Finance Monthly - September 2022

35 Finance Monthly. Bank i ng & F i nanc i a l Se r v i ce s scenario planning will become far more comprehensive and relevant. And that will only help the organisation further prepare for uncertain events in the future. 4. Boost analytics capabilities with new tech Planning processes can also be improved by incorporating more technology. Data from a poll MHR conducted in 2020 showed that some 45% of finance departments in the UK were relying on spreadsheets to plan their recovery from the pandemic downturn. What’s more, only three in 10 companies (32%) stated they were ‘very confident’ in the accuracy of their business reporting and modelling. Those that adopt cloud-based planning analytics software are benefiting from additional speed, flexibility and accuracy, as well as the ability to model multiple detailed scenarios quickly. Such technologies will also help to free up admin time for colleagues, enabling them to focus greater attention on value-added tasks that could help firms better prepare for black swan events in the future. Building resilience now If the volatility of the last few years has taught us anything, it is that businesses need to build their resilience sooner rather than later. Indeed, more than one in three (36%) of companies we surveyed in our business resilience report rate their ability to withstand nonroutine events as ‘less than good’. By adopting some or all of these steps outlined above, finance teams and their organisations can be better prepared for the next black swan event. “If the volatility of the last few years has taught us anything, it is that businesses need to build their resilience sooner rather than later.” Anton Roe CEO at MHR, HR, Payroll and Finance experts

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