5 ways finance teams can elevate their businesses in 2022

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Businesses have faced extraordinary challenges throughout the current public health crisis of COVID-19. For many organizations, the abrupt shift to remote working in March 2020 forced CFOs and finance teams to be innovative in order to reduce inefficiencies and operate more strategically in their new online environments.

With 2022 finally underway and no sign of the end of the pandemic, finance teams need to think even more strategically about tackling the impact this crisis will continue to have on their organizations over the coming year.

Here are five ways CFOs and finance teams deal with these challenges:

1. To address burnout and retention issues, CFOs will strive to make work less tedious and more engaging. Employee burnout has increased during the pandemic and companies continue to grapple with “The Great Resignation”. Reducing manual and time-consuming work processes is already a priority for CFOs. Deploying tools to automate tedious processes can help reduce burnout and also help attract new talent. CFOs will focus on investing time in high value-added activities, such as predictive analytics and working with business stakeholders, while providing more engaging work for employees.

2. Remote and hybrid work models are here to stay; CFOs will play an important role in helping companies adapt. CFOs and the finance function play a critical role in guiding business strategy and making operational decisions throughout the organization. Remote working continues to have a big impact on expenses and profit margins. On average, companies intend to reduce their office space by 30%. In response to COVID-19, many finance teams will remain distant or mostly distant. With mixed feelings upon returning to the office, companies may also need to provide solutions for employees who are distant but seek a shared workspace or who travel longer distances to get to the office several times a month or per quarter.

3. Supply chain issues will continue to have a significant impact on businesses, requiring special attention from the finance department. Most CFOs said their companies were struggling with pandemic-induced supply chain issues. Securing goods early ties up money, and good credit is more important. To minimize supply chain delays, strong profitability and cash flow are essential.

4. CFOs will make greater use of real-time data to drive business performance in the face of the continuing ripple effects of the COVID-19 pandemic, as well as supply chain uncertainty, inflation , taxation and regulation. 99% of CFOs want to operate their business using real-time data, but only 16% do. It is important for finance teams to have data to make decisions, and in addition to making it available and usable by business unit leaders to drive performance. Data can help decision makers manage uncertainties with a little more clarity.

5. As businesses return to business travel, an increase in in-person events and new travel policies will require policy and budget changes. As vaccination rates rise and COVID case levels decline, more companies will regularly bring their internal, remote and hybrid teams together for collaboration and in-person meetings, using budgets previously allocated to facilities. or benefits. Conferences and trade shows are likely to return to full force by the second half of 2022, and attendees may be required to show proof of vaccination or negative test results. Businesses will need to update their policies accordingly to include COVID-related considerations, for example, paying for COVID testing before and after travel or implementing a regular testing procedure.


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