At the start of 2020, very few could have predicted that come the end of March we’d all be working from home and exercising ‘social distancing’.
We are in an unprecedented situation and therefore there are far more questions than there can possibly be answers at this stage. But if one thing has become clear, it’s that this is just the beginning and the situation will continue to evolve, possibly daily. How long it will last, the reach of its implications and, on the practical front, what it will mean for business is at the mercy of current global volatility.
There is a high likelihood that by the time things return to ‘normal’, the fundamental meaning of that concept will have changed.
Cash is fundamental
However, some things do remain constant and businesses will need cash in order to survive. Having the ability to model scenarios and gain an accurate picture of your cash position in different situations is vital. Being able to do this at speed, generating new scenarios as fast as the outlook changes, will be key for organisations.
Responding quickly to the emerging situation, gathering the relevant information for analysis to identify and evaluate developing risks is going to be the only way to make truly informed decisions in this time of uncertainty.
If you’re currently having to manage with reduced resources then this could be even more of a challenge if you’re still operating within an unwieldy, spreadsheet-based system. Thankfully, through IBM® Planning Analytics, the tools are available to ease the situation for you and they’re not out of reach, no matter what size your organisation is.
Responding with agility
Much like the financial crisis, it looks like we’re all going to have to be as agile as possible and do a lot of learning as we respond to the situation we now find ourselves in. Improving your processes to give yourself access to rapidly changing models and the full picture required to make the right decisions for your business is a really simple step you can take to protect your organisation. We’re here to help anyone who needs support with making their planning processes more robust at this time. Get in touch with us today to talk about your options.
Simon Bradshaw
I have worked in finance and business systems development since 2001 and am an associate member of the Chartered Institute of Management Accountants. In 2016 I became a founding member of Spitfire Analytics, a consultancy specialising in IBM Planning Analytics. We are committed to building long-term relationships across all industries. I focus on my CPD through CIMA and IBM badges, ensuring I am always abreast of best practice and developments within the industry.
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