Digitising finance in
The role of the CFO has evolved to include casting a protective eye over security, regulations, and compliance, all critical issues with high stakes attached. Now, as the digital evolution sweeps through manufacturing, the role of the CFO must evolve again. Today, the manufacturing industry needs the CFO to be less concerned about finances and more engaged in strategy. Below we discuss how digitisation should aid Manufacturing CFOs achieve their strategic initiatives.
Increase forecast Reliability
In today's day and age, data is king. Having access to reliable, real time information can assist the CFO remain agile and proactive in today's fast changing environment. Digitisation's main aim is to give the board confidence that they have direct access to daily operational information to for critical business decision making.
Eliminate redundancy and Automate
So much activity in an organization is duplicative (or, worst, wasteful.) Digitisation presents the opportunity to remove this behaviour and have the team rather focus on strategic initiatives. Activities such as data capturing, reconciling accounts or journaling are simple to automate. Why have an employee preforming robotic work - get a robot.
Reducing risk comes down to following specific processes and procures throughout the business. Whether it be compliance, governance or cyber risks introducing a digitisation first corporate culture ensures that process is available, followed and that staff are held accountable at every step - together with their being a full audit trail coming month and year-end.
Digitisation encourages collaboration both internally and externally by allowing all stakeholders to have visibility of the supply chain. From alignment of procurement with legal (think SLAs) and operations (stock management) to linking suppliers/vendors to sales metrics, digitisation encourages a more cohesive end-to-end manufacturing machine.
Globalisation has simply created a more competitive landscape and digitisation is here to give your organisation the edge. Whether it is improving customer satisfaction, gaining better insights into market trends or having direct access to performance metrics, digitising manufacturing is critical to improve quality and enforce optimisation.