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The coronavirus pandemic has caused a huge humanitarian and financial crisis across the world. It’s uncertain when businesses will be able to come out of this dire situation. Meanwhile, they need to take quick actions to confront falling sales and supply chain disruptions. The following article talks about 3 important things that CFOs should do right now.
Since March, when the coronavirus pandemic emerged as a real threat to the world, companies were forced to allow their employees to work from home. At large, this wasn’t a voluntary decision. As many companies lacked a full-fledged remote working infrastructure, it became difficult to adjust to the new normal.
The salespeople, who visit clients and have face-to-face discussions with them daily, were on the receiving end of the lockdown. This resulted in a dip in sales figures and a weakening of customer relationships.
Today, when economies are trying to reopen themselves, CFOs need to create an active and engaging workforce. They need to invent new methods for forecasting sales, build virtual communities, and create an equitable balance between remote working and client visits. If done correctly, they will help bring companies out of the current financial crisis.
The coronavirus pandemic has created a huge financial crisis. The Consumer Confidence Index is at an all-time low score of 83.7. This shows that yesteryear parameters for forecasting sales — such as lead conversion rates, market factor analysis, historical load rates, test marketing results, previous sales — may not be as useful today.
CFOs need to relook into this matter and adopt new leading indicators such as revenues, unit volume, and booking. They need to monitor the supply and demand ratios and build strategic insights that help them in forecasting sales in the coming future.
In the information age that we live in, data is indeed the most important thing when it comes to making organization-wide decisions. Specific metrics help forecast sales, strategize workflows, identify problem areas, and predict the future trajectory of the company. CFOs should ask the following questions to redefine their sales analytics.
For forecasting sales amidst the pandemic, CFOs need to identify the key indicators and adjust them according to the present conditions. This is where we can help. At Sage, we are home to world-class ERP and CRM software that will automate your business activities and help you cement strong and long-lasting relationships with your customers.
Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.