global companies such as H&M, BASF,
Burberry, Coca-Cola, KPMG, and HSBC have transformed their planning
processes to build a competitive edge.
Founded in 1994, and now with 25 offices worldwide, Board
International is recognized by leading analysts including BARC,
Gartner, and IDC.
www.board.com
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version on businesswire.com: https://www.businesswire.com/news/home/20240501485097/en/
Victoire Depoix, VP Global Communications vdepoix@board.com