Virus ‘new wave’ top concern for companies
A new wave of coronavirus infections is the top concern of chief financial officers as businesses get back to work following the Covid-19 pandemic.
A survey by PwC found that the threat of a new wave of the coronavirus was the greatest worry for 64 per cent of the CFOs surveyed.
This concern was closely followed by worries about the impact of a global economic downturn, which was a concern for 61 per cent of those who responded to the latest PwC Covid-19 CFO Pulse Survey.
The survey of 989 CFOs in 23 countries and territories, including more than 40 CFOs in Bermuda and across the Caribbean, was conducted during the first 11 days of June.
The majority of CFOs surveyed in Bermuda and the Caribbean expect Covid-19 to decrease revenue/profits by 10 per cent or more.
Most CFOs cited offering new or enhanced products or services as most important to rebuilding or enhancing their revenue streams. None are considering making cuts to digital transformation or cybersecurity.
Arthur Wightman, PwC Bermuda territory leader, said: “Finance leaders are shifting their focus to how they can create sustainable business models that can adapt to the new realities of working and doing business in a challenging era of unpredictability.
“In many cases this will mean innovating new products and services that will work for consumers amid continued social distancing and other health and safety measures. Companies will also need to implement the right measures to keep their employees safe and look at new ways of working to survive and thrive moving forward.”
He added: “We are facing one of the most challenging times in history. Business leaders have an obligation to step up and deliver on the larger purpose of the corporate community — creating opportunity and growth so that we can invest in people, communities and the overall economy.”
James Ferris, PwC Bermuda Advisory leader, said: “Businesses that are succeeding are those that listened to their employees and embraced a digital mindset to keep them safe and working during the crisis. With a growing importance on rebuilding revenue, they need to also listen to their customers and embrace a similar digital mindset to transform, innovate products and services and offer a new experience rooted in technology.”
• All findings and insights of the survey can be seen at: pwc.com/cfopulse