Impact of COVID-19
InsightsThe impact of the global pandemic
The World Health Organization (WHO) declared the novel coronavirus (COVID-19) outbreak a global pandemic on the 11th March 2020. Planning, budgeting and forecasting became even more relevant and even more challenging as the uncertainties from the global pandemic soared.
The global pandemic put broken planning, budgeting and forecasting processes in the spotlight as the vulnerabilities of traditional financial, planning and analysis (FP&A) processes and inputs were revealed. The global pandemic also brought new challenges including the need to constantly run scenarios and plan for contingencies while creating new models and rethinking data sources and strategies – all while working remotely.
CFOs and FP&A leaders will need to evolve planning, budgeting and forecasting to become more agile and scale to changing business needs in the face of the global pandemic and other challenges.
Based upon discussions with Chief Financial Officers (CFOs) and Financial Planning & Analysis (FP&A) leaders, we are seeing leading organisations:
- Increasing focus on first building scenarios and then thinking through their implications on the business;
- Develop a thirst for raw data and insights from the field instead of aggregated data; and
- Demand the integration of external data with company data to generate actionable insights.
Furthermore, business leaders want FP&A teams to execute a more agile and efficient planning process to help them adapt to ever-changing business conditions. This is leading to CFOs and FP&A leaders rethinking FP&A work, tools, skill sets and locations to adapt to future needs. To find out more on the insights from the impact of Covid-19, please download our insights report below.
Know the impact of COVID-19 on Planning, Budgeting & Forecasting
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Combating COVID-19 with resilience
The world remade by COVID-19
Reinventing FP&A for the pandemic and beyond
Key Contact
Martin Jermyn
Global Planning, Budgeting & Forecasting Survey Sponsor