New products and services are needed for economic recovery, 63 percent of CFOs say

Almost 60 percent of the CFOs are concerned about the possibility of a new wave of infection, but equally make plans for restoring or enhancing revenue streams affected by the crisis, according to the latest edition of PwC’s COVID-19 CFO Pulse. So, to rebuild revenue streams, 63 percent are planning new products or service offerings and emphasizes the key role of innovation in this process.

48 percent intend to change pricing strategies by increasing or decreasing prices or offering different payment terms and 36 percent are exploring alternative distribution strategies, such as changing from in-person to virtual sales or delivery.

“Most companies have passed the stage of immediate response to the crisis, understood that the virus will remain a threat for a long time and have begun to adapt their strategies to new market conditions in jllorder to achieve a quick financial recovery. To generate revenue in the changing context of the crisis, companies need services and products that respond to new realities. Therefore, creativity and innovation will be determining factors in the race for relaunching economic activities “, said Ionuț Simion, Country Managing Partner of PwC Romania.

The main concern for most CFOs (60 percent) are the effects of a global economic downturn and the possibility of a new wave of infection. 53 percent of CFOs expect a decrease in revenue and/or profits of up to 25 percent as a result of the crisis.

More than half of CFOs indicate they will take steps to improve the remote work experience (52 percent) and to make remote work a permanent option (52 percent).