The role of finance is critical when looking at the roadmap to recovery after the pandemic; and digital technology is a very important component of the path ahead.
This is an evolving picture and the perspectives draw upon first-hand accounts from professionals around the world, using ACCA’s framework for recovery. ACCA’s report, sets out a three stage framework for charting the path to recovery after the pandemic: Act, Analyse and Anticipate. This report explores the parts of this framework pertaining to the digital environment.
The three phases are:
Focused on the short term horizon and the initial few weeks of response to the crisis, this stage is critical to ensure the current situation is managed properly, continuity plans are brought into place and the well-being of employees is protected.
The shift to the medium term horizon reflects the focus on starting to build the path to recovery. At this stage, the organisation starts to resume its business operations, planned in manageable phases.
The longer term horizon is focused on innovation and understanding how organisations must evolve in the face of the pandemic. Here the business model and strategies may evolve.
It is based on qualitative interviews that capture individual experiences of how elements of the framework have worked in practice. In some instances, these have been supplemented with a desk-based literature review, but the emphasis is on reflecting anecdotal examples gathered to present a range of perspectives on the ACCA framework. COVID-19 is a still unfolding event, and the future direction remains uncertain. But as the examples across ACCA’s stakeholder base demonstrate, the profession is mounting a robust response: one that is informed by pragmatic risk management as well as an opportunistic embrace of change to make things better.
Read the full report by the ACCA, here.