KPMG shared detailed short- to long-term actions that businesses can do financially, operationally and commercially to be more resilient in crises

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COVID-19: A guide to maintaining Enterprise Resilience

Resiliency in Crises – KPMG shared detailed short- to long-term actions that businesses can do financially, operationally and commercially to be more resilient in crises

Summary:

KPMG published thought leadership about how businesses can build economic resilience through decisive short- to long-term actions in finance, operations and commercial markets. Recommendations include:
  • Components of Economic Resilience – Include financial resilience focused on preserving liquidity, income and assets; operational resilience to withstand shocks to supply chain, people and cyber risks; and commercial resilience through in-demand products and services, market innovation, and customer experience and behaviors
  • Financial Resilience Actions – Conduct financial stress testing and forecasting of 13-17 weeks cash flow, profit and loss, and balance sheet; identify and maximize sources of liquidity and financing; plan for contingencies, financial distress and potential insolvency
  • Operational Resilience Plans – Include communication plans with employees and suppliers, transition from role-based to skill-based organization design, supply chain assessment and capacity planning, contingency options, risk management, business continuity, security protocols, and asset replacement or renewal
  • Commercial Resilience Recommendations – Assess how crisis impacts market access and customer demand, analyze changes in customer behavior, shift resources and capabilities to new priorities, re-engineer customer journeys, develop agile innovation teams, and use digital communications to engage buyers
For more information, visit https://home.kpmg/content/dam/kpmg/uk/pdf/2020/03/covid-19-a-guide-to-maintaining-enterprise-resilience.pdf
Company: KPMG International
Categories: Business operations, Cash flow and financial management, General management, Supply chains
Source:

Original publication date: March 31, 2020

Date last updated: May 7, 2020