Over the last year, many business leaders have grappled with really big questions: How can we get back to profitability? What technologies should we adopt to improve our situation and build resiliency? How are other organizations responding to current challenges?

To answer these questions and better understand where organizations stand on the path to recovery, Oracle partnered with MIT Technology Review Insights to conduct a survey of 860 business leaders working in human resources, finance, IT, supply chain, and logistics across the globe. The report found:

Most businesses are focused on short-term recovery while long-term plans are still being formulated

Very few organizations were in a position to make quick and dramatic business model shifts when the pandemic hit last spring. As a result: 54 percent of organizations are still dealing with the short-term fallout of the pandemic; nearly a quarter are making the necessary business adjustments with a future plan in mind; and another quarter are actively working toward a new plan.

Cloud and AI technologies are helping organizations prepare for future uncertainty

While many organizations had already started their transition to the cloud, the global pandemic accelerated this trend. More than half (55 percent) of organizations say the pandemic has sped up their cloud adoption. In addition, many organizations believe cloud technology serves as a catalyst for the adoption of innovative technologies such as AI and machine learning, which help with scenario modeling. Nearly two-thirds (62 percent) of organizations described using scenario modeling to identify, counter, and respond to uncertainties.

Organizations that plan together, succeed together

The events of the past year have highlighted the benefits of a “connected” approach to planning that aligns finance, HR and supply chain data to create a holistic view of an organization. In fact, almost three quarters of corporate leaders (74 percent) expect connected planning to improve collaboration and decision-making within their organization.

If the pandemic has taught us anything, it’s that businesses are capable of implementing significant changes and that being able to make changes quickly can be a significant competitive advantage. By embracing cloud business applications, forward-looking organizations can connect planning processes across the entire enterprise and better prepare for future challenges, while finding new ways to innovate and drive revenue.

To learn more about the Collaborative Planning in an Uncertain World findings, download the full report here.