Many times people ask whether Strategic Planning as a discipline is still relevant today, given that business conditions change so rapidly. The advent of technology, globalization, hyper competition, increasing legislation, and shortening of product life cycles are all making the business environment increasingly complex and shortening the planning horizon. However the need for planning still exists, all the more so today. The nature of the planning exercise needs to be adapted to reflect the nuances of the industry in question and economic conditions prevailing at that point in time. The fundamental principles of planning such as direction setting remain the same, only the application needs to be modified. After all, at the end of the day, it’s better to be approximately right than to be precisely wrong!
Note
The author is currently working with Moser Baer India Ltd as Head Strategic Planning & Marketing. The views expressed in the article are the aurthor’s and do not reflect the views of the organization.
Many times people ask whether Strategic Planning as a discipline is still relevant today, given that business conditions change so rapidly. The advent of technology, globalization, hyper competition, increasing legislation, and shortening of product life cycles are all making the business environment increasingly complex and shortening the planning horizon. However the need for planning still exists, all the more so today. The nature of the planning exercise needs to be adapted to reflect the nuances of the industry in question and economic conditions prevailing at that point in time. The fundamental principles of planning such as direction setting remain the same, only the application needs to be modified. After all, at the end of the day, it’s better to be approximately right than to be precisely wrong! NoteThe author is currently working with Moser Baer India Ltd as Head Strategic Planning & Marketing. The views expressed in the article are the aurthor’s and do not reflect the views of the organization.
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