COVID-19: Assess the Business Impact

Use digital tools to plan your next move

Across the globe, many businesses are feeling the impacts of COVID-19 by enduring many disruptions to their business operations, supply chains, revenue streams, taxes, and more. However, businesses are coming together to support one another through different measures based on their expertise and capacity.

PwC has created a helpful digital tool called PwC’s COVID-19 Navigator that enables businesses to gauge their COVID-19 response and prepare for the new world we live in. It does so by having you fill out a survey about your business’ current state, asking you a series of questions designed to understand where you are today and your readiness for what the future holds.

Follow along to see the types of questions asked, and what the results look like, as they break your business down into 6 sections.

These sections include:

1. Crisis Management and Response
2. Workforce
3. Operations and Supply Chain
4. Finance and Liquidity
5. Tax and Trade
6. Strategy and Brand

Step-by-Step Walkthrough

Step 1:

Once you enter the site, it brings you to this page where you have to enter your name, email, and organization name. Once you’ve filled out this information, you’ll receive an email with a personal link to the survey in case you would like to retake it at a later date. Start the survey and begin answering all the questions to the best of your ability. Consider taking screenshots of the questions to review with your team on how you should be tackling these uncertain times.

Step 2:

Here are 2 examples of the several questions asked within the survey to give you an idea of what to expect. Consider discussing the items amongst the core members of your team to answer each one to the best of your ability accurately.

Step 3:

Once through the initial questions, you’ll be brought to a screen that will divide the remainder of the questions in the 6 sections mentioned above. Click into each section and answer the questions until all are complete. After submitting your survey, you’ll receive your results immediately.

Step 4:

Review the results with your team to gauge your preparedness and readiness during these difficult times. It’s hard to know where to start when things change as rapidly as they have been. Below is a test sample of some results alongside the recommendations they provide once the survey is complete.

Crisis Management and Response

Workforce

Operations and Supply Chain

Finance and Liquidity

Tax and Trade

Strategy and Brand

Step 5:

After you have reviewed your results and you want to share them with your team, you can export or print them. A great way to see how you are coming along is to complete the survey in a few months to see how things have progressed for your business.

Did you find this tool beneficial?

If you have found this digital tool helpful, please share it within your networks to ensure all businesses can respond and prepare themselves for the road ahead. We’ll all get through, but only together.

Other Useful Digital Tools:

1. Deloitte’s Economic Recovery Dashboard: Deloitte created this tool to monitor the essential metrics of the world’s economy during the COVID-19 pandemic. The key elements focused on the dashboard are international health statistics, artificial intelligence (AI) monitoring the signals of economic recovery, financial and economic forecasts, as well as real-time data.
2. Accenture’s People + Work Connect: Accenture created this tool to help people get back to work amidst the COVID-19 crisis. It works by pooling workforce information and connecting employees to a new employer, taking into consideration their experience and location. It helps companies that have roles to fill, find employees more quickly and efficiently.
3. Bain & Company’s Bain Webinars: Bain & Company has created a series of webinars to help businesses navigate through COVID-19. Each set touches on approaches to take when protecting your employees, your consumers, operations, and supply chains. Register for the webinar on the website to watch it live or watch past recordings on webinars you’ve missed.

Key Takeaway

Take the time to try these digital tools and take advantage of the critical insights and recommendations it provides. Technology has enabled us to connect and share data in a way that can truly make a difference, and these are just a few of the great examples out there. What digital tools have your business used to navigate and prepare for the new world we live in?

Reach out to us on social media (Twitter, Facebook, Instagram) to start a discussion! Use the hashtags #businessdigitaltools and #CIAPbusinesstips.