Modelers wanted.

Business planning and modeling were once centralized and reserved for a few experts. Today’s new business reality requires many more individuals within an organization to analyze, plan, and make data-driven decisions collaboratively. Organizations are managing this by adapting their modeling and planning processes to make it easy for everyone to participate, creating a way to collaborate on analyses across teams, and boosting computational performance. As data-driven decision-making is now expected and required in many business areas, it is imperative that more individuals are capable of building operational models.

• Today’s business environment requires more agile decision-making:
• Exploding data across all parts of the business
• Accelerating the speed of change externally and internally
• Increasing expectations into data insights for decision
• Faster turnaround speed required on plans
• More internal organizational dependencies

In this guide, we present the four key steps to operationalizing business planning and provide you with a list of capabilities and features you should be looking for in a technology platform that can help you drive your business planning. It is important to remember that technology is only part of the equation. Building the appropriate culture, skill sets, and processes around your planning is also critical.

Collaborative planning is the practice of planning where multiple stakeholders participate in reporting, analysis, and insights to make better decisions for the business. In the case of Finicast, collaborative planning is the practice of using software to achieve better reporting and analysis that is not available in traditional Excel sheets.

Collaborative planning is not a fancy name for spreadsheets; it is not an analytics or data visualization tool. It also won't replace a traditional accounting ERP system. Further, collaborative planning is not a practice in isolation for a few experts or stakeholders and should not be expected to deliver value without effort and participation.

There are many misconceptions about implementing the practice of collaborative planning. Some of these include:

• It requires a large implementation.
• It requires a first-shot, get-it-right implementation, and not a phased approach.
• It is something only financial planners and budget analysis experts will understand.
• It requires training and specific industry knowledge.
• It cannot import or work with my existing data.
• It is expensive.

• Single source of truth: Instead of having disparate data sets throughout your organization, A collaborative planning system allows for a single source of truth to go to for insights, data, and analysis. This reduces error, gives confidence in the decisions, and makes it easier to create roll-up models and integrate data from various systems into one place.
• Cooperative model building: Versioning control is an issue for many organizations. A cooperative model allows continuous improvement of models instead of always building from scratch. Share your models with colleagues, allowing their expertise to directly enter your model without breaking it. Create new versions or models; reuse existing models without losing the original version, allowing for an iterative, controlled approach.
• Insights and scenarios: A collaborative approach allows you to take your models and present insights and value to a wider audience. You will be able to change inputs to create a variety of scenarios in real time and drill down into the data for better decision-making.
• Data collection: With a single source of truth and a collaborative model, you can collect data from various colleagues securely and directly without having to email or share confidential information. This will also allow for the elimination of errors in gathering information and allow for direct input. All of this can be tracked by status of completion and task management.
• Security and Integrity: Emailing sensitive information can compromise your organization. A collaborative system allows for direct input and compliance with stringent data security protocols. This will increase the confidence your organization has in its inputs, models, and outputs, resulting in better decisions and insights.
• Democratize planning: Break down silos and empower many individuals to leverage powerful planning and modeling tools. This creates a culture of data-driven decisions and accountability. This will improve agility in all areas of your business and enhance collaboration across all departments.

Choosing the right collaborative platform is paramount for streamlined operations, efficient planning, and long-term success. In this guide, we'll navigate through key considerations to ensure your investment leads to a collaborative platform that not only meets your current needs but also propels you towards future growth.

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Ease of Use: Unlocking Flexibility and Agility

Why it Matters:

• Efficiency: An intuitive platform ensures tasks are completed faster, promoting overall efficiency.
• Adaptability: Easy-to-use platforms empower teams to quickly turn ideas into reality, accelerating results.

Considerations:

• Power User Elimination: Seek platforms designed for all users, eliminating the need for specialized power users.

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Implementation and Ramp-Up Time: Fast-Tracking to Success

Why it Matters:

• Timely Deployment: Quick go-live times minimize disruptions and allow for rapid implementation.
• User Proficiency: Accessible training options facilitate a smooth transition for users, ensuring proficiency.

Considerations:

• Training Options: Evaluate if the platform offers live or on-demand training to accommodate diverse learning preferences.
• User Skill Requirements: Assess the skill set users will need to effectively leverage the collaborative platform.

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Service and Support: Building a Reliable Foundation

Why it Matters:

• Continuous Guidance: A robust support system with defined SLAs ensures timely issue resolution.
• Innovation Adoption: Platforms fostering planning ideas and best practices empower users for ongoing success.

Considerations:

• SLA for Support: Inquire about the Service Level Agreement (SLA) for support to gauge responsiveness.
• Service Partners: Learn about key service partners collaborating with the platform for added expertise.
• Integration Possibilities: Explore third-party products that seamlessly integrate with the collaborative platform.

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Long-Term Success Outlook: Navigating Future Growth

Why it Matters:

• Cost Predictability: Understanding ongoing costs and resource requirements is essential for budgeting.
• Future Alignment: A well-defined product roadmap ensures the platform evolves in sync with your future needs.

Considerations:

• Cost and Resource Projections: Gain insights into the long-term costs and resource commitments associated with the platform.
• Product Roadmap Alignment: Assess how the platform's roadmap aligns with your organization's evolving requirements.

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Conclusion

Investing in a collaborative platform is an investment in your organization's efficiency, adaptability, and long-term success. By prioritizing ease of use, swift implementation, robust support, and future alignment, you pave the way for collaborative excellence. Remember, the right platform is not just a solution for today but a strategic partner for the future. Choose wisely, invest thoughtfully, and unlock the full potential of collaborative planning.