Here’s a roll-up of pandemic-related executive sentiment and insights from thousands of functional leaders across the C-suite.
Fast word on tactics and concerns from thousands participating in our conference calls and polls.
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Though 28% of CFOs said in mid-April that liquidity was a top business concern, that’s dropped to just 4%. That change doesn’t mean they aren’t worried.
They tell us they are still nervous about ...
Macro-economic uncertainties over the pandemic and the economy (29% of respondents in our most recent snap polls)
Revenue losses and a reduction in customer demand (23%)
Business continuity and firm-specific operations, including supply chain and logistics (23%)
And so they anticipate average budget reductions within a range of 4% to 8% in most functions over the course of this year. Marketing continues to be on finance chiefs’ radar as a target for more shrinkage than the rest (11%).
Finance leaders predict that marketing’s hit this year won’t save it from a further 1.8% trim, on average, next year. They see another round of cuts for real estate, communications, and supply chain, flat R&D spending and a bump for sales (1.6%) and IT spending (0.8%).
To get ready for the shape of things to come, automation and productivity projects are in the works across the enterprise ...
Chief marketing officers (CMOs) have been dialing back on external brand promotion, including media buying and use of external ad agencies.
They are preparing the case to defend or accelerate investments in digital marketing and e-commerce over the next 18 months:
Integrating data sources and strengthening data analytics to better understand customer behaviors and needs
Working to automate processes
Understanding how customers interact with the online purchasing process to guide improvements
Reevaluating and building customer segments and personas
The majority (69%) of IT leaders, including chief information officers, report they are moving forward with IT projects selectively — taking care not to overspend. They are also...
Shifting IT resources to the most critical business outcomes (48%)
Deferring or reducing spending (47%)
Investing to improve productivity, digital and IT services continuity (41%)
Corporate real estate leaders are...
Deferring new construction projects (89%)
Renegotiating vendor/service provider contracts (69%)
Renegotiating lease terms with landlords (48%)
Deferring rent payments in places where temporary relief is available (48%)
Canceling in-progress construction projects (37%)
One hundred forty-five executives responding to a separate financial services survey told us they are planning to manage costs by investing in operational efficiency projects, such as:
Accelerated automation initiatives (45%)
Redesign of organizational structures and workflows (45%)
Tools and training to boost productivity (44%)
Compiled by Daniel Ryntjes
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