Small approaches can have big impact

The COVID-19 crisis has forced CFOs to focus on leadership roles and to look for new ways to capitalize on automation, outsourcing and more effective use of their finance functions. Coupled with that, the pandemic demonstrates that focusing on micro innovations ̶ combining people, processes and technology into new operating models ̶ is a way for CFOs to drive their organizations forward while navigating challenging times.

This focus supports an earlier Grant Thornton recession preparedness survey that showed 70% of respondents planned to increase their digital investments in innovation/technology, digital transformation and/or cybersecurity, even amid signs of a slowdown. Because historically, companies cut innovation investment during downturns, the feasibility of actually making such investments could be challenging ̶ at least investments as they’ve been made in the past.

What may be different this time is how organizations are pursuing innovation. By thinking incrementally and embracing a holistic innovation mindset that looks beyond technology, finance organizations can make continual innovations tailored to their immediate challenges. As each incremental improvement delivers savings, and as those savings are reinvested in further improvements, transformation can become self-funding and deliver ongoing results.

See our infographic.