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.
1. 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.
2. 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.
3. 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
· 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 SalesFundaa,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 [email protected] or call us on 9235353535 we are happy to help.
Copyright SalesFundaa. All Rights Reserved.