In business, everything changes, everything evolves—yet nothing can compare to the levels of disruption and uncertainty leaders are facing in 2020. Even before the coronavirus (COVID-19) pandemic, a variety of political, economic, social, environmental, and technological factors were percolating, creating a perfect storm for disruption. These macro-forces continue to challenge the ways organizations think about doing business, raising many questions about what the new normal will look like when the dust settles.
With this in mind, it’s understandable that many organizations are struggling. How do you plan for the future with so many unknowns? How do you prioritize when so many external forces can reshape your business in the blink of an eye? How do you stay focused when the pace of change potentially requires your business to change tack with little or no warning? As we will discuss, in order to bounce back, businesses—and the finance function more specifically—need to fundamentally change how they operate.
It’s important to state that this new operational challenge is not solely a result of COVID-19. The winds of change have been coming for a while, but it often takes a significant event to drive such a fundamental shift. Businesses must look hard at
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