Business planning and modeling was once centralized and reserved for a few experts. Today’s new business reality requires many more individuals within an organization to analyze, plan, and make data-driven decisions collaboratively. 

Organizations are managing this new reality by adapting their modeling and planning processes by making it easy for everyone to participate, creating a way to collaborate on analyses across teams, and boosting computational performance. As data-driven decision making is expected, and required, in many business areas, it is imperative that more individuals are capable of building operational models to contribute to the goals and targets of the company.‍

Feel secure in your planning

Outdated planning structures are prone to errors and security breaches when they are sent back forth via email through departments. Not only does this mean inaccurate information, but you could be putting the company in cyber danger. When you use collaborative planning you eliminate those unnecessary risks, as well as work smarter, not harder.

Because platforms like Excel only permit single-user access, users are forced to duplicate models and email them to others before consolidating them. Those platforms don't provide details about the current projects being worked on by your team so you can't track progress or see which teams have begun, which teams are waiting on more contributors, and which teams have finished the worksheet but have not yet returned it back to you. When you use a collaborative platform you are able to share your model and data with colleagues to incorporate their expertise, as well as track their progress, making it more efficient and secure.

Having a collaborative work space allows managers and colleagues to have access to the most accurate information and eliminates the need to track down the most recent and accurate version of reports.

‍Collaborations is the key to success

The world moves too quickly to expect one department to chart a course for the entire business, especially in a large and complex organization. CFOs must increasingly develop partnerships in all corners of the business in addition to developing tangential roles within their reporting structure. This means working in a more collaborative way. Now more than ever departments are creating and executing goals together, meaning it is imperative to have a place to collaborate.

Planning is everyone’s job. At its core, planning is outlining the details of how to reach a goal. Collaborative planning can help you increase your business agility and operational results by empowering individuals to make better, faster, and data-driven decisions. 

Finicast provides businesses with a collaborative planning platform that can help your organization transform the way you manage, model, and leverage data to drive business results. Contact us today to learn more. 

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