COVID-19 vs. the Office of the CFO: 75+ Pages of Research Summarized
The profound humanitarian fallout of the COVID-19 crisis carries with it the potential equally disruptive economic fallout. The path ahead is hence a precarious one, driven by epidemiological uncertainty, the unique blend of resulting shocks to both supply and demand, and “preexisting conditions” in the global macroeconomy.
“From an economic perspective, the key issue is not just the number of cases of COVID-19, but the level of disruption to economies from containment measures,” Ben May, head of global macro research at Oxford Economics, said in a report this week.
The outbreak has led major institutions and banks to cut their forecasts for the global economy. One of the latest to do so is the Organisation for Economic Co-operation and Development.
Source: OECD March Interim Report
In addition to launching a COVID-19 Response Center For Order-To-Cash, we did a literary review of the latest insight from four of the world’s leading research organizations that are constantly exploring the latest at the intersection of technology and business. Most of the firms have different takes on the essentials in these tough situations.
Gartner advises organizations to conduct preparedness planning work for a pandemic because resources (internal and external) won’t be available soon. During the coronavirus (COVID-19) pandemic leaders should share a common goal: Protect employees first.
● Minimizing the impact upon staff
● Minimizing the impact on the organizational supply chain & service delivery
● Minimizing the impact upon the IT infrastructure
● Protecting the corporate reputation
● Reducing the financial impact
● Enabling the organization to return to a new normality sooner
Gartner is actively publishing research on COVID-19 to help these uncertain times. Their collection of research and tools could help you better equip them during these uncertain times. Learn more at gartner.com
The Hackett Group
As per The Hackett Group, this crisis is different from ones in the past, not only in its global reach but also in its devastating combination of financial, supply and demand shocks, which are putting unprecedented pressure on corporate margins.
THE NEAR TERM
- Run scenario analyses for forecasting cash
- Augment remote work processes
- Communicate your strategy
- Preserve cash & optimize Working Capital
THE MID TERM
- Pursue intelligent cost reduction
- Review the capital investment portfolio
- Tighten controls with technologies like RPA & AI
- Watch out for growth opportunities
FOUR THINGS TO KEEP IN MIND
- The VPN is difficult to scale – shift to the cloud
- Streamline virtual work communication
- Focus on critical areas (revenue, AR, inventory, etc) for reserve calculations
- Reassess methodologies based on learnings for the next quarter/month
The Hackett group has gathered insights and best practices to help finance leaders identify what next steps to take in the near and longer-term. Visit their website for more information.
As per 451 research, the outbreak of COVID 19 would place more emphasis than ever before on the growing primacy of the digital experience as we try to adhere to 'social distancing' requirements. Technology today can ensure that businesses rise to meet customer expectations, especially as businesses are redefined from a transactional relationship between people into a more nuanced relationship between humans and the automated systems and devices, they use to engage the world.
CHANGING DYNAMICS OF DIGITAL EXPERIENCES
- Measure Digital Performance:
It's important to bring experiences to life online for deeper engagement to make people feel as connected as in-person experiences. Since emotion is the currency of experience, businesses will strive to drive spending on new technologies that harness the power of digital experiences to ensure brand loyalty.
- Catalyst for digital improvements:
Businesses need to invest in new digital tools/ intelligent platforms to work in a way that ensures that data, insights and key technologies connect people with information and processes.
- Use of virtual assistants to ease capacity issues:
The rise of virtual assistance and conversational interfaces provides a new avenue for businesses to achieve both the primary goals of self-service.
The 451 Research microsite will be continually updated with a selection of research, insight and data that are free to consume, helping organizations globally plan a way through this unique challenge.
As per Forrester, Marketing and Communications teams should take a leading role in supporting their organization’s response to the COVID-19 outbreak.
Their COVID-19 forum suggests a business continuity plan for an organization to deal with the repercussions of COVID-19 on their businesses and improve the overall customer experience.
- Create a task force, with each person understanding their responsibilities
- Develop a protocol for addressing emergent situations
- Create a wide range of critical content to keep the communication engine running, have it vetted by legal, and pushed out through channels as quickly as possible.
- Focus on creating a world class customer experience
IMPROVING CUSTOMER EXPERIENCE
- Start with empathy — Understand your customers in this moment
- Adapt Your CX Accordingly for all experiences and hit the pause button where needed
- Prioritize simplicity and clarity, now more than ever
- Help Your Employees Deliver Great CX Despite the Crisis
Forrester launched a hub featuring the latest insights and guidance to leaders to address the growing business and employee experience implications of COVID-19
Get to know more about how order to cash leaders are planning to brace for impact on April 21, 2020. Join the webinar to learn more.