Friends of Edsen, since the middle of March the World Health Organization (WHO) has officially established the covid 19 virus as a pandemic. The rapid spread of the virus turned out to have a profound impact on various sectors including the business world.
A recent survey by Gartner showed that only 12% of the more than 1500 respondents believed their business was well prepared for the effects of coronavirus, while 26% believed that the virus would have little or no impact on their business.
"This lack of trust shows that many organizations approach risk management in an outdated and ineffective way," said Matt Shinkman, Vice President in the Gartner Risk and Audit practice. "Organizations that are best prepared will manage disruptions caused by coronavirus far better than their counterparts who are less prepared." He added.
As quoted from www.gartner.com, the majority of respondents (56%) rated themselves somewhat ready, and 11% said they were relatively unprepared. Only 2% of respondents believe their business can continue as usual.
Highlighting a variety of businesses that could be affected by the plague, twenty-four percent of respondents expected a little disruption, while the majority expected business to continue but at a slow pace (57%), would be severely restricted (16%) or had to be stopped altogether ( 1%).
Only three months to a year of global outbreaks and the rapid spread of the new corona virus have sent shock waves throughout the industry, market and economy. As a result, the strategies developed in the last months of 2019 are largely outdated and on the contrary business is determined by the company's ability to transform and adapt in real time to unstable and unprecedented disruptions such as the corona virus.
Then, in a global economic landscape where change is the only constant, a surprising number of companies still rely on long-term planning and take longer to incorporate impactful market changes.
Opening Business Agility
The first three months of 2020 have proven, however, business agility is crucial for success and companies must be far more agile than ever before. Market forces have shortened the planning cycle, making decision-making times almost zero and obsolete long-term planning.
Businesses that are transforming by adopting a more agile and smart planning approach can help companies rediscover the way they operate in the midst of a pandemic corona virus. By removing manual, time-consuming processes and creating a single source of truth for data throughout the company, smart planning solutions encourage collaboration and encourage end-to-end visibility. That means that at certain times, leaders have a clear view of their entire business and understand how decisions in one part of the organization impact on another.
With increased productivity and integrated decision making, businesses can react quickly to disruptions and encourage sustainability in a rapidly changing market.
Companies use smart and agile planning to balance the rapidly developing global regulatory landscape so they can quickly reconcile regulatory changes back into their financial planning and budgeting.
Future of Planning
Companies that carry out business transformation with smart planning enable businesses to continue to change according to market demand. Decision makers can model various scenarios, working with all potential variables to understand the impact of sudden changes that might occur on the bottom line of their organization. Leaders can feel confident acting quickly and decisively in the midst of disturbances like the current Pandemic.
The need for agile business operations cannot be denied because companies are increasingly determined by their ability to react and respond to uncertainty. In 2020 and beyond, agile organizations that can plan in real-time will be better equipped to navigate disruptions, encourage sustainability and adapt to success amid a rapidly changing business environment.
2020 also seems to show that businesses that can plan in real time will have the best chance to stay ahead of instability. Turning volatility into value is not an easy task, but abandoning long-term plans and adopting Connected Planning solutions gives business leaders the advantage speed. Smart, collaborative, and executed with precision.
The Connected Planning approach empowers businesses with their clearest and most accurate vision of the future in any market condition so they can confidently develop and progress in 2020.
Edsen Consulting as an IT consulting company is the only consultant in Indonesia that has Anaplan services, a platform that can do planning and budgeting and Connected Planning and can give your company the strength and flexibility to plan your business area, enabling collaborative decision making to drive improvement business performance throughout the company.
To further introduce the solutions Anaplan provided to the company, Edsen Consulting, Anaplan, and CFO Club Indonesia held a Webinar on Business Continuity Planning During the Corona Virus Pandemic on April 23, 2020 at 10 am.
If you are interested in joining, please register yourself here: