Cost Management Isn’t Only About Costs

“Not long ago, companies thought cost management was about reducing expenses. The notion then evolved and was viewed as a way to manage costs while also driving growth. Now, cost management is advancing further. Business leaders see it as a strategic initiative that is part of a larger transformation process.”

Modern businesses’ focus on cost management has shifted from cost reduction to cost transformation. The cost-to-transform method is about managing cost structures along with revenue growth and changing product and services offerings, all while focusing on growth. In this “save to transform” mode that many businesses are in, technology is making a huge play.

Read More at Knowledge @ Wharton >

Digital Technologies Are Re-Imagining Financial Reporting Capabilities

Many finance leaders see their reporting practices as a monotonous task that requires many charts and spreadsheets that show several different versions of how the business is performing. A Deloitte survey reported that the majority of finance leaders spend almost half of their time creating and updating reports, and only 18% communicating results to the business. While some companies are using standardization to gain efficiency and insights quickly, many are applying point solutions to traditional reporting processes to help improve specific capabilities. A handful of digital technologies are providing modern businesses with a fully-automated end-to-end reporting process that makes real-time insights accessible.

Read More at The Wall Street Journal >

How Agile Technology Drives Supply Chain Innovation

Change and uncertainty are inevitable in manufacturing. While effective production planning can support manufacturing processes, there will always be uncontrollable factors that are difficult to manage. Manufacturers are dealing with an increased pressure to meet customer demands quicker and more cost-effectively. Visibility of where manufacturers are within the production process is a key driver and control for an organization. Companies that have a detailed overview of every step of the production process are enabling machine integration with business applications. Without this integration, there is potential for reduced machine utilization, less effective enterprise resource planning, reduced consistency in product quality, and failures in many business performance fundamentals. The right technology enables agile and responsive supply chain management.

Read More at The Digitalist by SAP >

Three Ways CFOs Can Be a Catalyst For Change

Largely driven by advancements in technology, today’s corporate finance leaders are expected to work more collaboratively with functional areas in their companies and are well-positioned to positively support enterprise-wide performance and strategy. In order to influence business outcomes, CFOs need to be a catalyst for change by playing a much bigger role in shaping corporate strategy, implementing key initiatives, and providing data, guidance and insight.  Modern finance leaders are driving performance in three areas – operations, technology, and talent – and can impact all areas of the business as they continue evolving from finance and accounting managers to strategic business partners.

Read More at CFO Magazine >