The Ledger

Smart Businesses Plan For the Future

Most CFOs have been trained to focus on the past, with historical reporting and benchmarking at the heart of their mission. But as competitive pressures accelerate, they’re increasingly expected to help shape the future too. The businesses that will sprint ahead of the competition in the future are the ones who are actively preparing for events to come through scenario planning today. Proper scenario planning ensures that today’s growing companies are prepared for any conceivable future. Finance teams need the ability to confidently and accurately predict the impact of internal and external changes on the business, enabling the business to be proactive, rather than reactive.

Read More at Industry Week >

New Research Proves Cost Management is Still a Global Imperative

In today’s increasingly digital world, businesses recognize the need to transform their operations and capabilities by adopting more integrated and dynamic technologies. Deloitte recently released their 2019 Global Cost Survey, and the findings show that cost reduction and cost management remains a top priority for businesses worldwide. “By harnessing the power of digital technology to streamline their cost structures and generate cost savings, companies can take full advantage of the latest digital innovations — becoming the disrupters, rather than the disrupted.” – Omar Aguilar, principal and global strategic cost transformation leader, Deloitte Consulting LLP. We all know there are only two ways to grow profits – generate more revenue or reduce costs. Investing in technology to drive down costs is important – but investing in technology to understand the true drivers of cost in your organization is equally important.

Read the full report at Deloitte >

Preparing for Modern Manufacturing Challenges

Modern manufacturing has its fair share of issues, from supply shortages to distribution problems and an ever-fluctuating economy. To be successful, manufacturing companies must overcome some of these challenges by being prepared with a solution before a problem arises. The basis of most modern manufacturing challenges is lack of flexible and scalable technology. The companies that succeed will be those which are able to move the quickest and to anticipate changes instead of just reacting to them. By preparing for the changes and having an action plan, these businesses can help to guide the direction of their development and be ahead of the market.

Read More at Manufacturing.Net >

Cost Management is Evolving With the Help of New Technologies

“Making effective cost management decisions—those that drive strategic value beyond just producing short-term savings—requires understanding how cost decisions flow through to the top and bottom lines.”

CFOs depend on insights from their analytics for important business decisions, but when faced with the rapidly changing business environments, they must change their approach to cost management. By implementing the right tools and technologies, businesses will better understand their value levers and fundamentally change their company’s cost structs, seize opportunities, and grow profitability. However, technology alone is not enough to accomplish this. Effective digital cost management also requires a far more innovative and strategic approach than traditional approaches to cost management.

Read More at The Wall Street Journal >