CFO 4.0 instrumental in building the factory of the future
SYSPRO has announced new research into CFO 4.0, which reveals that the manufacturing CFO will play a critical strategic, innovative and financial role in the business moving forward. The study, which was conducted in July to September 2021 and led by SYSPRO, assessed the sentiment amongst senior level Chief Financial Officers within manufacturing sectors across the Americas, APAC and EMEA. The participants encompassed financial leaders across both SMEs and larger enterprises, indicating that these results reflect the insights of a wide range of players in the Manufacturing and Distribution space. The diversification of business operations The study revealed that the disruptions caused by the pandemic played a catalytic role in the diversification of manufacturing businesses. In order to thrive, 65% of CFO respondents surveyed indicated that they have shifted expenditure into new markets, product lines and technologies. Drilling down further, the SYSPRO survey found: 33% of businesses expanded into new markets 29% of businesses innovated through the introduction of a new production line 39% of businesses will explore new routes to markets such as eCommerce channels In order to enable the diversification of business models, 29% of CFOs indicated that they would invest further into R&D. Building and securing a digital future When asked about future areas of investment to ensure continued success, 56% of CFO respondents indicated that they would be investing in warehouse automation, 37% of respondents confirmed that they would investigate migration to cloud-based services and 37% would be exploring SMART technologies including 3D printing, IoT, machine learning and artificial intelligence. 47% of CFOs also indicated that they will be investing in ERP to increase visibility, enhance transparency and data-driven decision making. Winning the war for talent When exploring the key reasons behind business disruptions in 2021, it comes as no surprise that 43% of respondents […]