Data Analytics, Write

Optimizing forecasting – how looking into the future helps to improve planning

Flexible planning and holistic controlling are the basis for being able to react quickly to market developments and identify impulses for corporate management and development. Nevertheless, the digitalization of planning is faltering in many companies and is instead based on manual, time-consuming processes. In some cases, companies need several weeks “just” to implement sales or cost planning. The contradiction that on the one hand digital processes are supposed to increase efficiency and at the same time many companies still plan in Excel shows a strong need for action. If companies implement digital planning (and controlling), this can quickly become a competitive advantage.

Such competitive planning includes, among other things, forecasting. With these forecasts, companies can create realistic predictions for their planning based on existing data and thus react quickly to new market situations. A BARC study from 2018 already shows that predictive planning and forecasting provide more accurate forecasts than human planning and that their importance for companies has been increasing for some time.

Digital, user-friendly tools – core element of efficient planning and fast forecasts

Software solutions have long since ceased to be the tools of IT specialists alone but should be available to professionals from various departments to optimize their processes. For comprehensive planning such as financial, sales or HR planning, it is not enough to just record and juggle a few key figures. Detailed analyses that ensure long-term precise planning are necessary.

So-called integrated business planning (IBP), which focuses on integrating sales planning with overall planning, is crucial for the further development of modern planning concepts. However, such complex planning can hardly be implemented manually in companies. Working in different systems and searching for and keeping several (Excel) files together is time-consuming and cannot really be done manually without errors. Therefore, software solutions in which the data is centrally available and allows the user to reschedule in an uncomplicated and flexible way are essential today.

Forecasting is an important part of integrated business planning

In addition, forecasts enable companies to plan their budgets accurately within the planning process and to calculate them precisely. Then, by creating a budget at the beginning of the year and using forecasts to combine current actual metrics with budget figures during the current fiscal year, the respective department can quickly and accurately adjust and allocate the budget based on past data in the best possible way.

An advanced simulation-capable planning model thus makes it possible to obtain information about expected future deviations in planning at an early stage and based on this, to take the right measures to close possible gaps and adjust sales, cost, and investment budgets. In addition, forecasts are also always closely integrated into the reporting process and so, for example, with our extension Write!, target and actual comparisons can be reported and commented together within the company.

Closing Thoughts

Forecasting methods can be used to quickly identify past and future developments in the company based on data and to include them in planning. In this way, complex planning can be simplified, planning processes accelerated, the informative value of reports strengthened, and budgets made more concrete.

Are you still planning with Excel and not yet using forecasts? Find out here how you can save time and money with integrated business planning.

Read More
Schreibtisch mit Büroartikeln, Handy und Laptop, auf dem eine Gant Chart zu sehen ist
Write

Fast and efficient project planning – with a Gantt chart

The reason why some projects ultimately fail, is often due to the lack of project management. This makes the project manager role and his planning more important. This, however, is easier said than done. In practice numerous external circumstances and requirements influence the project and can change several times during the project. The project goal then feels like a long way off.

And project planning involves several challenges – at least if the project has to be completed on time and within the planned budget. Correctly coordinating tasks that are interlinked, assigning employees according to their availability and qualifications, and at the same time keeping track of deadlines, milestones and costs is complex. In addition, scheduling and dependencies make clear project management difficult.

What is a Gantt chart actually for?

“Transparency” is an important keyword in project planning. Because without a central overview, it is hardly possible to complete a complex project with various tasks and employees in a target-oriented manner. You need a central platform to record the different processes in the project. Solutions that display the different timelines in a Gantt chart are ideal for this purpose. With the help of a Gantt chart, the chronological sequence of activities can be graphically displayed using bars. Long-term projects with many dynamic subtasks are thus clearly visualized, and time-critical tasks or milestones become directly visible. Nevertheless, extensions such as Gantt charts for Qlik Sense, Power BI etc. are missing possibility and flexibility to make changes in the project directly in the software.

Write! Gantt provides an overview

Extensions for project planning such as Write! Gantt, for example, take data analytics tools such as Qlik and extend them with the ability to display the data directly as a Gantt chart, edit it in the interface and track changes directly. Project managers in a wide range of industries such as pharmaceuticals, marketing or healthcare benefit from this. Especially in the case of frequent changes during the project, it is important to be able to recognize these and their effects on the project plan directly.

In addition to the central visualization of timelines and deadlines of tasks, upcoming events and activities, it is crucial that hierarchies and dependencies are also clear underneath. Here, for example, conspicuous and clear coloring supports. The individual coloring of projects, tasks, milestones or links enables direct feedback on changes. Direct editing in the solution simplifies and accelerates planning.

Closing Thoughts

Gantt charts make project planning easier for project managers in different industries. The result is a project plan that shows you at a glance how you should set your priorities in order to successfully complete the project on time. Enjoy a transparent overview of what your colleagues are working on and add a note if there may be a need for further support if tasks are stagnating.

Do you know the difficulties of clear project management? Do you already use a solution with Gantt chart in planning?

Read More