Merging scenario planning with process improvement
When engaging in scenario planning, one must consider different business models, formats and changes in consumer behavior. Companies can then plan for potential scenarios ahead of time, allowing themselves to be more prepared in the event that one or more possibilities occur.
"Scenario planning can also be valuable for chief information officers seeking better plans (and) more innovate services," the news source notes.
Incorporating process improvement methodologies such as Lean Six Sigma into enterprise risk management and planning efforts can help companies identify the most cost-effective and efficient approaches for any scenario. Anticipating obstacles ahead of time ensures organizations have a plan in place to avoid or mitigate them when they occur.
To gain a full understanding of barriers to streamlining - both real and projected - the process that's to be improved must be fully understood. This requires a flow chart or similar analysis to identify causes of inefficiency.
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