of CFOs believe operations could return to normal in 3 months if the COVID-19 crisis ends today
are greatly concerned about the potential business impact of the crisis
Source: PwC's COVID-19 CFO Pulse survey
In the past few months, our lives and our businesses have been disrupted by the COVID-19 pandemic, forcing us to completely change our ways of working and living. Governments are already relaxing the lockdown measures and restarting their national economies.
But what’s your exit strategy? Are you ready for “the new normal”?
The message from global CFOs is clear: most companies have moved beyond the short-term, reactive phase of the COVID-19 pandemic. During the first phase of the crisis, companies mobilised their response plans to address three immediate concerns:
Today, CFOs still need to do what it takes to ensure the survival of their business and the safety of their people. However, the focus is shifting away from immediate crisis management to business stabilisation in this “new normal”.
The focus should be on defining an exit strategy that can cope with the constant uncertainty. Digitalisation is key to enabling home working, which will become the new standard, and to drive higher efficiency. The next step is to focus on strategic capabilities and make strategic decisions to boost productivity, reduce operating costs and turn this crisis into opportunities.
Remote work is accelerating the adoption of digital within organisations. Among CFOs, 78% plan to continue with digital transformation investments to manage the new ways of working, accelerate automation and create a tech-enabled finance organisation.
Focus on driving operational improvements and build a digital operating model.
Focus on prioritising activities that drive the business and improve profitability without losing focus on long-term objectives.
Focus on optimising operating costs, but ensure alignment with core capabilities and long-term strategy.
The uncertain progression of the pandemic means that businesses and economies are still transitioning towards a new equilibrium. CFOs will need to move beyond immediate COVID-19 crisis management and navigate through the uncertainty to build resilience and ensure success in the “new normal”.
What will keep companies ahead of the curve in these uncertain times? A coherent exit strategy that focuses on leveraging core organisational capabilities, developing a robust cost structure and accelerating the digital transformation agenda.
At PwC, we’re working closely with our clients to help them respond to COVID-19 and prepare for the “new normal”. Our Management Consulting Finance team has significant experience in helping a diverse range of clients in different industries with complex challenges in Finance and beyond.
Starting from your vision and the impact that COVID-19 has on your business, we can help you build your exit strategy to set you on the right track in turning this crisis into opportunity.
Meet us in our Experience Centre, where we showcase our real-life examples, walk you through our automated solutions and work with you to create your tomorrow.