How CFOs and Executives are Responding to the Coronavirus (COVID) Crisis:
PWC, Deloitte, Forrester and Gartner’s findings and
AI Consulting Group’s Action Plan for CFOs.
AI Consulting Group
Artificial Intelligence, Machine Learning, Data Science, IoT, Data Platform Modernisation
Cost Reduction, Scenario Modelling & Agility
PWC conducted two surveys (Globally and the US) about the sentiment and priorities about the COVID-19 outbreak from finance leaders. The top shared finding between both reports indicated that 64% of CFOs will be implementing cost containment measures. The reports can be found here (US & Mexico) and here (Global).
For AI Consulting Group, this will mean working closely with CFOs, CEOs, boards, other leaders and investors to pivot, re-calibrate and, wherever possible innovate around the following :
Rapid Budgeting, Forecasting and Scenario Modelling for the CFO:
- CFOs are using Machine Learning and Predictive Analytics to slash forecasting and budgeting time/effort by up to 80%, whilst improving accuracy and consistency and even facilitating out-of-cycle re-forecasting (click for more).
- Deloitte suggests that Modelling the Financial Impact will be one of the “critical steps in protecting performance” (click for more).
- Rapid Scenario Modelling will help CFO create multiple financial scenarios in uncertain times with accuracy, consistency and with minimal resources.
- Gartner’s conversations among 200+ CFOS on 31 March 2020 revealed that Scenario Modelling and Cost Management are two of the four key areas being immediately actioned (click for more).
- Post-COVID, CFOs will have the important foundations and tools to run lean finance teams into the future, with the ability to enhance operations with strategic professionals rather than spreadsheet operators.
Cost Leakage Identification (Transaction Analytics):
- Financial leakage due to fraud and/or processing errors can account for between 0.5% and 2% of an organisation’s accounts payable and payroll.
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A simple suite of tests and checks can identify financial leakage and opportunities for financial recovery.
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Workforce planning under constrained capacity.
A Counterintuitive Time to Innovate
Forrester also identifies that “Now (COVID) is a Counterintuitive but Ideal Time to Drive a Companywide Innovation Campaign” (reference here).
Addressing this, AI Consulting Group will be facilitating our proven ‘Virtual Innovation Workshops’ or ‘Opportunity Catalogues’ for medium to large organisations. The format will gather specific stakeholders into carefully planned, 1-2 hour ideation sessions, across 1-3 days, and will be conducted by experienced facilitators with an overlaid technology lens of Artificial Intelligence, Machine Learning, Data Science, IoT and Predictive Analytics. It exposes our clients to the ‘Art of the Possible’ and then converges in actionable Priority Lists, Roadmaps, Business Cases and Technology Strategies to accelerate innovation progress.
Conducting Virtual Innovation Workshops at a time when most employees are working from home is a way to enhance employee experience and get ahead of the curve by re-positioning your organisation for future market leadership (see some examples of uncovered opportunities here).
Published 06/04/20 by Rad Anandakumar (National Practice Lead – AI Consulting Group)
Contact Us
Contact us now if you would to chat further or find out more. Given the COVID environment, our consultants are flexible with early, late and weekend virtual meetings welcome.
For more information on how we can help your business, contact us at AI Consulting Group now.
Level 14, 309 Kent Street
Sydney NSW 2000