Coronavirus pandemic has caused huge financial losses and
taken human livesglobally. Due to lockdown many companies are closed down and
many of them are working remotely to maintain social distancing with an
intention to save human lives till we get a vaccination. In this critical
situation,many companies has adopted remote work and adopted new technology for
survival. Many businesses are closed down gone into bankruptcy and many cases
the future remains uncertain. Hence, it is very important to take actions as
regards to falling sales and improper supply chain management. This article
focuses on what is CFO role amidst this pandemic.
- Keep
your salesteam active
Work from home
trend came into the scenario since March after corona started spreading. When people came to know about
real threat of coronavirus to human life
then companies started to give facility of work from home to their employees.Most of the companies failed to provide work from home
because they don’t have remote working
infrastructure and some of them lack knowledge about
it.
In order to approach
customers, the salespeople were visiting at client location for face to face discussion and presentation
on daily basis but in lockdown it is very
challenging to explain customers about their product. Even though virtual communication is done with clients face to
face communication has its own importance.
This resulted decrease in sales and had negative impact on customers.
Today, when
economies are trying to reopen themselves, CFOs need to create an active workforce. They can predict salesand build their virtual
communities. If they do their work
efficiently then it will be helpful for them come out from the financial crisis.
- CFOs
must prepare themselves for uncertain future.
CFOs must focus
on adopting new leading indicators such as gaining high revenue and unit volume. They can forecast their sales in the
coming future building strategic
insight and monitoring supply and demand ratios. They need to monitor the supply and demand ratios
and build strategic insights that help them in
forecasting sales in the coming future. While allocating company resources, CFOs must be prepared for transformation
mindset in such economic crisis. They can
use the CRM for predicting sales.
- CFOs
need to revise their parameters of sales analytics.
Now a daymost
of the companies need to use Information Technology when for gathering data and this will help to make
decisions organization.CFOs can predict
their sales,workflow and identify problem area with the help of specific metrics.Following questions should be asked
by CFOs for redefining their sales analytics.
- CFOs should monitor
whether they are achieving target related to weekly/monthly quota of calls.
- Need to monitor
whether sales team converting prospects into log lasting
customers.
- CFOs need to
differentiate in closing and final stage of their sales and identify that which
are of them are at risk.
- CFOs should switch to
new products and services which will help to assist customers those are in
need, this will result into company's quarterly returns
4 CFOs
can boost productivity by using digital technology
CFOs
should implement online communication tools to keep the business functioning in order to protect economic crisis.This can be achieved
by facilitatingtheir employees to
work remotely.This is not the one-time event for finance
team when using digitalization to help the company manage the crisis. During this crisis situation the CFO and finance team need to
take a leadership position
in improving of digitization across the organization and must focus on efficiency of accounting for stability. CFOs
should adopt digitalization make use of automated core business processes.They
can use CRM to automate business tasks
and helps in the sales and growth of the company; it also gives insights of intelligent business reports
which are helpful for taking major business decisions.
At
Sales Funda®,you will fell at home with the best CRM software that will helps
you in Sales forecasting to take proper actions during this uncertain business times.
To know more you can also email to
us at sales@Sales Funda®.com or call us on 9235353535
we are happy to help.
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