By: Ben Geller, VP Marketing, Troux
Our last post introduced the concept of enterprise intelligence (EI), the CIOs answer to business intelligence (BI). EI is a relatively new concept in the world of strategic technology planning and the more we explore it, the more opportunity we see for its applicability beyond technology and into other parts of the C-suite.
This post takes a look at how change affects strategic business planning, and the role EI plays in mitigating risks in a climate driven by constant and rapid change.
Paul Boag said it best: “The problem is that the very nature of change is changing.”
Today chief strategy officers (CSO) and similar functions struggle with gaining the insight needed to make strategic decisions, because those decisions must happen quickly and the information needed to evaluate risk factors is often difficult to obtain or takes too long to aggregate. Strategic planners are often tasked with identifying and evaluating market expansion opportunities, M&As, divestments and the like, but it’s not as easy as pouring time into due diligence anymore. Nowadays, immediate attention and nearly quick decisions are required if a business wants to capitalize on fast moving market trends. The challenge for the CSO is to make decisions at the speed of the market while mitigating business risk. Doing that successfully means planning is no longer an annual exercise – it is now a continuous function and the corporate transparency EI delivers makes it possible.
A world of constant change demands enterprise intelligence
Whether it’s contemplating how to leverage game-changing disruptive technologies like social media, mobile, analytics, and cloud to develop a new business model or charting a new market expansion strategy, EI gives CSOs much needed line-of-sight across the enterprise. From this vantage point CSOs can understand how everything works together and impacts each other – from Goals and Strategy to Business Capabilities to Applications and Technology. This means that opportunities and risks can be evaluated in the context of the entire enterprise and decision-makers become equipped with the insights they need to make business investment decisions faster and with greater confidence. As a result, EI becomes an integral part of the strategic planning process
Changing with Change
Until now, CSOs have struggled to gain the enterprise-wide insights needed to set strategies and make key decisions at the market’s rapid pace. EI changes all that because it arms them with the decision-making information they need to have a meaningful dialogue about the business at a moments notice. The insights produced by EI tools allow CSOs to quickly and methodically maneuver the business as the market changes by delivering enterprise transparency that shows the cost, impact and benefits of change across the connected enterprise.
It’s true, change is changing. And, so are business models, technology and the competition. Doesn’t it make sense to adopt a strategic planning approach that delivers insight into the best way to anticipate and address these changes?
We think so.
Learn more about continual planning in Forrester’s white paper, Connecting The Dots: Building An Integrated Strategy And Execution Plan.
Key Takeaways include:
- Market conditions can change so rapidly that strategic direction may change by the time a final decision is made.
- A company’s mission may not vary frequently, but market changes force business models to change with greater frequency.
- Strategic planning has become a continual exercise that, when closely integrated with adaptable delivery strategies, enables companies to anticipate opportunities and, based on the right balance of innovation and operational effort, deploy minimum viable products, which allows them to mitigate risks that accompany large, drawn out project cycles.