Economic Crisis or Insightful Opportunity? Forecasting Through the Pandemic
There is no denying that COVID-19 has plunged the world into economic uncertainty. Businesses across the globe need to adapt to the unpredictable nature of this pandemic crisis.
Consumer bases are shifting and communities are under restricted movement, however there is the ability to recover. Businesses need to start forecasting now for the return to normality in order to have a successful emergence.
But how can we forecast when we don’t know how effective efforts to address the huge economic impact COVID-19 will have?
So, What is the Solution?
Business analytics can provide valuable insights to circumnavigate the uncertainty. The ability to rapidly analyse and churn through data will provide the insights your business needs to adapt and maintain stability, and thankfully Corporate Performance Management (CPM) is the answer.
CPM gives the flexibility and strength your business needs in order to respond to fluctuating market trends and resource availability. It gives you the ability to quickly process huge amounts of data, budget resources and forecast achievable outcomes.
If you would like to learn more about what CPM is, please read this article.
CPM in Use
The CPM solution can be used to conduct a sensitivity analysis, which uses diver-based plans to allow us to modify key drivers in a business plan to see what different outcomes will be in various scenarios. For example, your business could be able to visualise the outcomes of situations with varied levels of demand, price sensitivity or foreign exchange values.
This kind of corporate management also requires the development and quick implementation of several adaptable models. As your business obtains more data then these models can be quickly shifted in the right direction, allowing for the manoeuvrability needed to effectively function.
Businesses that invest in CPM solutions will have the ability to constantly manipulate models with the wealth of insight data analysis can offer. Right now is your opportunity to plan for a successful recovery and deliverance into the return of normality.
Your CPM Solutions
Forecasting isn’t easy, especially at a time like this. If you would like to know how to implement this kind of corporate management in your business, please reach out to us for support.
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