Secrets of successful manufacturing CFOs revealed

After speaking with CFOs in a variety of industries around the world, we learned growth is a common objective.

However, ‘growth’ is defined relative to a business’s needs and objectives.

In some cases the levers simply need to be adjusted, and in other cases they need to be created.

In all cases insight-providing data was key to confidently knowing the best option to take.

We all feel more in control with facts at our fingertips, and insights from fellow finance leaders are invaluable.

Are other CFOs facing the same challenges?

What keeps them up at night, and what are they planning to do about it?

Networking could offer some answers.

But that takes time—a precious commodity you may not have to spare.

We can help.

We spoke to over 280 manufacturing and distribution senior finance leaders for our report, Secrets of Successful CFOs.

They told us how they’re redefining their roles in the face of change, and what works when transforming potential hurdles into stepping stones to innovation and strategic leadership—for the business and for themselves.

Mind the gap

Interestingly, our findings highlight a significant gap between manufacturing and the global average of other industries when it comes to operational involvement, strategic influence, and collaboration.

Manufacturing CFOs are currently 10% less likely than their peers in other sectors to be part of operational decision-making.

They’re also less likely to report significant involvement in strategic planning and collaboration with the C-suite and board.

Opportunities do indeed exist for manufacturing finance leaders to expand their influence in decision-making and strategic direction— however, it’s not only the business that can benefit.

With just 24% of senior manufacturing finance leaders happy with their work-life balance and job satisfaction, it’s clear a change is necessary.

A culture of flexible working provision and active wellbeing initiatives helps to promote a healthy work-life balance.

The report identifies two additional opportunities to nurture this culture, in essence by creating time.

As automated as the manufacturing industry can be, that automation does not always make it to the greater finance and accounting teams.

In fact, only 60% of manufacturing CFOs said that over half of their finance processes could be automated, compared to a cross-sector average of 74%.

And just 51% of manufacturing finance leaders are adopting new technology such as automation, machine learning, and artificial intelligence (AI), as opposed to 64% across the business world as a whole.

Accelerating and integrating the adoption of this technology equips you and your teams to manage complexity and drive innovation.

Access to real-time data gives you and other leaders across your business the information you need to make confident decisions faster.

It all starts with automation. By automating tasks, you can connect different workflows, centralize data, and capture valuable information.

That data then fuels your machine learning and AI, driving even more insight as to how to improve efficiency and productivity.

Turn challenges into advantages

If the rewards of technology are so great, why the low uptake?

CFOs across all industries continue to cite business interruption and cost as the main barriers.

Yet, increasingly, the cost of not equipping your business with a modern enterprise resource planning system may lead to longer-term opportunity costs and competitive losses.

Make a plan, and you make it happen.

Here are some practical, forward-looking recommendations to help you reframe challenges into advantages, enhance your influence, and drive positive change across your organization.

Become future-ready

Enable your company to modernize with an Enterprise Resource Planning (ERP) built with configurable options.

It should be designed for manufacturers and informed by a deep understanding of the people who’ll be using it.

Choose your platform and your vendor wisely.

Opting for a cloud-native ERP means easy integrations for resilience, adaptability, and scalability.

Unlike legacy systems, cloud-based solutions handle updates and releases seamlessly, reducing the risk of business interruptions from broken integrations.

And remember, when you choose your platform, you’re also choosing your vendor and implementer.

Ensure your strategic partners are committed to your long-term success and align with your company’s strategic initiatives.

They should be experienced and trusted in the manufacturing industry.

Connect automation

Connecting financial and operational insights will connect you and fellow leaders with a single line of sight across your entire business.

With anywhere, anytime accessible real-time data you will have cross-functional alignment for easier collaboration and quicker decision making.

Expand strategic roles

Fostering collaboration with a secure, connected source of real-time data along with self-serve reporting, easy-to-use reporting wizards, and configurable dashboards across functions will enhance your strategic input and help you be seen as an efficiency enabler.

Tip work-life balance in everyone’s favor

Support flexible and hybrid working environments with cloud-native technology. Ensure that everyone feels connected and up to date, no matter where and when they’re working.

And use the time freed up by new technology to focus on strategies for increasing job satisfaction and reducing team turnover.

Simplify your operations—meet SDMO

SDMO—Sage Distributions and Manufacturing Operations—is designed to evolve and grow with small and mid-sized discrete manufacturing and distribution companies.

As a flexible solution, it acts as your tool to find key efficiencies and opportunities.

It does this by being easy to use, it makes the day-to-day flow smoother for your teams.

SDMO also helps you access the future now.

You’ll avoid your company being left behind in this rapidly evolving world.

SDMO empowers teams from the warehouse to the back office to get more done, more efficiently.

Teams will achieve this with advanced, multi-site inventory management, fast, accurate reporting, and easy-to-use materials resource planning (MRP).

All backed by the expert support and industry resources that come with being a member of the Sage community.

Simplified workflows, optimized performance, and a work-life balance that’s back on your side.

What’s not to like?