Business Wire India
- More than 50% of CFOs are optimistic and believe that trading will be normal in less than 1 year
- 75% CFO want to spend more than last year in technology
Businesses are addressing uncertainty and concerns today with optimism to return to normality in a time frame of 12-18 months, according to a survey released by American Express India. 51% of the companies have not been adversely affected due to the ongoing epidemic and have either experienced growth or have no impact on business performance. Despite unprecedented times, industries such as healthcare, pharma and manufacturing saw growth.
The survey was conducted by EY for American Express, a leading commercial services organization and explores the major financial transformation areas of focus, as well as the impact of the current epidemic on Miracle function and business operations. More than 80 CFOs of large and mid-cap companies responded to the survey, which serves as the presenter for this year American Express India CFO SummitIs being organized by Moneycontrol to be held on November 24, 2020.
Megha Chopra, Business Head, Global Commercial Services He said, “The epidemic has led to significant changes and challenging conditions for businesses in industries. Interestingly, 60% of the companies that responded to the survey are prioritizing change to ensure business continuity and flexibility as one of their top focus areas. The silver lining is that many areas reported an increase during the COVID-19 epidemic, and what is really encouraging is that we have already seen green shoots in affected areas such as autos, travel, food and entertainment is. “
Technology: a major business enabler
While technology for virtual operations is witnessing a boom, there is also a need to leverage technology for better planning, forecasting and reporting. Three out of five CFOs are also seeing us in digital strategies and changing core accounting processes. Two out of every three CFOs are willing to invest in collaboration software and digital enablers to enable virtual operation.
Silver lining: Risk and uncertainty, not a deterrent
While systemic risks have large effects on organizations, there is a belief that further incentive packages and regulatory support will return the journey back to normal. 1 in 2 CFOs agree that they need to address issues such as productivity, cost, and talent management to be able to build resilience.
Re-strategize and focus on transparency in the value-chain
With supply chain management being a major issue for companies, CFOs are looking to re-strategize sourcing and focus on transparency in the value chain. Additionally, there is an increased focus on addressing bottlenecks in the receivables and payables cycle – both internal and external – to meet working capital requirements.
India CFO Summit will bring together various industry doens such as Megha chopra, Country Business Head, Global Commercial Services, American Express India, R Shankar Raman, CFO L&T, and Pratyush Mittal, CFO, Mondelez India, among others. It attempts to navigate the next course of cash management and to articulate the path to chart the transition of businesses with the CFO’s vision to the new normal.
To know more about the peak you can visit: https://www.moneycontrol.com/msite/microsite-url-amex-india-cfo-summit
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