Business continuity planning is the process of creating systems of prevention and recovery to deal with potential threats to a company
When the crisis began, there was a scramble to move workers home. Now CFOs are considering making those positions permanently remote to help with cutting efforts.
At the beginning of the COVID-19 epidemic, many organisations scrambled to move much of their workforces to work from home. There was a scramble to move workers to work remotely, but now CFOs are considering these positions to be potentially remote permanently.
A big side effect of the coronavirus-driven movement to work from home may be a greater tolerance to the idea of remote work for the long haul. For instance, a new survey revealed that more CFOs are looking to shift more of their previously on-site employees to remote workers on a permanent basis. A full 74% said they intend to move at least 5% of their on-site workforces to remote positions after the COVID-19 crisis resolves. What’s more, 17% of respondents to the survey said that 20% of those moved to work from home will remain as permanent remote workers after the crisis.
Why now? First, there’s the cost cutting component that is particularly acute in this crisis as revenues for many companies have declined. Organisations are now questioning whether commercial real estate is really needed. Most CFOs recognise that technology and society have evolved to make remote work more viable for a wider variety of positions than ever before.
As more and more companies think about business continuity plans, leaders are focusing on how to maintain processes that are mission critical to keeping the lights on.
Accounts payable comes up at the top of the list, as businesses will have a hard time operating as usual without processing payments to their suppliers. But many companies still rely on manual, paper-based AP processes, which can make it difficult to ensure they run smoothly in case of an emergency.
Fortunately, AP automation can help keep a business moving by ensuring your AP department can continue to approve invoices and make payments securely and efficiently at any time, from any location.
If AP automation sounds like a good fit for your business continuity plan, we’d love to talk.
We’ve got some news that might interest you, especially if you use paper-based AP processes and if you wished you could automate it.