What is Meant by Integrated Planning?
Integrated planning, are two words combining to form a crucial phrase, that is a massive contributor in the world of business. To integrate means to combine and connect things, so that the final consequence is one whole. Planning is simply the ability to create a plan that is executable. So, what does Integrated Planning mean? These two words come together to bring across a way of making plans that focus on including external factors and the organization’s internal and operational factors. These external factors can include social, economic, and political conditions as well as on-going market trends that can affect profitability and other aspects, which is of paradigm focus to the company.
Why is Integrated Planning important?
After knowing about what is Integrated Planning, let us now move forward to its significance. Have a look at the information below:
- Advancing data analytics
Managing a Supply chain is one of the essential aspects that businesses focus on these days. This management becomes more comfortable if the whole supply chain can be looked at by all the organization members. Now, what does integrated planning have to do here? It makes it easier to have thorough plans for all the levels and hierarchies of a sale so that all stakeholders know the risks and profits that can be derived from the process. This planning paves the way for advancing the data analysis. Due to the onset and fast rise in technology, the analysis, and planning that was done with very minute tools and basic methods, are now done with heavily analytical environments, that help and improve predictions and strengthen the supply chain.
- Better Decision Making
As a consequence of Integrated Planning, decisions made can be better. What is the meaning of Integrated Planning here? The concept of integrated planning allows a dynamic view of all the variables in the internal and external sectors of an organization. This includes processes that work across boards and groups while letting all the people involved know about the actions. This helps in coordinating research and bringing up the best ideas for future use.
So, the answer to “What is Integrated Planning” can be subjective, but, all in all, one may say that integrated planning is an integrated part of any business. This is especially important in the 21st century, due to the impending advancement of technology, and the drastic changes in the marketplace dominated by variations in the market need. Thus, this stays as a valid need, that organization must spend time to research and implement.