Update on How EPM Can Help Navigate Impacts of the Continuing COVID-19 Crisis
The COVID-19 crisis continues to inflict major shocks and disruptions to the global economy. Although development of effective treatments and vaccines appears hopeful, their timetables for widescale delivery and implementation remain unclear and are unlikely to emerge in the next few months. This means business leaders face a continuing period of economic uncertainty.
However, many organizations gained insight into the potential impacts of COVID-19 and subsequently shift their attitudes based on this experience.
This Research Insight highlights the latest results from Dresner Advisory Services’ ongoing COVID-19 Impact Survey (www.covidbusinessimpact.com) and updates our previous research on how enterprise performance management (EPM) can help organizations successfully navigate the COVID-19 crisis.
1. The initial shock felt by businesses in March 2020 reduced in impact, with indications that organizations have more positive future business outlooks.
2. The most recent data show most organizations feel business recovery will take longer than initially anticipated—typically five months or longer.
3. During the early months of the COVID-19 crisis, 50 percent or more of organizations rated EPM systems “critically important” or “very important,” which reinforces EPM’s value as a technology to help navigate the crisis.
4. Shifts in the prioritization of planning capabilities indicate how organizations navigate the crisis. Two examples: Headcount planning, while initially a priority, dropped in importance, while cash-flow planning and forecasting remains a high priority throughout.
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