2023 Finance Priority #5: Look for talent beyond finance & accounting
What are the top priorities for CFOs and finance leaders in 2023? Find out in…
Disjointed planning processes are standard practice for many organizations, causing a lack of visibility and efficiency across every department. But times are now changing, and forward-thinking companies are forging ahead with digital transformation, resulting in the implementation of an integrated business planning (IBP) approach. In this blog, we’ll explore what IBP is and the benefits of its implementation.
Integrated Business Planning (IBP) is an approach (considered to be best practice) which incorporates financial and operational data from across the organization. It enables companies to maximize their output by linking strategic plans with sales, operational, and financial plans, giving greater visibility of the relationships between resources, capabilities, and results. The organization can use IBP to collectively produce an agreed go-to-market plan, to which every department has contributed.
Planning activities across the supply chain are typically very disjointed, with disparate spreadsheets and standalone business intelligence solutions being used to provide limited, localized knowledge to inform the process. Many firms have implemented S&OP principles to provide some level of collaboration, but they still lack unification across the entire organization.
The result is a collection of business silos which function almost entirely in their own bubble, creating inefficiencies and poor performance across the business due to:
An integrated business platform can overcome these challenges by enabling the organization to augment its decision-making abilities and:
For companies like Coca Cola European Partners, IBP has become part of daily operational activities, driving transparency and efficiency across a fast-moving supply chain, from production through to delivery. And as increasing numbers of companies make the shift, those still taking a more legacy approach will be at a significant disadvantage.
For more information on the benefits of an integrated business planning process, take a look at our complimentary whitepapers:
• Digital Office of Finance – Integrated Business Planning from CFO.com
• Integrated Business Planning – The Cornerstone of Smart Decisions from FSN
Find out how Coca-Cola is utilizing BOARD to underpin a driver-based planning approach from production through to delivery.