The Ledger

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 >

Four Reasons to Adopt Modern Business Planning ASAP

Finance is maturing from a traditionally siloed department of number-crunchers to a strategic and respected adviser to the business. To get there, however, finance needs to leave their manual processes and spreadsheets behind and put modern technology to strategic use. According to recent Adaptive Insights research, 77% of CFOs report that they’ve delayed major business decisions because they lack access to timely data. In today’s fast paced business climate, success could depend on how hard finance leaders work to automate time-consuming manual tasks; move to cloud technologies; and employ better reporting, analytics, and dashboarding technologies. Business speed and agility can now make the difference for a business to be successful or not, and this shift is becoming more prevalent. Innovative finance teams are abandoning spreadsheets in favor of automated, modern solutions that are attainable and accessible.

Read More at AFP Online >

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 >