Is your business agile? Here’s how to find out.

Is your business agile? Here is how to find out.

04.08.2020

It’s fascinating what you can learn from speaking with the people your company is dedicated to serving. For years, we’ve engaged with customers to identify what they need from our business planning solutions.

Lately, however, more and more finance leaders are thinking about business agility. They’re thinking about it a lot, in fact. These executives recognize that they can’t sit and watch competitors outflank them. They acknowledge that markets are unpredictable and that conditions can shift in a way that disrupts their plans and strategies. So they’ve come to see agility as more than just a trend or buzzword. They see it as a business imperative.

But what, they wonder, can they do with that realization? How agile is their organization? And what can they do to improve it?

A tool for financial planning & analysis

We thought these questions were important enough to ensure that decision-makers wanting to measure their agility had access to real answers. So we created the Adaptive Insights FP&A Agility Assessment. Financial planning and analysis and other finance professionals simply answer questions about 12 defining aspects of agility—for instance, how much the business relies on nonfinance data for planning and forecasting, or the typical response time to deliver a what-if analysis—and the assessment tool will deliver an agility rating.

Ratings are based the respondent’s scores in five key areas of finance planning: process strategy, process frequency, process speed, data and systems, and collaboration. The tool also benchmarks scores against the average Adaptive Insights customer. For instance, an overall agility rating of “fair” might reflect a process strategy score that’s 25% lower than average and a collaboration score that’s 35% lower than average. But average or above-average scores in the five areas will produce an overall agility rating of “fair” or “great.”

What to do next

The FP&A Agility Assessment goes one step further. It also provides an extensive, detailed report based on the respondent’s results.

Every report includes an infographic that shows where the respondent’s agility, based on scores in the five key areas, is plotted against the average Adaptive Insights customer. This allows decision-makers immediate insight into their agility strengths and weaknesses.

That illustrates where the business is today. It’s a good starting place, but the report also includes an action plan and guide to a future roadmap. It achieves this by breaking down the agility assessment question by question, providing analysis on every response and offering practical next steps to help finance leaders further strengthen their partnership with the business.

Those with “fair” ratings may be advised to implement fundamental initiatives that they can build on as their agility efforts evolve. By starting small, they can lay the critical groundwork necessary to create a culture of agility that will serve them for years to come.

Those with “great” ratings may receive guidance aimed at expanding on the good work they’ve already done. Tips on increasing collaboration, encouraging company-wide strategic thinking, and evangelizing metrics measurement might appear in these reports.

In every case, the reports meet businesses right where they are today and show them how to get where they want to go tomorrow.

Measure your agility today

Agility isn’t some elusive, indefinable trait available only to businesses blessed with uniquely prescient leadership. It can—and must—be a core characteristic of every modern business aiming to succeed in the age of urgency. That’s why so many of our customers are thinking about agility and what it means to them. And it’s why we’ve developed the FP&A Agility Assessment.

So take the assessment today. It takes only five minutes. And you may be very pleasantly surprised at where it leads you.

This blog was originally published on the Workday Adaptive Planning Blog.

At Sereviso, we support businesses in their digital transformation journey and help them adopt suitable financial planning solutions for them, with full visibility over business data, high accessibility, and granular analytics. If you’re looking for a similar solution, check our website or get in touch with Sereviso experts.

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