As market conditions become more dynamic and supply chains become more complex, the need for faster, more intelligent planning and decision-making has never been more real. Still, many global companies express anguish at the low quality of basic data, which makes it difficult to meet the basic requirements for a good planning process (like getting an accurate inventory picture).
The Hidden Drivers of Sales, Product, and Supply Chain Forecasts
There is a quote commonly attributed to Winston Churchill that we find fitting for a foray into forecasting: “Plans are of little importance, but planning is essential.” And the lifeblood of planning is forecasting; you cannot reliably plan unless you have insight into future market conditions. We propose three key strategies for improving the quality of planning by improving the quality of forecasting.
Markets that 21st century organizations compete in are increasingly dynamic, complex battlefields. Financial success in such battlefields hinges on developing new levels of planning, execution and continuous improvement capabilities. With this basic principle in mind, and building on lessons learnt from helping hundreds of global corporations deal with operational complexity and variability, we have formulated a unique set of process & technology innovations. We call this set of innovations the mPOWER system for Integrated Business Planning.
Data, data, data. There are about as many flavors of data as there are flavors of soda or brands of clothes. We even have a term for having copious amounts of data; “Big Data.” The word ‘data’ itself has become ubiquitous in the business environment to the extent that it has an ambiguous meaning.
In this post we’ll take away some of the ambiguity around data, and attempt to examine the impact of the ways in which we interact with, use, create, and store data, on the organization – from reporting structure to individual responsibilities.