COVID19 - Now is the time to focus on your business

This is a time of transition, with new ways of working, business interruption and an economic downturn.

It’s a time to focus on your business, where the aim should be to avoid reactive short-term measures instead focus on long term goals to take advantage of the inevitable future upturn when it happens.

Below are some systematic steps you can take during the downturn and some key benefits of leveraging Oracle EPM solutions during this process.

1 - Understanding your current financial exposure

Firstly, you need to ensure your company is on a firm financial footing – Reforecasting, impacts of volume, price and mix changes, flow on impacts to your Balance Sheet and Rolling Cash Flows, managing customer credit and working capital.

2 - Streamline Operations

Ensure you are effectively using your company resources; finetune inefficient processes and minimise break even points throughout the business. Given current financial constraints, you won’t be able to do everything business improvement at once, but you can iteratively look to incorporate mini projects instead.

3 – Invest in the future

Gaining a long-term advantage for when the economy rebounds means having the courage now to invest in your companies’ people and processes so that you are set to thrive the subsequent upturn. Upskill your team and look at how technology can be leveraged to meet future growth opportunities.

Taking Advantage of EPM Cloud

• Designed to effectively produce multiple what-if scenario’s

• Change underlying operational drivers and immediately see the Financial Statement impacts.

• Ease of Cloud access for users working remotely, move away from slow VPN connections

• No challenging co-authoring of manual Excel workbooks collaborate on one system in real time.

• Iteratively add more features and modules such as workforce planning and project planning as the business matures and for those areas of the business that are the most material.