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Technical

Finance speaks up in the COVID-19 crisis Logo cgma

  Drew Adamek |   Free |   Jul 2022 |   FM magazine

One finance executive shares how focus and communication were key to navigating the early days of the coronavirus pandemic.

Topics covered:
  • Management accounting: Technical: Management reporting & analysis: Management reporting, Advanced

7 Comments/Reflections

George Rose

George Rose Apr 2022

In my opinion this article highlights the importance of developing various scenarios which could impact the organisation through using technology and effective communication with various stakeholders. This ensures that any assumptions which impact scenarios are understood and clearly communicated. The data that the various scenarios provide will hopefully reduce risk and increase confidence in decision making.

My organisation is going through a similar challenge with Brexit, there is the wider challenge of how this will impact research funding and the operational challenge of how we report research finances and findings. We are currently investigating various scenarios with regard to submitting proposals and financial planning,
Alina Butkevic

Alina Butkevic Mar 2022

There is increased demand for Technology as well as requirement to constantly adapt financial scenarios and effectively coordinate communications throughout the business in a virtual setting.
Daniel Peruzzi-Kwan

Daniel Peruzzi-Kwan Dec 2021

I think tis article underlines the importance of getting correct assumptions in scenario planning. There is no point in having lots of variables all in place if mst of them are invalid.

secondly the need to update scenriao planning as good data becomes available.

This probably isn't news but the way that all companies will now need to invest more in IT solutions especially with the working from home culture likly not to change in the forseeable future
Rameshwaran Mamangam

Rameshwaran Mamangam Jun 2021

Scenario planning is a tool designed to help the organizations to predict and plan for the uncertain future. The recent pandemic has increased the necessity of the advanced technology to adopt into the situation quickly.

The constant communication between the partners and the careful analysis of the financial impact are also the key parts that should be considered during the uncertainty.

I do understand the scenario are not attempt to predict the future exactly, rather we could able to pick up a set of possible future states. This dialog has given me an realistic Story of scenario planning during the pandemic.

Miriam Jones

Miriam Jones Dec 2020

COVID 19 has affected us all.  One of the most important things is our need to listen to our partners and get a good sense of what's happening with our clients, suppliers and employees.  This article highlights the need to focus on the things that might have the most impact on the business and not to get side tracked by things that might only be temporary blips.