Business planning and analysis (BP&A) teams endeavor to forecast the future so their organizations can better anticipate business needs. But this year, COVID-19 was the unexpected event that turned everyone's predictions on their head. For many companies, the initial shock period following the outbreak has passed, and a recent KPMG survey of finance and business leaders found that half of the respondents said their organization’s response to the virus has reached the recovery phase.
But even as organizations move from recovery to the new reality, the local and global business challenges arising from COVID-19 will remain, at least for the foreseeable future. At the same time, the COVID-19-related disruptions have also heightened an already existing need for BP&A teams to become more agile to respond appropriately in periods of uncertainty. To ensure success, BP&A teams should focus on five key areas:
- Mastering rapid strategic modeling;
- Shifting to driver-based, continuous forecasting;
- Becoming a value creator through data-driven decisions;
- Incorporating the latest technology and innovation;
- Enhancing existing skill sets and accruing new ones.
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