Since businesses face more aggressive competition than ever before and have to assume increasing risk, they need to prioritize their deployment of resources even more carefully and govern their wide-ranging global activities more diligently. Smart planning has never been as important as it is today.
In this Focus, we delve into the changes and challenges that have altered the context in which companies must now undertake their planning. We break down the impact of external issues stemming from an increasingly complex—and less predictable—global economy. We also investigate company-specific internal problems, which include basic planning missteps, pseudoaccuracy, and poor time management—shortcomings whose root causes often run deep. These issues become even more important in an uncertain environment because they amplify the impact of external challenges.
How can companies cope with these external and internal changes and challenges? BCG has worked with clients to help them actively prepare for today’s altered environment. Here, we examine best practices at several of these companies and reveal ten key principles that have improved effectiveness and efficiency in their planning processes. As companies incorporate more of these principles and related practices into their playbooks, they will become stronger, more flexible, and more dynamic—ready for a new world of business.
Authors: Alexander Roos, Fabrice Roghé, James Tucker, Marc Rodt, Sebastian Stange
Source: Boston Consulting Group (BCG)
Subject: Management
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