CFOs Left Writing a New Playbook During Economic Downturn
In a Recent Survey, 72% of CFOs Believe That COVID-19 Has the Potential to Significantly Impact Their Operations with Nearly 1 in 3 Expecting Layoffs Are Imminent…
PWC surveyed CFOs to find out more about how they’re handling the coronavirus pandemic. The results were not overly surprising, with 72% believing that COVID-19 has the potential to significantly impact their operations and nearly 1 in 3 expecting layoffs in the next month.[1] So how can CFOs position their organizations for growth and success despite the current circumstances? What should their priorities be in terms of technology? As we return to some degree of normalcy, CFOs around the world will be working hard to:
- Diversify and secure new lines of credit
- Manage accounts receivables and any sort of disputes
- Assess cash flow to identify liquidity
- And much, much more
Naturally, CFOs have a range of priorities right now – but going into the future, it’s integral to make smart technology choices that position the organization for more excellent resiliency and agility, as well as a competitive edge.
CFOs Must Write a New Playbook: Embracing Technology From a Different Perspective to Keep Organizations Afloat During These Unprecedented Times…
Although organizations around the world have slowly been waking up to the power of technology for operational efficiency, it’s more important now – during these unprecedented times – than ever before to embrace technology from a different perspective. Essentially, CFOs must write a new playbook during the economic downturn. What does this mean? Here are our recommendations…
Take advantage of outsourcing technology services and support
First and foremost, outsourcing technology services and support will become critical going forward. Instead of paying all of the costs associated with hiring internal personnel, including the following:
- Salaries
- Benefits
- Vacation time
- Workstations
- Training/certifications
- Sick days
- And more
Outsourcing allows you to pay a flat-rate monthly fee for all of the services and support you need – meaning it’s easy to budget each month. Plus, a managed services provider (MSP) takes a proactive approach to managing information technology systems. They monitor around-the-clock and perform regular maintenance to minimize the risk of any sort of downtime resulting from issues or infections.
Switch from on-premises to cloud-based systems
As we look toward the future, many organizations will likely continue embracing remote work – at least in part – for quite a while. The cloud not only allows you to access your systems, applications, and data from any device or location but also eliminates the high cost of on-premises equipment:
- Upfront purchases
- Regular upgrades
- Ongoing maintenance
- Unexpected troubleshooting
- And more
Think about it… Even when you purchase an expensive, brand new server, it’s bound to be antiquated within a few years. Technology evolves at an incredible rate, which means you’re spending a ton of money keeping up with advancements. The cloud eliminates this because you’re paying for what you use, and upgrades, maintenance, and troubleshooting are included.
Plus, the cloud typically features built-in security measures that are much more advanced than the average organization can afford to incorporate into their infrastructure, such as enterprise-grade encryption, multi-factor authentication, and in many cases, security guards protecting the data center.
Embrace the concept of digital transformation for greater efficiency
Don’t overlook the power of digital transformation when it comes to increasing operational efficiency, and in turn, helping you boost revenues. CFOs should work with an MSP that knows and understands how to leverage digital technologies to:
- Enable access to real-time data analytics for greater decision-making capabilities
- Improve processes and workflows with the automation of time-consuming, manual tasks
- Prepare for future disruptions with business contingency planning
CFOs are navigating through modern times. We can help. Reach out to us via the chat box or give us a call.
