Importance of Strategic PlanningStrategic planning focuses on stabilizing the current environment and also supports the business plans and objectives of the organization. Strategic planning helps in implementing new projects, new technologies, consolidation of data centers, data warehouses, exponential growth of data, cost of ownership and available resources in an organization to assess future needs . Strategic planning analyzes the business plan, potential blockers or other issues in the architecture, current processes and their implementation in new initiatives and processes. Strategic planning helps to formulate ideas about the key factors that affect the present and future development of the organization and the opportunities offered by the environment and competence of the organization. Strategic planningThe key role in solving strategic tasks belongs to strategic planning, which is the process of developing and maintaining a strategic balance between the goals and resources of the organization in a changing market environment. The purpose of strategic planning is to determine the most promising areas of activity ensuring its growth and prosperity. Strategic planning is a component of a broader concept of “strategic management”. The four management functions (planning, organizing, leading and controlling), when talking about strategic management, include strategic direction. When considering strategic planning at the highest possible level within a company, the planning function is the area that stands out as the most important area that involves a lot of development and focus. Why strategic planning? Interest in strategic planning is caused by several reasons:1. Completing the...... middle of paper ......completes an analytical assessment of a business. A company establishes its competitiveness by investing scarce resources again and again in its value-added activities. By doing this, organizations will be able to birth superior products and services desired by the buyer and continue to grow their business and adhere to their strategic plan once implemented. References Rigby, D. (December 2007). Choose management tools wisely. Harvard business review, 85(12), 20-22, 3. Retrieved September 18, 2008 from the EBSCOhost database. Sandenaw RI, (November 2007). Seven steps to planning a business. Credit Union Magazine, 73(11), 2-3. Retrieved September 18, 2008 from EBSCOhost database. Urbany JE, Davis JH (November 2007). Strategic overview in three circles. Harvard Business Review, 85(11). Retrieved September 18, 2008 from EBSCOhost database