UK companies failing to plan effectively, according to Cartesis survey   10th October 2005 68 per cent of UK companies are taking over one month to plan and forecast the financials and performance of their business, and therefore losing competitive edge, according to a new survey. Moreover, 17 per cent of respondents are taking over a quarter. The research by business performance management specialist, Cartesis, was designed to establish how effectively respondents are implementing corporate strategy, and how important planning and forecasting is within UK organisations. The findings reveal that many UK firms run the risk of being paralysed by indecision as they do not have the right data available at the right time. Only 32 per cent of firms surveyed said that they were able to complete the planning process in under a month, giving them a huge competitive advantage over their slower rivals. Those firms that can plan more quickly are able to make decisions sooner, monitor performance against the plan and are able to adapt their business strategy as new challenges arise. In addition to this, the research also revealed that a staggering 73 per cent of respondents feel that they need more accessible company information to allow them to plan ahead and report to key stakeholders. John Taylor, director of industry solutions at Cartesis, said: "With the Operating and Financial Review, which requires companies to report predictions of a company's performance upon this, it is worrying to see so many organisations struggling to plan efficiently. "There are ongoing additional compliance stresses that require companies to be a lot tighter with their planning process. Yet aside from the compliance demands, any forward thinking company that wants to gain a competitive edge must have the foresight to plan ahead and have the information they require at the tip of their fingers in order to be transparent to stakeholders. "Good planning is no longer a luxury, it is an essential element of management and business performance reporting," Taylor concluded.
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