Something to Consider April 2020 2
How is your forecasting working out?
The current situation is certainly focussing attention on the weaknesses it has exposed; Can we eliminate dependency on unnecessary manual tasks? Can we operate our centralized processes effectively in a distributed working environment? Do our controls work effectively in this new normal? Do we have the real-time data on which to base decisions in volatile times? Nature has just proven that technology enablement needs to be humanistic, not just mechanistic…
It looks like there is to be a big uptake of automation at a very fast pace (at least double in the next 2 years according to a Bain survey) to better manage companies’ finances and operations despite facing revenue declines stemming from the Coronavirus pandemic.
As finance executives focus on cash and priorities, many are working on ensuring they emerge into the next “New Normal” as much healthier, fitter businesses and are making selective investments in processes and technology now.
For many companies, a finance department’s core transactional processes—such as closing the books, accounts payable, customer billing and processing supplier invoices—aren’t fully automated. Companies with shared-services employees who aren’t able to work from home are more likely to make a big push during the pandemic to automate processes.
You can read more about it here