The rapid spread of COVID-19 has disrupted businesses around the world, rapidly changing market conditions and rendering most 2020 corporate and financial plans futile. But when faced with an evolving and unpredictable situation, such as a worldwide pandemic, CFOs must rise to the occasion and guide their company to success.
Reacting to COVID-19 with Insight and Agility
During unprecedented and uncertain times with the COVID-19 pandemic, finance professionals must quickly evaluate the impact on their organization’s revenue planning, costs, production, headcount, and overall business performance. This puts significant pressure on finance teams to manage the financial implications of disruption and position their company for continued success moving forward. Learn how organizations can utilize Corporate Performance Management (CPM) software to quickly and easily unlock current budgets and forecasts, facilitate “what-if” scenario planning, and collaborate more effectively with key stakeholders.
Monitoring and Managing Cash Flow
With unexpected changes to revenue and costs as a result of the pandemic, finance leaders need an immediate financial triage plan that includes revisiting prior cash flow expectations. Without an accurate cash flow forecast, companies may have insufficient funds to settle bills and repay debts. See how you can project your balance sheet using previous actuals, variations of your income, data from other models, and automated calculations to better plan for a successful tomorrow. Learn how to leverage Prophix to manage your cash.
Combatting Uncertainty with Rolling Forecasts
Forecasts are a critical part of the risk management process, and in these uncertain times, finance leaders are revisiting their projections. If your business is manually preparing forecasts in spreadsheets, it can be difficult to quickly and accurately incorporate relevant real-time data. With CPM software, you have the flexibility to react swiftly to the slightest changes in your business or the market, giving you greater insight into the future and helping you stay ahead of your competition. Learn how Prophix forecasting functionality helps combat uncertainty.
Considering the “What-if’s”: Proactive Scenario Planning
Many finance departments are looking for ways to be proactive and in front of market volatility. When faced with dramatic changes, such as a pandemic, many companies do not have the time and resources to manually plan for different scenarios using legacy tools or manual spreadsheets. With CPM software, you can look into the future by modeling an endless array of possible scenarios based on changes in your revenue, costs, personnel, and more. Learn how Prophix can mitigate risk by running “what if” analysis, creating base, best, and worst-case scenarios.
Putting People First in Uncertain Times
Employees are your greatest asset but are often your company’s most significant cost. With Prophix, quickly understand the impact of personnel on consolidated profit and loss statements. At the same time, you can incorporate variables like taxes, benefits, transfers, position changes, commissions, and bonuses, etc. Whether you need to scale back or scale up your workforce, you can forecast different scenarios to find your optimal personnel strategy with Prophix. Learn how Prophix’s personnel planning functionality to support their workforce through this difficult time.