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The Financial Leader’s Toolkit

Data-Driven Strategies for Manufacturing Success


Getting Granular: Financial Performance Data with FP&A

The top priority for financial leaders in manufacturing is financial planning and analysis, according to IDC. FP&A gives a comprehensive view of financial performance by streamlining processes and providing data at the granular level. The advanced reporting, budgeting and planning, and consolidation capabilities of FP&A enable financial leaders to leverage their technical and fiduciary expertise into business partnerships with a strategic and operational focus.

FP&A in Action: Manufacturing Success Story

Michigan manufacturer Flow-Rite designs, engineers, manufactures, and tests fluid control devices for lead acid batteries, recreational fishing boats, and laboratory use. Flow-Rite has 130 employees and ships nationally and internationally. They used to manually report and budget in Excel spreadsheets, a labor-intensive, error-prone process.

Flow-Rite implemented FP&A and connected it to their ERP system, giving them baseline reports and budget sheets. Today, their finance team can drill down into the details and do self-analyses and data investigation. FP&A gave them time, visibility, and independence, enabling them to manage their process more effectively.

From Finance Department to a Strategic Business Leader

As financial leaders take on new areas of responsibility, like procurement or risk, they need to optimize core financials. When financial management solutions are simple to use and powerful to run, they can help financial leaders automate accounts payable, coordinate capital appropriation processes with long-term planning, and quickly get the right data for period-end closing.

Enhancing Decision Making with Integration-Led Automation

For finance and accounting groups in manufacturing, the top barriers to digital transformation are limited access to data, minimal visibility into operational performance, and the inability to collaborate across departments. Easy-to-use, AI-powered, low-code/no-code data automation tools can enable teams to:

  • Automate workflows between people, apps, and platforms.
  • Eliminate manual tasks and improve accuracy.
  • Increase productivity and make smarter decisions.

Improving Data Visualization with Business Intelligence

Financial leaders in manufacturing identify business intelligence (BI) and data analytics as two of the most impactful technologies over the next five years. Modern BI solutions display complex data sets in intuitive and interactive dashboards, giving cross-functional finance teams simple ways to:

  • See real-time financials throughout the organization.
  • Track accounts payable & receivable, general ledger, and budgets.
  • Develop strategic plans to manage economic pressures.

Meeting Compliance with Document Traceability

In an evolving regulatory environment, compliance continues to be a top concern for finance and accounting groups, especially for manufacturers wanting to expand into new markets or regions. With AI/ML content management and business process automation, teams gain the power to:

  • Automatically capture, classify, index, and route document data.
  • Reduce procure-to-pay processing time with touchless AP workflows.
  • Access documents anytime, anywhere, from any modern browser or device.

Embracing a Two Tier ERP Strategy for Enterprises

Enterprises can enable agility and resilience with a two tier ERP strategy that empowers a global, distributed workforce and helps financial leaders:

  • Increase access to data.
  • Streamline collaboration.
  • Simplify financial reporting.

Boosting Revenue and Profits with Cloud ERP

Manufacturing CFOs need dynamic business solutions—that’s why half of those still using on premises ERP plan to migrate to the cloud within the next year or two. Cloud ERP provides a foundation for financial leaders to:

  • Eliminate data silos.
  • Enable data utilization.
  • Reduce closing-process complexity.