Weathering COVID-19: The Near- and Mid-Term Imperatives for Finance
The coronavirus is pushing finance departments to address unprecedented levels of operational chaos and cash-flow uncertainty with new ways of working that promise a brighter tomorrow. Here’s how to get started.
The global pandemic notwithstanding, digital initiatives in the finance and accounting function have not universally succeeded due in part to non-standard processes and an evolving and complex technology landscape.
Amid the COVID-19 crisis, the need to digitize finance processes has gone from nice-to-have to mandatory. Given the uncertainty surrounding the virus, finance organizations should do the following to get through the near term as well as to prepare for new world realities after the crisis recedes.
While the best news would be that the pandemic begins to recede, we will likely be living in a new world reality for some time to come. More people will work remotely, for example, raising the need for real-time visibility into work items; the limiting of hand-offs; better controls; and higher security.
Finance organizations can no longer survive with broken processes and outdated technology. They need to streamline and adopt modern tools and technologies fast if they are to survive this crisis and prepare for whatever comes thereafter. In a search for silver linings, we suggest that finance leaders control what they can by equipping their teams with future-forward tools, techniques and strategies that will deliver a more efficient and effective tomorrow. Start by making changes that have been long overdue.