The COVID-19 crisis highlighted critical vulnerabilities in our systems, both socially and in the business landscape.
Unlocking resilience and efficiency in a world post-COVID-19 involves a transformation of our business functions, revolutionising how we view finance in Belgium.
In the financial field, this could mean:
– Joining the digital revolution with renewed vigour
– Rethinking finance in Belgium (geographically)
– Investing more in training
Access other industry insights from finance professionals in our post.
What does it mean to be a business operating through and in the aftermath of a pandemic of the scale of COVID-19? For me, it has been about resilience, adaptability, and a steep learning curve.
These are the qualities any business needs, but the outbreak of COVID-19 has reinstated these principles as essential requirements to get through the coming months and years as the world reels from the reverberations of this health crisis.
The mass reckoning this crisis has led to, for businesses, countries, and individuals, has led to an analysis that has set many conversations in motion. The general outcry remains, however; something must change for the future of the finance function in Belgium.
Many of these conversations have prophesied the aftereffects of the crisis as it continues to unfold around the world. Others have taken the more useful form of formulating a new structure in which global industries can continue to operate safely while adding value to their stakeholders.
The bottom line is that the waters we’re left to navigate are full of uncertainty, but that’s where we come in: to facilitate the integration of small ideas and form the business revolution of a world post-COVID-19.
Join the digital revolution with renewed vigour
While we have been in the midst of a widespread digital revolution for a few years now, it has never been more pronounced than it has been during COVID-19 (and for good reason!).
It certainly has seemed like an overnight shift; even the industries that were slow on the uptake had to jump on board to survive the scouring effects of this crisis.
Holding each other at a socially-distanced arm length is only a practical option because of digitalisation. Leveraging these benefits, therefore, will help us unleash the full potential of technology for finance in Belgium.
According to a study conducted in 2019, 17% of work is automated. This is an increase from 8% three years ago and is expected to rise to 30% over the next three years, perhaps even higher as a result of the crisis.
It’s clear that implementing the right digital solutions is vital for business growth and survival in this context.
Rethink finance in Belgium (geographically)
Every country struck by COVID-19 approached the crisis in different ways.
While some were more successful than others, that’s not what we need to focus on in this context. What I’m trying to say, here, is that revolutionising finance in Belgium should embrace an approach that is focussed locally as it is globally.
This can take on many forms including outsourcing lower value-added operational tasks to specialised, local, external businesses and investing in numerous growth and training opportunities for your local workforce.
Never underestimate the value of training
A well-trained workforce is a valuable asset for rethinking finance in Belgium when fighting a crisis of this scale.
Digitalisation efforts and revolutionising your business practices won’t lead to the success you’re after if this efficiency doesn’t translate to your workforce and everyday operations.
Training and development open the door to new opportunities for your business and boosts the development of the finance function in Belgium.
How can Kronos Group help you usher in the future of finance in Belgium?
When it comes to rethinking finance in Belgium, Kronos Group will give you the hands-on experience and expertise you need to optimise business finances to meet the challenges of COVID-19 head-on.
Rethinking finance in Belgium and reimagining the business landscape post-COVID-19 is likely to be far more difficult to navigate in reality than we anticipate.
Taking pragmatic, timely, and strategic steps to mitigate the risks to your business and put together a crisis recovery plan will help you prepare for the future of finance in Belgium.
Get in touch with finance experts at Kronos Group for more information on our unique approach to business consulting and optimisation.