Want a Crystal Ball to See Into the Future? Scenario Modeling Is Your Superpower
How much easier would your job in transformation be if you could know in advance the outcomes of the changes you are looking to implement in your organization? We don’t mean have an inkling, a prediction or an educated guess: We mean really know.
The ability to see into the future could be a game changer
Precognition is usually a subject reserved for fantasy or science fiction, but it’s fast becoming a reality, and you don’t need to be psychically gifted to achieve it. Technological advances are making truly intuitive and realistic scenario modeling possible at the click of a few buttons.
Without the right tool, scenario simulation can be about as reliable as shaking a magic 8 ball and asking whether your proposed operational changes would result in increased profit and improved service levels. Rather than “ask again later”, wouldn’t it be nice to have a reliable, definitive outlook on proposed changes to inform your decision-making?
Why forecasting isn’t enough
Much like the weather, economic and organizational conditions can change rapidly. Budgeting, planning, and forecasting are all processes that are designed to build a picture of how strategies might pan out. The problem with these plans is that they are based on a set of fixed assumptions of varying degrees of accuracy.
Most organizations are already aware of the potential of big data for business intelligence, but even with big data, manual forecasting is far from an exact science. If one set of data changes, or is slightly out, that can mean that its relationship to other sets of data could result in tiny discrepancies scaling up to huge disparities.
Forecasting is useful, of course, and many are highly skilled in it, but in today’s business climate where efficiency is one of the top operational objectives of most organizations, it just isn’t enough.
Taking forecasting to the next level
Scenario modeling software could map out multiple possible views of the future, creating multiple alternative digital realities based on a unique set of assumptions that you can change or duplicate at the click of a button.
Through building multiple different scenarios, your organization could confront and plan for endless possibilities. From identifying opportunities for innovation and growth to developing potentially limitless risk management strategies – scenario modeling and simulation software can not only support your business in its transformation and goals but ultimately transform the way you approach transformation too.
Taking the guesswork out of Business Process Management
An agile Business Process Management system can help your business prepare for the unexpected as well as assess the effectiveness of planned change. By providing actionable insights into the potential outcomes of proposed operational changes, you could know ahead of time whether you will be on course to realizing goals.
Using “what-if” modeling and scenario planning technology, you can test assumptions and examine options for both the demand and supply side of your business and test a variety of outcomes.
The beauty of having the ability to examine your business this deeply is effectively turning the “benefit of hindsight” into the “benefit of foresight”. Even if your proposed scenarios do not end up happening in a real-life environment, this practice in “what-if” thinking, planning and preparation will pay off with better organizational readiness and a deep understanding of how your business works and responds.
BusinessOptix platform has scenario simulation capabilities
BusinessOptix’ suite of Business Process Management software can help your business identify bottlenecks, inefficiencies and opportunities with our process mining capabilities. But what really sets us apart is how automation can help you mine data; the platform’s scenario modeling and simulation capabilities can then give you the chance to automate predictions. You can have the power to explore how altered differentials could impact on outcomes – for multiple differentials and multiple outcomes.
The capabilities of a tool of this nature can transform the way you make decisions. By reducing process transformation lead-times, and taking the guesswork out of process improvements, you can achieve efficiency in your own role and department.
Much like a superpower, the ability to see into the future, or at least have a data-evidenced idea of what the future might look like that you can present to stakeholders, could challenge current wisdom on transformation and process improvement in your business.