Use EPM to Help Navigate Through the COVID-19 Crisis
The COVID-19 global pandemic impacts organizations in all regions. Some areas show signs the outbreak may be under control; others could still face the worst. Although they stabilized somewhat, global markets suffered their largest decline in history and remain highly volatile. The timing of any global economic recovery simply can’t be accurately forecast right now.
Organizations in all regions will face significant uncertainty during at least the next 12-18 months. Management teams and business leaders need to address short-term issues and respond rapidly to changing business circumstances as conditions gradually return to a semblance of normality.
Enterprise performance management (EPM) systems can play a key role in helping organizations navigate through this crisis. They can identify short-term impacts and help organizations react quickly and positively as economic recovery starts.
1. EPM systems can help identify short-term and longer-term financial impacts of the COVID-19 crisis on your organization’s business plans.
2. The scenario-planning capabilities of EPM systems can help create revised business plans for the next 12-18 months that cover a range of recovery scenarios.
3. The strategy management capabilities of EPM systems enable rapid creation of updated strategic business plans based on changing circumstances. They can help create strategies to deal with the “new normal.”
4. EPM systems provide a robust and responsive environment to help organizations manage their way through the COVID-19 crisis.
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