According to Inc., as many as 90% of strategic planning processes fail. Can your business turn success into a competitive advantage?
Every business endeavour begins with an idea, but it’s the way you put that idea into motion that really counts. More than ever, the success of a business is defined by its ability to keep apace with rapidly changing customer habits and regular technological obsolescence. That’s why you need a plan that takes into consideration your current assets, how they’re working for you and how they might be improved.
What Is a Strategic Planning Process?
Many business leaders question the value of planning in a world that’s full of change. Rapid changes in the technology landscape, along with other unanticipated events, make forward planning far more complicated than it used to be. Nonetheless, that’s exactly why you need a strategic plan that’s agile and adaptable in nature. Strategic planning isn’t a do-once-and-forget-about solution – it’s a dynamic, ongoing process.
Strategic planning isn’t about doing away with your existing systems and technology. Since they’re such valuable business assets, the first step is to determine what you already have and how they’re working for you before identifying any areas in need of improvement. To that end, a strategic plan lays the foundations for comprehensive solutions based on things like software platforms, customer intelligence and insights.
Benefits of Strategic Planning Process
Maximise Operational Efficiency
When it comes to technology, it’s not always the solutions you’re using that define your operational efficiencies – it’s how you’re using them. For example, the modern business software infrastructure typically consists of a dizzyingly complex array of different platforms, applications and a mix of cloud-hosted and on-premises systems. As such, there’s always room for improvement to maximise efficiency.Improve Data Quality
Missing or outdated documentation is a big problem for many businesses, especially those that must adhere to strict compliance regulations – not to mention the hours of lost productivity spent on trying to keep everything in order. Strategic planning gives you better visibility into your data by simplifying management and enabling stronger integrations across platforms.Align Technology with Your Needs
Although the two are often confused, strategic planning isn’t quite the same thing as digital transformation. However, both are concerned with aligning technology with your unique corporate needs. Strategic planning is more about making the best use out of your existing systems to bring them closer in line with your operational goals. That’s also a whole lot cheaper than starting from scratch.Technical Challenges
Given their reliance on modern technology, it’s often said that every company is now a technology company. Unfortunately, this also means that less technologically-capable employees often end up spending time trying to find workarounds for trivial technical challenges or, worse still, wasting time staring at loading screens. Strategic planning equips you with the solutions you need to overcome those challenges.Future-Proof Your Organisation
Herein lies one of the most important reasons why every business needs to build an adaptable planning process. However, just because you had an appropriate strategy in place beforehand doesn’t mean it will be successful in the future. A strategic plan, on the other hand, encourages regular audits of your current systems followed by continuous improvement.
folio1 deploys a strategic planning process to map out your current systems and find the optimal way they can work together. We can help you:
- Gain full visibility into your software and systems
- Identify which improvements and processes can help preserve data quality
- Assess your needs to unlock value in your technology investments
- Overcome the biggest technical challenges in your business
- Future-proof your organisation with scalable solutions