“Normal” working has been completely transformed by COVID-19. Organisations everywhere have had to rapidly adjust to enable their employees to work remotely. Meanwhile, strategic and financial plans have had to take a back seat, while traditional priorities are reconsidered. In a period where nobody is able to plan ahead with any certainty, staying agile has never been more important.
The disruption caused by the global crisis is going to have long term ramifications for budgets. After all, with cashflow dramatically impacted, it’s likely that all spending will be reviewed, from IT investments to expensive office space. In fact, 67% of CFOs1 say they are now expecting to defer or cancel planned investments. But while cost cutting is necessary, so too is smart investment. For businesses in an unpredictable environment, success will be determined by the ability to adapt, so it’s crucial to still invest in the tools which will enable that agility.
According to McKinsey2 top investment priorities for post COVID-19 include the cloud, automation and digital transformation. While these should and have been top of many businesses’ investment agenda, they are more essential than ever.