If you look around, you’ll notice how our lives are defined by the sway of digital advancements and modernisation. For example, bank cards, once tucked away in our purses, can now be kept securely inside our phones.
This is the act of efficiency.
The need to scour your purse is diminished. Simply tapping our phones on a machine completes the payment. Life has become faster and more streamlined.
Now, let’s apply the same concept to your organisation. Digital transformation should no longer carry a luxury narrative amongst organisations. It’s rather an investment that will lead to an impressive return on investment (ROI) in the long run.
The business landscape today is becoming increasingly competitive. Every business owner wants to remain at the forefront, and more businesses are considering adopting AI-driven technologies to achieve their ambitious goals.
They acknowledge the power technologies have as a pillar to their path to success. The most common benefits when your organisation works with technologies are the ability to streamline operations and improve profitability.
Modern = Strategic Growth?
As CFOs make technology a key driver of strategic growth, the question is no longer whether to modernise, but when. The first step is identifying the signs that your current planning tools are limiting progress.
Next, it’s crucial to understand what to seek in a modern planning solution. In this article, we’ll examine the key signs that indicate it’s time for digital transformation and the key criteria to consider when choosing the right planning solution for your business.
Why Modern Planning Solutions Are Essential
Ask your FP&A teams how much time they spent on financial planning. Sometimes, it took weeks, even months, to come up with the plan and deliver it. Now, ask CFOs how much time they need to wait to make a crucial business decision while other organisations work faster and smarter with technology.
The core challenge lies in the pace of change. Businesses can no longer depend on spreadsheets, manual workflows, and outdated systems. To stay competitive, they must adopt a modern planning approach or risk falling behind.
Traditional planning processes in many organisations struggle to match the speed of today’s business environment, limiting finance leaders from stepping into their role as strategic partners. In contrast, modern planning has transformed into a key driver of success, enabling organisations to anticipate and adapt to rapid, dynamic changes across the enterprise.
Indicators That Signal the Need for Digital Evolution
“Please give me a sign that this isn’t working,” you muttered as you looked over your team’s work on Saturday night, finishing up the long overdue financial plan for 2025.
Several indicators might currently be happening in your organisation, but you didn’t know that this serves as a wake-up call for digital evolution. Here are a few important highlights of what you should take note of:
Lagging Performance
Late nights, weekend work, and endless waits for ad hoc reports are clear signs your current tools aren’t cutting it. Lengthy financial close and inefficient processes not only drain resources but also delay critical decisions.
Disconnected Systems
When finance operates in silos, it becomes disconnected from the rest of the organisation. Siloed systems and processes result in rogue budgets and misaligned strategies, leaving finance out of touch with day-to-day business needs.
Organisational Changes
Events like mergers, acquisitions, divestitures, or leadership transitions can be disruptive. However, they also create opportunities to reevaluate and modernise your planning approach.
Skills Gaps
The skills required in finance are shifting from traditional spreadsheet expertise to capabilities in data analysis and strategic planning. If your team’s tools don’t support this evolution, it’s time for a change.
Outdated Technology and Manual Processes
Legacy systems were built for a more predictable world. Today’s dynamic environment demands technology that can handle complexity and change at scale. Manual processes can no longer keep up with the speed of business.
Regulatory and Governance Challenges
New regulations and governance requirements often necessitate more robust and agile planning tools. External pressures can serve as a catalyst for internal change.
Key Evaluation and Selection Criteria for a Modern Planning Solution
Choosing the right planning solution is critical to ensuring the success of implementing the system. Before introducing a “newcomer” to the organisation, here are the essential criteria to consider:
Flexibility and Scalability
Your planning solution should grow with your business. Look for software that can scale and adapt to changing needs, whether that’s expanding into new markets or accommodating organisational shifts.
Integration Capabilities
Seamless integration with existing systems (such as ERP, CRM, and other business tools) is necessary. This ensures a unified view of your data and eliminates silos.
Real-Time Data and Analytics
Real-time access to accurate data empowers faster and better-informed decisions. Modern solutions should provide intuitive dashboards and advanced analytics to support strategic planning.
User-Friendly Interface
A modern planning solution should be accessible to all users, not just IT experts. An intuitive interface fosters adoption across the organisation and enables collaboration.
Advanced Features
Look for features like scenario modelling, predictive analytics, and AI-driven insights. These capabilities enable proactive decision-making and prepare your business for future challenges.
Cost and ROI
Assess the total cost of ownership and ensure the solution delivers measurable ROI. Consider factors such as implementation costs, ongoing support, and the time saved on manual tasks.
Change Can Be Difficult and Tricky
It might take time to adjust and accommodate.
Your teams might experience awkwardness when they first start operating the new system. Change is always challenging, even when stakeholders recognise that their current processes are inefficient and waste time and money.
But, the idea behind Workday Adaptive Planning has proven that you can roll out finance transformation on your own terms by making improvements that allow you to work the way your business works.
In fact, successful transformations often start with focused, achievable goals that can be implemented with minimal disruption to existing processes.
2025 Has Arrived, Are You Ready For A Good Change?
Begin the good year with pivotal insights, explore the power of technology from the latest innovations in business planning and network with industry leaders as they delve into the latest trends of financial planning.
Puzzled on how to start? Join the talk at the Workday Adaptive Planning Summit in Singapore on the 14th of January 2025. It starts with you.
