"The Chinese use two brush strokes to write the word 'crisis. ' One brush stroke stands for danger; the other for opportunity. In a crisis, be aware of the danger--but recognize the opportunity."
John F. Kennedy, US President
It's the sort of blockbuster movie plot you'd expect to see while sitting in the dark confines of a movie theater, booming audio and a gasping crowd. A thrilling plot has your eyes riveted to the screen, where the dramatic tension is only broken when you run out of popcorn or the movie ends. In that scenario, you can return to your "real life" in a little over an hour, with no discernible life altering impact. It is now clear this COVID-19 provocateur is no movie; this virus will not go away so quietly without leaving an indelible impact on the world. It most certainly will impact how you and the leadership team rely on your EPM software and Enterprise Performance Management in general.
For this article, we'll define EPM software as Gartner does as dealing with “the process of monitoring performance across the enterprise with the goal of improving business performance.” Other activities we'll include under the Enterprise Performance Management umbrella are FP&A modeling, budgeting, forecasting, reporting, and consolidation. Keep reading to find out how our plot unfolds. You'll learn how to avoid high latency, Excel centric planning. You'll also learn 3 stages of recovery and the leadership principles needed to accelerate your Enterprise Performance Management and remodeling during COVID-19.