As we all try to adjust to our new reality of economic uncertainty and social distancing, it seems as if our expectations for the future are changing daily.
It is difficult to tell what next week will be like for businesses across the world, much less what next month will look like. However, with a good Corporate Performance Management (CPM) tool, your organization can gain insight into a range of possible future scenarios, so you can start executing meaningful actions right now.
With the right CPM solution, you can get quick answers to pressing COVID-related questions, such as:
- How will it impact my business if I let some employees go?
- What can I expect for cash flow, as things stand now?
- Which expenses should I cut – now and later?
- Who are the customers that are slow to pay?
- What is the best case scenario of COVID-19 on my company... and the worst?
If you are not sure whether your current system provides this critical information, this article will help.
What Are the Two Essentials of Corporate Performance Management During COVID-19?
Due to the ever-changing nature of the Coronavirus, nearly every organization across the planet is having to throw out and replace their 2020 budgets right now. Forecasting on the fly can be difficult if you are working from spreadsheets but, with a highly effective CPM tool, you will have the room to run new forecasts for every twist and turn as the pandemic situation unfolds.
In emergencies, it can be difficult to sort through the mass amount of reports available to you from a CPM solution, so here is your quick guide to the essential reports you will need right now.
- Multiple forecast versions compared
- Reports focused on vendor and payroll expenses
- Customer aging receivables
Not Using a CPM System Yet? There Is Still Time.
Lack of insight can be a big problem for companies right now, considering how fast the economy is changing. Setting up a modern CPM solution is easier than ever, but you will still need to make sure you choose the right solution for your needs.