Turning Crisis into Opportunity: COVID-19 as Accelerant in Finance Digital Transformation  

29 January 2021:

The need for finance to digitally transform has been discussed for years – even decades. But COVID-19 may just be the catalyst to finally push finance teams to embrace new digital technologies. Unlike any other crisis before it, the pandemic forced big changes upon companies, including the need to immediately scrap their annual plans and re-plan 2020.

Almost seven months later, COVID-19 and the wider risk landscape is still highly volatile. The U.S. economy appears to be amid a slow and steady recovery from huge dips earlier in the crisis while other parts of the world face new challenges. For many people and companies, work and life remains remote. Some industries have fared well, others have been decimated. Overall, fallout from the coronavirus will haunt the U.S. economy for years, costing an estimated $8 trillion through 2030, the government estimates.

In this environment, CFOs must continuously and carefully evaluate the balance between innovation and offense and cost containment and defense as they stabilize the business, plan for a recovery, and try to anticipate how this unprecedented crisis will impact future business.

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Source: Financial Executives

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