The pandemic put both the economy and corporate viability into a state of upheaval. It exposed vulnerability in a way not seen since the financial crisis of 2008. Sadly, many companies did not survive 2020 because they lacked the financial reporting tools to help them respond quickly during unprecedented times.

Billion-dollar bankruptcies among American companies hit a record high last year, with many citing pandemic-related factors as a cause. Of course, many were in financial trouble before the world came unhinged, but their inability to change course quickly sealed their fate, leaving a wake of lost profits, customers and jobs.

Yet there were also plenty of examples of how companies leaned into agility as never before, responding quickly to supply-chain upheaval, frightened workforces, and increasing digital demands from customers.

These companies had the right enterprise performance management (EPM) tools and expertise to quickly assess their current financial situation, then plan and budget for the various scenarios that could potentially play out. Speed and agility are unequivocal necessities in times of business disruption.