For many businesses, adapting to continuous disruption has been particularly challenging, as many of them typically relied on disconnected, legacy technologies and manual processes that lacked flexibility and efficiency, consuming precious time and resources – things businesses can no longer afford to lose.
The process of taking simpler, rule-based tasks and automating them, while gathering insights on performance and behavior, in turn enabling faster and more targeted action – has turned out to be a powerful tool in shaping business success in these unpredictable times.
If fully adopted, there are daily work processes ranging from employee onboarding in HR to manage the end-to-end customer experience in marketing and sales that can be streamlined.
Finance teams also have a key role in crisis management as they provide timely and accurate updates on where the company’s finances are at, what the risk areas are, and support on developing and updating recovery plans.
They become more flexible in their approach to solving problems, freeing up time for value-added tasks, and adapting recovery and crisis plans to the continuous changes that the current pandemic is causing to our industries.
This means that insights can be gathered from all areas of a business. Businesses can improve their data quality by utilizing automation tools that can ensure data is in the right format, well managed and accessible to those who need it, at the time they need it.
This is vital for a comprehensive, holistic overview for business decision-makers.
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