Learn How CFOs Can Navigate Inflation and Other Disruptions

CFOs and other finance leaders certainly understand the concept of inflation but, not having experienced it like this before, you’re likely learning and living the reality of it 

And with soaring rates and back-and-forth signals – one day better, one day worse, rinse, repeat – it’s the education you never wanted. But there are ways to better prepare for inflation, global instability, banking turbulence, and other disruptions coming your way.  

Modernising business applications and augmenting data are approaches IDC recommends¹. With cloud-based solutions for travel and spend management, you can gain the flexibility and timely insights your business needs to turn moments of doubt into moments of spending confidence. And fulfill the expectations your company has for your role. 

Our new CFO Guidebook: How to Navigate Inflation and Other Signs of Economic Change is designed to provide a path past confusion and disruption. It discusses three core focuses to consider and draws on input from CFOs experiencing the same issues you are.  

As one finance leader, Renaud Heyd, chief financial officer of SAP UK and Ireland, observes: “Businesses have the luxury to accept some degree of inefficiency and low productivity during good financial times. But when the economy is no longer comfortable, the math doesn’t work anymore. CFOs must keep organisations honest about how business is done and what should be achieved.” 

CFO Guidebook: How to Navigate Inflation and Other Signs of Economic Change

Get SAP CFOs insights on strategies and best practices to navigate inflation and other signs of economic change.

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1. Rethink priorities to get ahead of change 

Travel and operational costs might not be the biggest chunks of your spending, but they can be readily controlled and provide transparency and insights into overall spending. With digital solutions, automation can reduce manual processes and increase your team’s speed and accuracy. In addition to boosting productivity across the organization, you can take specific actions to guide spending decisions, such as establishing criteria within the technology solution that helps employees weigh whether a trip or a virtual meeting best accomplishes a business goal. 

2. Align actions with long-term goals 

With inflation and other disruptions, it’s natural and sensible for companies to focus on the short term, because cost-cutting and other actions can reduce uncertainty. But if you don’t ensure those immediate moves are in step with medium- and long-term business goals, you can sacrifice strategy in pursuit of short-term gains. Cloud-based solutions can guide employees to choices that align with goals, while enabling them to readily report expenses. With timely data and organization-wide spending visibility, you have the information to adjust as conditions change. 

3. Invest in people when transforming digitally 

While watching finances, seeking speed and productivity, and implementing technology, don’t forget a valuable asset: employees. That should include your team as well as employees across the business. Digital solutions that are seamless, user-friendly, and let team members focus on value-adding work instead of tedious tasks are more likely to be adopted and deliver the return on investment you seek. So be sure to factor the employee experience into your calculations and get hard data on what they’re thinking. 

Explore navigating inflation more extensively 

Read the guidebook to learn more about the three areas that CFOs and other finance leaders can focus on to help their businesses work through inflation and disruption and achieve confidence in each spending moment. 

IDC Blog, “How to Manage IT Spend in an Inflationary Environment,” February, 2023.