Planning, budgeting and forecasting are three of the most valuable activities in the management of your university’s performance. Each planning-forecasting cycle is an opportunity to increase understanding into what makes your institution tick, enabling more accurate modelling and increasingly better decision making.
Many existing processes and systems frequently fail to provide adequate support, with planning cycles becoming a lengthy and error prone procedure, resulting in plans which are not fit to run any organisation.
A review of your institution’s specific situation – the people, processes and systems which form the planning infrastructure – can transform your planning processes. Consider these 10 key areas:
- Appreciate the business need for planning
- Tease full value from planning cycles
- Standardise your data
- Standardise and simplify your processes
- Train and motivate your workforce
- Limit the detail; focus on what matters
- Treat targets as critical; employ KPIs
- Aim for high participation, high frequency
- Make best use of technology
- Close the loop; invest in forecasting
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- Updating your planning processes? 10 key areas to consider
