Financial Transformation in Manufacturing
As companies come out of the recession, their finance leaders are being called upon to continue driving down costs but also to provide the business insights and analysis that will help their companies prosper in a quickly changing, global economy. IndustryWeek Chief Editor Steve Minter sat down in May 2010 with Tim Hanley, vice chairman and U.S. Process & Industrial Products Leader for Deloitte, to discuss the firm's work with leading manufacturers and some of the factors separating high-performing companies from their industry peers. As part of Deloitte's elite CFO Program, Hanley is in direct contact with manufacturing CFOs and shares insights on a number of issues and challenges facing CFOs and CEOs in today's challenging environment.
This interview is divided into 6 segments:
Part 1: Recognizing the CFO's New Role
Part 2: Manufacturing's Financial Transformation
Part 3: Putting Finance into the Field
Part 4: Key Factors for a Strong Recovery
Part 5: Understanding Enterprise Risk
Part 6: Common Themes, Uncommon Challenges
Part 1: Recognizing the CFO's New Role – The recession has spurred the evolution of the CFO's role from chief accountant to business strategist. Deloitte Vice Chairman Tim Hanley discusses the development of his firm's CFO Program with IndustryWeek Chief Editor Steve Minter.
Part 2: Manufacturing's Financial Transformation – Deloitte Vice Chairman Tim Hanley explains the new demands on finance organizations in manufacturing for both cost reduction and enhanced strategic analysis, and how that has put CFOs at the hub of key business decision-making.
Part 3: Putting Finance into the Field – The financial transformation in manufacturing is requiring financial leaders to have a firm grasp of operations and the products that provide the best return on investment. Deloitte Vice Chairman Tim Hanley discusses companies' search for the right financial talent and technology enablers they can employ to be more successful with IW Chief Editor Steve Minter.
Part 4: Key Factors for a Strong Recovery – Financial flexibility, the right talent and the willingness to pursue opportunities, Deloitte Vice Chairman Tim Hanley tells IW Chief Editor Steve Minter, are some of the key factors that will distinguish winners from losers as the manufacturing sector moves into an improved economy.
Part 5: Understanding Enterprise Risk – In a global economy, it has never been more important for CFOs and other finance leaders to understand and manage the risks associated with expansion into emerging markets.
Part 6: Common Themes, Uncommon Challenges – Financial transformation is different for each manufacturer, but common themes are guiding their efforts. Deloitte Vice Chairman Tim Hanley examines three key challenges facing financial leaders in manufacturing.