This year’s pandemic has caused a financial performance separation across the global corporate landscape. Due to the uncertainty of today’s economy, we are seeing companies fall into two categories — thriving and surviving. Thriving companies, like Amazon and Walmart, have been propelled into a hyper-growth mode due to high-demand products and successful supply chain operations. Surviving companies are those intensely focused on simply making it through this current economic downturn.
Both categories are seeing an even greater to need improve their financial forecasts. Transforming forecasting processes and deploying financial cloud solutions, such as Workday Financials, Workday Adaptive Planning and Workday Prism Analytics, can enable both thriving and surviving companies to make informed, smart decisions that position them well for 2021 and beyond.
While “thrivers” are focused on understanding strategic options such as new markets and acquisition targets, “survivors” are squarely focused on forecasting cash and deciding which capital projects to halt. Improving financial forecasting capabilities can enable timely, actionable insights, and lead to business decisions that may prove beneficial to both thrivers and survivors.