By Workday
Even for retail, an industry accustomed to disruption from shifting customer demands to economic downturns 2020 was a year like no other. COVID-19 shutdowns accelerated fundamental changes in consumer behavior, highlighted supply chain issues and required quick moves to new business models such as e-commerce, contactless payments, in-store fulfillment and curbside pickup.
Not surprisingly, retail chief financial officers (CFOs) and finance organizations have keenly felt the effects of these pandemic-era moves. They have worked overtime to respond to changing conditions and used financial and operational data to help make decisions.
“The pace of change is so dramatic,” said Ben Pierce, vice president, financials at Workday. “Desire for information and guidance about financial results has simply exploded.”