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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

5 Comments/Reflections

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.  
Alexander Turner

Alexander Turner Dec 2020

Our environment changed rapidly during the crisis and being a service based business relying on being in close proximity with our customers on a daily basis we had to adopt new processes quickly.

Our finance team was heavily involved in not just producing modelling/forecast about how we might come through the crisis but also critical thinking applied to how we re-work our day to day in order to enable us to carry on business in the most efficient manner.
Brett Barnes

Brett Barnes Nov 2020

Covid-19 has impacted us too.  We conducted various forecasts and scenario planning though one mistake we made was not clearly defining the assumptions for each forecast which led to muddled subsequent forecasts.  Each time we completed a forecast we would basically begin a new one and instead of going into it like a bull in a china shop, we shouldve spent more time redefining the assumptions from the wider market/business to ascertain work involved.