Are we there yet?

2020 has presented the world with some of the biggest challenges that we've ever seen. Our daily lives, our businesses and our futures have all been disrupted and things may never be the same again....but, are we through the worst of it?

Definitely, Maybe

The world is slowly emerging from the coronavirus pandemic that has resulted in the most severe global economic contraction since (at least) the 1930s. The euro zone is “probably past” the worst of the economic crisis caused by this pandemic, but the recovery will be uneven, according to ECB President Christine Lagarde.

She has cautioned that the rebound would be “uneven”, “incomplete” and “transformational”. Meaning that some companies will come out stronger, while others will be slow to recover - depending on many factors, including the overall impact to their industry.

The rest of the world is at varying stages of recovery, with many countries directing organisations and citizens to return to 'business as usual'. There is a gradual move towards re-opening society and stimulating economic activity - tracking these changes is now key.

#WeAreAllOutOfThisTogether?

As the summer comes to an end, it is clear that the rate of economic and financial recovery is going to be different for all of us; country-to-country and business-to-business.

This means that the speed of recovery for a Hospitality business will be very different to a Construction company (for example). Global government restrictions are one of the major factors involved here - if people will not (or cannot) spend, business will continue to suffer.

Footfall in the Retail sector has experienced a substantial drop in the past few months but many countries are now experiencing an uplift, which can be directly attributed to the loosening of restrictions.

One (Potential) Road to Recovery

Global Tourism has been affected badly this year, travel restrictions have limited peoples movement and also added to uncertainty.

The easing of these restrictions means that people are starting to visit restaurants again and are even thinking about holidays. As long as this trend continues, the sector will eventually rebound.

A Blueprint for Recovery

What about your business, can you follow the same steps as other businesses to guarantee your own financial stability? In a word, No! but you can consider the things that are helping others to reduce costs and generate revenue to support your organisation.

Recently, I hosted a panel of Finance Leaders to learn about how they manage and maximise working capital within their organisations. The results were fascinating, from spend analytics to anomaly detection within the GL - the finance function is changing fast.

Based on the insights from the panel, there was one common recurring message..

Data provides a way to increase efficiency, create savings and recover lost revenue.

If you're looking for a way to drive your business recovery, look at the Data you already have and if you need some help, get in touch.