COVID-19 (novel Coronavirus) has been declared a pandemic, and this is no time for organizations to panic. At a time like this, FP&A’s role is critical. We are unsure what the impact will be on the global economy, specific industries, and individual companies. A recession is likely at this point, but how deep will it be?
We can be sure of one thing: our budgets for 2020 are going to be wrong. The numbers we planned for this fiscal year will be incorrect. We must be able to explain those numbers and have alternate forecasts ready-at-hand. The secret to businesses surviving this threat to their future is a combination of scenario planning (so we have different plans depending on how severe this ends up being), narrative reporting (so we can explain all the differences to our original plan), and real-time analytics (so we can monitor the impact immediately).
interRel CEO, Edward Roske, will explain the two most important scenarios Finance must prepare now, how to communicate information as it comes in, and methods for using narrative reporting to open a dialogue as we start to report on actual versus our revised forecasts. COVID-19 will bring disruption, and there is no time to waste. We can’t predict the future, but we can plan for it.
Edward Roske will be staying on the webinar after the hour to answer questions in real-time. Stay safe out there.
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