Optimising financial processes

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Something to Consider: 4 Themes to Digital Covid Recovery

Something to Consider May 2020 3

We have vaulted five years forward in remote work and digital access to services in just eight weeks.

It does make you think about what is possible as we work to get back to full speed in an unstable and unpredictable environment in which ‘lockdown’ will ease (and potentially be reinstated) in waves.

Companies will need to confront structural changes that are playing out and priorities are changing to adapt to this: 75% of people using digital channels for the first time indicate that they will continue to use them when things return to “normal”. Digital laggards will be substantially disadvantaged during the recovery trying to keep up with uneven and unpredictable consumer demand and supply.

McKinsey have laid out an agenda that focuses on four efforts:

1) Refocusing and accelerating digital investments in response to evolving customer needs – echoed in our recent discussions with the CIO of Arlanxeo.

2) Using new data and AI to improve business operations – as we heard in our webcast yesterday with the head of GBS at ABP.

3) Selectively modernizing technology capabilities to boost development velocity – as we saw in the “Burning down the Shared Services House” sessions.

4) Increasing organizational agility to deliver more quickly. We’ll be hearing more about this at our upcoming webcast with Starbucks.
We are undergoing huge changes professionally and agility and adaptability have never been more important as the world requires quick pivoting from management and leadership.

You can read the full article with advice and discussion on a 90 day plan on keeping pace from McKinsey here

Our ‘Something To Consider’ snippets are framed as small, digestible, ‘dashes of insight’ around the pillars of what we define as “World Class Finance” – Process Optimization, Financial Control and Compliance, and Risk Assurance, all underpinned by technology enablement and integration.