As 2020 started, no one could have anticipated how the world would change, including unprecedented shifts in the way we work. While the pandemic has created unprecedented challenges and uncertainty, it also presents an opportunity for finance leaders to pause, reassess, and develop strategies to help the organisation not only survive, but also become more resilient against future uncertain conditions.
Each business must take a unique path that goes beyond simple recovery to instead drive reinvention. But whichever makes the most sense for your business, technology can – and must – play a pivotal role.
“When you encounter a difficult time, like the COVID crisis, it really helps you to see what's important and recalibrate. You learn about some of the areas of your business that, perhaps, needed to be corrected all along, and it affords you the opportunity to focus on that.” –Tom Lavin, SAP Concur CFO
Digital transformation, already a priority, is now seen as an essential strategy for more effective spend and cost management, during both poor economic times and the brighter future. While the term is tossed around perhaps too casually sometimes, digital transformation is more than just a trendy catchphrase. It truly is a way to improve and build a business continuity plan into financial processes and profits.
In this paper, we discussed three core focus areas that can help CFOs develop the right strategy for their organizations, as well as lessons learn from Tom Lavin, SAP Concur CFO, on handling the pandemic crisis.
1. Create consistent and clear expense policies and procedures
2. Get true visibility into spending
3. Increase process efficiency and employee productivity
The right approach to digital transformation can help organisations establish flexibility and adaptability in the work place, building an organisation that can not only withstand the storms that will surely buffet it, but steer confidently and profitably into the future. Now is the time for CFOs to take a crisis situation that threatens the long-term financial health of enterprises around the world and turn it into an opportunity.
Download the white paper today to learn more.