Coronavirus Pandemic sentenced the world to an uncertainty. In this uncertainty, businesses, employees, and customers quickly switched to the home model brought by the new world order. Undoubtedly, many businesses have failed to provide the same service to their customers as they did a few months ago due to local and national restrictions. If every crisis teaches a lesson, this crisis clearly demonstrated the importance of investing in the right infrastructure and software to ensure business continuity and success.
Right Software for A Happy Ending
The #stayhome hashtag, which entered into our lives with Covid-19, means much more for industries than staying at home. During uncertain times, such as the coronavirus pandemic, enterprises need to rethink the way they operate as they move to a work-from-home model, with the safety of course, of their employees and customers top of mind. As local and national restrictions require businesses to limit face-to-face interaction, serving customers in the same way as they did before can prove to be challenging. Investing in the right infrastructure and software is essential to business continuity and success. This includes tools that provide strong visualization and make it easy to share data and promote collaboration among siloed employees.
COVID-19 has introduced a high level of volatility to the market, as stay-at-home advisories and supply-chain shortages have upended several industries. This uncertainty has greatly affected corporate financial departments, as 2020 budgets and forecasts, that were just recently finalized, are likely no longer relevant. Even in the best of times, the C-suite finds it challenging to accurately budget, plan, and forecast for their business, but unforeseen market influences like the pandemic make these tasks far more difficult. Events like this can directly impact an organization’s revenue planning, costs, production, headcount, and overall business performance., CFOs need to utilize their software mentioned earlier, to run “what if” scenarios for every possible scenario so they can make adjustments on the fly. This approach will help businesses to ensure continuity and minimize risk.
Technology Proves Its Power Once Again
COVID-19 has certainly forced most businesses to utilize their ingenuity, as they adapt to their new work from home models. More enterprises are developing and/or investing in digital infrastructures and fail saves to enable their employees to work seamlessly in a secure environment, while also servicing their clients. Many businesses that had previously been anxious or reluctant to interact with these technologies, now have the chance to experience them. As a result, they have come to appreciate the ease, speed, and convenience these technologies can offer.
The cloud, in particular, has been instrumental in helping businesses rapidly pivot their plans, providing instant communication, and rapid deployment of information across their network to remote workers and clientele alike. Other essential technologies, such as telecommunication tools and software platforms that make it easier to work collaboratively, have become even more ingrained in the way we do business. Even after the COVID-19 pandemic, it’s likely that businesses will continue to develop these infrastructures to provide ease of access to their clientele and to ensure that they’re able to operate in other uncertain climates.
Working Remotely Without Missing a Step
COVID-19 has forever changed the landscape of the way we work, in favor of digital transformation. While the tides were slowly moving towards a more digital world, COVID-19 has hurled us into a paradigm shift. The forced mass adaption of telecommuting due to restrictions brought on by the pandemic is undoubtedly the largest driver. While the idea of working from home was becoming more normal in today’s workforce, there still remained a large portion of employees that had yet to try telecommuting. Businesses and employees alike are finding that it’s not only possible to adopt this virtual model, but in some cases preferable. In the past, it could be difficult to collaborate with remote employees, but the drastic improvements in network infrastructure, continued migration to the cloud, and introduction of new collaborative software have made it possible to work remotely without missing a step. As companies look to engage larger talent pools and help reduce occupancy costs, offering employees the ability to telecommute will become far more commonplace.
Although we cannot see clearly what awaits us, we know that companies that will succeed in the ‘new normal’ will write the most creative scenario from home!
Your business is evolving. And the way you plan and report on your business should evolve too. Prophix helps midmarket companies achieve their goals more successfully with its innovative Corporate Performance Management (CPM) software. With Prophix, finance leaders improve profitability and minimize risk by automating budgeting, planning, and reporting, and puts the focus back on what matters most – uncovering business opportunities and driving competitive advantage. Whether in the cloud or on-premise, Prophix supports your future with a platform that flexes to suit your strategic realities, today and tomorrow.