Adaptive planning is more than a good idea; it is one of the leading business intelligence and workflow applications available in the market today. As part of the Workday suite of software tools, Adaptive Planning is designed to provide industry-leading services. But what is adaptive planning?
While yes, the name is clever, it doesn’t give you an exact idea of what the tool accomplishes or how it works. The business world is changing at an increasingly rapid pace. As a well-cited McKinsey report illustrates, the average age of the top 10 S&P 500 companies has been shrink at a rapid rate– from 85 in 2000 to just 33 in 2018. The average duration of the scholarship has also decreased and is expected to be only 12 years by 2027.
It doesn’t take a rocket scientist to understand the general forces at play here. Greater access to technology and increased globalization lead to more disruption. In today’s world, companies cannot sit idly by or they will be replaced by someone who wants to eat their lunch. The power of Adaptive planning enables organizations to create efficiencies at all levels.
The power of adaptive planning
Workday Adaptive Planning takes forecasting capabilities from the finance department and brings them across the enterprise. It’s an incredibly powerful tool when used with full force. Taken in the context of the fact that disruptions are happening at a faster rate, the concept embodied by adaptive planning is essential for today’s organizations.
Where can adaptive planning impact business operations? Whether it’s human resources, sales or any team operational planning, Adaptive Planning offers unique features that can create massive efficiencies for all kinds of businesses and agencies.
In addition to simply providing the tools to accomplish tasks in a more optimized way, Adaptive Planning also incorporates analytics and reporting into its DNA. Built with Elastic Hypercube technology, Workday Adaptive Planning has a flexible and scalable platform that basically covers all the needs of the organization, combined for better analysis.
Adaptive planning even allows users to model different scenarios. Being able to see in detail how making certain decisions will affect other areas of the business can totally upset perceived values.
Undoubtedly, there are many attractive and powerful features in Workday Adaptive Planning. But learning all of these things doesn’t happen overnight. The process of deploying, calibrating and managing such an important platform cannot be taken lightly. Many organizations simply will not have the staff to do this internally at an effective level. Businesses need to find a way to facilitate the adoption of adaptive planning or they won’t fully realize these powerful benefits.
How should companies deploy adaptive planning?
Without answering the question of how to deploy Adaptive Planning, you will not enter the process with adequate information. There are two main options here: figure out how to deploy and maintain Adaptive Planning internally, or hire an outside agency.
While some executives might initially balk at the idea of hiring a consulting firm to help deploy the Workday Adaptive Planning platform, it’s actually a common practice. The possibility of entrusting tasks to those who have specialized experience how best to use Adaptive Planning is a huge plus. This will shorten the time it takes to get your system up and running, which in turn will lead to faster results. By reducing the time to impact and increasing the ultimate efficiency of ongoing operations, a Workday Adaptive Planning partner can be the ideal solution to maximize return on investment.
There’s no denying the power of adaptive planning. Companies that deploy and use this platform to its full potential will reap its generous rewards.