By embracing AI and next-generation planning tools, companies can move beyond conventional static spreadsheets and gain the ability to quickly model market scenarios and the potential impact of decisions, according to a study from Board International, a provider of enterprise business analysis software.
Boston-based Board International released those results based on its second annual “Global Planning Survey,” which compiled insights from 1,500 enterprise planning experts across regions and industries.
The study uncovered “a significant gap between aspiration and reality” for enterprise organizations that had spent 2023 taking steps to move beyond rapid-response global pandemic mode—systematically pursuing modernization initiatives such as upgrading business systems, process, and platforms. Those organizations expected to build on these investments and accelerate growth in 2024, but the data revealed that many ran into struggles.
Specifically, 78% of respondents in the survey believe their planning transformation attempts were successful in 2023. But only 16% of businesses said they have achieved the “gold standard” of business planning: continuous agile planning. The survey pinpointed three areas where organizations reported they fall short: 47% reported data challenges and the inability to operate without reliable, trusted data. Another 47% highlighted arduous, manual tasks that impeded agility and held organizations back. And 42% admitted that legacy planning tools could not handle the complex demands of sophisticated scenario planning.
But as an encouraging sign, many companies recognize the limitations of spreadsheets and have begun embracing game-changing innovations including AI and tech-fueled agility. The survey found that 45% are exploring machine learning to improve decision-making, while 44% are looking to AI-powered business intelligence tools.
“Scenario planning is a critical tool for businesses to navigate an increasingly complex business landscape,” Jeff Casale, Board International’s CEO, said in a release. “However, traditional scenario planning methods can be time-consuming and resource intensive. It’s no surprise this is where AI is coming into play as a powerful enabler for future planning models and activities.”
