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Corporate planning is required and practiced by all companies, in every industry (even though some companies like to suggest that they do not need it).  Although many companies believe they have a unique methodology, how different is the corporate planning methodology used at different firms. For example, what is corporate planning like at:

• Insurance Company Planning at: The Hartford; Travelers; Met Life; etc.
• Bank Company Planning at: Citibank; JPMorganChase; Bank of America; etc.
• Planning at other financial services companies, such as: AIG planning; etc.
• IT Company Planning at: IBM; Microsoft; Computer Associates; etc.
• Health Care Company Planning at: Aetna; UnitedHealth Group; etc.
• All other industries.

Although every industry is different, the methodology to analyze any industry does not have to be unique. An added benefit of using the same methodology for analyzing all industries is the ability to analyze how industries are interconnected.

In physics, once you identify and understand the 114 elements found in nature, you can combine them in different ways to create most everything found in nature. (With the two new elements recently discovered (created) the analogy gets even better.)

Likewise, once you identify and understand the 450 strategically relevant financial services industries (and the 1,840 related IT industries) that exist today, you can combine them in different ways to create every financial services company.   (For completeness, it is true that a larger database would be required to strategically define that portion of a financial services company involved in non-financial services industries.)

As new elements are found in nature, no matter how slowly, they are added to the list of known elements.  As new financial industries are created, they too should be added to the list of known financial services industries.

SRI codes  vs.  NAICS (the new SIC) codes

Using one database of industries will create a common language for all, resulting in faster and better real communications in corporations large and small.  The reality, especially in many of today's biggest organizations, is that few people know and agree on what industries they are in, except at the highest level where "financial services industry" means something different to  everyone.  What the financial services arena needs is a comprehensive framework for strategically defined terms based on strategically relevant criteria. 

For superior strategic planning and competitive intelligence purposes, using a list of Strategically Relevant Industries (and their SRI codes) makes far more sense than using the NAICS  or outdated SIC codes developed a long time ago in the manufacturing era for a different purpose than required here.

For information on the list of Strategically Relevant (SRI) Industries for the financial services arena or the IT solutions arena, please contact Alan S. Michaels.  

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Last modified:   Saturday March 01, 2008