The PWC Pulse Survey is quickly becoming one of my favourite reads at the moment. At the end of last week the latest survey results were released, reflecting the changes we are experiencing as we live through COVID-19. In this fortnight’s results the survey has shown how the focus of CFO’s across 24 countries is stabilising, with a trend towards a return to work.
Similar to the previous survey, CFO’s continue to highlight the importance of cost containment across all industries. 81% of surveyed CFO’s stated they will be looking to reduce or cut Facilities and General CAPEX expenses. Also on the chopping block, 57% of CFO’s called out operations and 51% of CFO’s flagged workforce as areas for further cost containment. Identifying and managing working capital (otherwise known as "show me the money") remains a key activity for CFO’s to ensure they can successfully navigate and survive through this period of crisis. This short video shows how working capital can be managed using ThoughtSpot.
Interestingly only 18% of CFO’s are planning on cutting spending on Digital Transformation, as this will be key to how many organisations are able to adapt to new operating conditions in a COVID and post-COVID world.
A growing number of CFO’s are turning their attention on how to return to work. Almost half (46%) of the surveyed CFO’s expect to continue remote work, with it becoming a permanent option post COVID-19. Other top adjustments include reconfiguring work sites and changes to workplace safety measures. Reflecting the shift towards return to work, Safework Australia have updated their website content to support organisations, with extensive information and resources for business on how to provide safe workplaces, now available through their website.
The next update to the PwC CFO Pulse Survey will be out on the 12th May. It will be interesting to see if CFO's continue to align across the globe, or if a greater divide will develop, reflecting how each region is being impacted by the virus.