Divestiture is one of the biggest decisions any organisation can make and requires careful planning to ensure it goes off without a hitch and the full value can be extracted from the deal.

According to a recent survey from Ernst & Young, business executives can ensure they make divestment a success with careful strategic planning. The 2014 Global Corporate Divestment Survey, which assessed more than 700 executives from around the world, revealed that 80 per cent of those who made divestment decisions based on a strategic portfolio review enjoyed an increase in value.

Paul Hammes, Ernst & Young's global and Americas divestiture advisory services leader, said the need to make strategic choices has never been more evident.

"We're seeing more interest in divestiture activity both globally and in the Americas," he said on January 20.

"After hunkering down for a long period of uncertainty, more executives feel ready to make strategic choices that focus on strengthening companies' core offerings and ensuring long-term growth."

Based on its findings, the survey revealed the three best practices any executive should follow when overseeing a divestment: know the core business, make better-informed decisions and act strategically.

For instance, it suggested that decision makers should make better use of business performance data and industry benchmarks to guide them. They should also think of divestments as "strategic tools" and utilise findings from portfolio reviews.

One of the best ways executives can make better use of internal data and benchmarks to navigate a divestment is to employ business strategy software. The latest software solutions such as StrategyBlocks offer a transparent platform through which all relevant individuals can have an active input in strategic planning.

By harnessing the right information and people from across your organisation, you can ensure your divestiture is a success.