How today’s modern CFO can tackle economic uncertainty | Enable
Summary
80% cite the increased costs of goods and services as their reason for a negative outlook, and 50% expect to raise prices to mitigate inflation, according to Grant Thornton’s 2022 Q1 CFO Survey findings. Steve Gallucci, National Managing Partner for the US CFO Program at Deloitte, reminds us that driving digital transformation, getting comfortable with communication, and adopting a creative mindset are fundamental to preparing for economic uncertainty. As this Deloitte article explains, “...by the time CFOs have all the data they want, it’s generally too late to avoid attacks from competitors arriving from completely different industries, or to adopt the new cost-saving operational technology that others in the market have already brought on board”. Effective rebate management improves collaboration, while stronger cross-department alignment enhances information sharing, reducing the risk of finding out unpleasant news too late. A global study by Workday, “Organizational Agility at Scale: The Key to Driving Digital Growth,” found a strong correlation between enterprise-wide data access and the ability to quickly make informed decisions.
