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In our recent webinar, 5 Ways to Design More Powerful and Flexible Planning Models, Finicast Co-Founder and VP of Finance, Marco Santiago delved into strategies that can help businesses enhance their planning models to meet the challenges of today’s dynamic business world:
Shift your perspective
Breaking free from two-dimensional limitations and embracing a multi-dimensional mindset allows for more comprehensive analyses and a clearer picture of your business operations.
Consider data structures and integration
Data is the lifeblood of any planning model, and ensuring its quality and consistency is paramount. Trusting your data sources is essential, but it's equally crucial to verify their accuracy through automated checks and updates. A well-structured and integrated data environment sets the stage for continuous analysis and informed decision-making. By putting these practices in place, organizations can build a solid foundation for their planning models.
Incorporate scalability and repeatability
As data volumes continue to grow exponentially, planning models must be designed with scalability in mind. The ability to accommodate more extensive data sets without the need for frequent infrastructure adjustments or total rebuilds is crucial for cost efficiency and productivity.
Recognizing that many analytical tasks and insights require repetition, organizations should streamline their processes to reduce resource drain and foster a culture of consistent excellence. This not only saves time but also ensures that decisions are based on up-to-date information.
Operationalize your model
A planning model shouldn't be a static entity; it should be a dynamic decision-making tool.
Interactive and frequently updated models that allow for input adjustments and real-time results are more likely to be adopted across the organization. Regular interaction with the model not only fosters familiarity but also leads to more informed decisions. Gathering data continuously to improve the model's accuracy is a critical aspect of operationalizing it effectively.
Create flexibility to run scenarios
In a rapidly changing business environment, the ability to run and adapt to different scenarios is essential for resilience and agility. Scenario planning goes beyond simply changing a variable; it involves adding entirely new dimensions to your analysis. Not all analysis tools are created equal, so selecting the right tools designed for flexibility and depth is crucial for effective scenario management.
Watch the full webinar here:
Stay connected with us to receive updates on future events and continue the conversation around collaborative planning platforms. Together, let's embrace this revolutionary approach and unleash the full potential of our planning processes.
To learn more about how Finicast can help transform your business, contact us today.
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