How Advanced Technologies Impact Finance Departments for Manufacturers

Finance departments, and their leaders, have historically been tasked with heavy responsibilities when it comes to strategy and decision making.

A recent study found that 34% of leaders polled reported a larger range of responsibilities on their shoulders, however a paltry 7% felt prepared to deal with the increased load. With the current global economic uncertainty, CFOs need every tool possible to help navigate the increasingly difficult waters of business.

Luckily for them, there are more, and better tools than ever before at their disposal. With advanced technologies emerging at a rapid rate, including generative AI, CFOs have the chance to embrace the evolving ecosystem early enough to position themselves as leaders, not followers.

CFOs, however, are naturally risk averse, and many remain skeptical of advanced technologies’ role in driving cost savings. With the right partner, a modern ERP platform like Dynamics 365 Business Central can help manufacturers embrace advanced technologies to harness the power of business intelligence, improve forecast, and remove repetitive tasks to increase efficiency.

Automation for Efficiency

Manufacturers have long been on the forefront of finding ways to remove repetitive physical tasks in their warehouses and factories.

With Dynamics 365 BC, manufacturers can continue this trend by using the platform to automate tedious, time-consuming tasks such as report creation or data entry. A recent study found half of respondents were pivoting to automated report creation, and nearly forty percent were in the process of testing automation for data entry.

Business Central’s suite of reporting and data visualization functions allow for pristine reports to be generated directly from the system data using templates, no time-consuming designing required. BC also offers the ability to import data from a number of sources, streamlining and optimizing the data-entry process.

Data entry and visualization are not the sole areas where automation can increase efficiency. Automation is possible in areas as diverse as ordering, inventory management, and route planning. Invoice automation is a powerful tool for ensuring that purchase and sales orders are completed quickly and accurately, drastically lowering the risk of errors being introduced into the system.

When used together, these automation tools can allow CFOs to feel more comfortable with the increased responsibility thrust upon them, giving them the peace of mind that their employees are accomplishing more tasks correctly and quickly, while minimizing costly errors.

Improve Forecasting and Decision Making with BC

One of the biggest advantages modern ERP platforms have over their legacy counterparts is their ability to house copious amounts of data, and to make it work for a business in new ways. With advanced data analytics, CFOs can make better, timelier decisions across all aspects of their business.

In the manufacturing space, the trend is on the upswing, with three quarters of polled businesses using advanced technology for financial projections, and over half using them for predictive analysis and risk assessment.

BC’s powerful AI-powered tools allow for advanced analysis of historical data to be turned into projections for things like inventory, sales, and cash flow. BC offers the ability for CFOs to create sales forecasts to assist with ordering materials and parts, ensuring inventory is always kept at the optimal level to maximize profit and delivery time, while avoiding costly dead inventory sitting in warehouses.

Business Intelligence Makes a Difference

Forecasting is not the lone tool that CFOs can use to improve decision making. Dynamics BC offers powerful business intelligence (BI) capabilities that empower decision makers to make data-driven decisions through KPI creation, interactive, real-time dashboards, and data visualization options.

Real-time dashboards are highly customizable, drill-down capable dashboards that allow CFOs and other users to take a live look at a particular set of data laid out in an easy-to-read form. These dashboards are updated in real time, meaning no more costly delays for system processing before getting the most up-to-date data. These high-level overviews are perfect for giving big-picture looks to decision makers, while offering the ability to drill down into the granular details of the data, for those who prefer a more hands-on decision-making process.

BC also offers an in-depth reporting suite, augmented by PowerBI, a native business intelligence module. Many reports are functional directly from system implementation, allowing businesses to hit the ground running. There are also nearly endless creation and customization options, allowing power users to create the exact reports they require for the specific job.

When taken together, real-time dashboards and customizable reporting are powerful tools that empower CFOs to better understand the state of their various departments, which in turn allows for better decision making. Because these modules are housed within BC, it means the data is always up to date and accessible, improving both the speed and quality of the decision-making process.

Technology is the Way, the Platform Makes the Difference

As the nature of the responsibilities associated with the CFO position continue to evolve, CFOs will need to continue to expand the types of tools they use day to day. Rather than attempt complicated and costly piecemeal integrations, forward-thinking manufacturing leaders are choosing to embrace a modern ERP platform that comes equipped with tools and technologies required to navigate those changing seas.

By partnering with Enavate to implement Microsoft Dynamics 365 Business Central, these businesses cannot simply navigate those seas, they can conquer them. With a variety of Business Intelligence tools built into the platform to help them make quicker, better-informed decisions, and powerful automation options to increase efficiency and lower costs, Business Central is the perfect fit for manufacturing CFOs looking to expand their toolkit.

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