{"id":10100,"date":"2022-02-01T08:21:19","date_gmt":"2022-02-01T06:21:19","guid":{"rendered":"https:\/\/sg.syspro.com\/blog\/?p=10100"},"modified":"2024-11-29T09:51:49","modified_gmt":"2024-11-29T07:51:49","slug":"top-5-manufacturing-cfo-priorities-for-2022","status":"publish","type":"post","link":"https:\/\/sg.syspro.com\/blog\/erp-for-finance\/top-5-manufacturing-cfo-priorities-for-2022\/","title":{"rendered":"Top 5 manufacturing CFO priorities for 2022"},"content":{"rendered":"<p>We recently surveyed <a href=\"\/business-software\/business-solutions\/cfo-solutions\/\">CFOs and finance executives<\/a> in the manufacturing and distribution sectors to study how the pandemic has impacted their businesses.\u00a0 <strong>Among key insights<\/strong>, we learned that finance leaders are realigning their 2022 priorities to meet changing business needs.<\/p>\n<p>While top priorities varied heavily by industry in terms of actual ranking, US finance executives surveyed consistently identified the following <strong>5 key areas of focus for 2022<\/strong>:<\/p>\n<h2><strong>1.\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><strong>Investing in eCommerce and digital transformation technologies<\/strong><\/h2>\n<p>Over half (<strong>51%<\/strong>) of total respondents agreed that investing in eCommerce platforms and digital transformation initiatives is of top of mind this year.\u00a0 This is especially critical to the US Food and Beverage industry respondents (<strong>69%<\/strong>).\u00a0 It makes sense as lockdowns and restricted trade continue to hinder business growth, organizations are opting to take their trading operations into the digital space.<\/p>\n<h2><strong>2.\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><strong>Managing working capital, cash flow, and inventory costs<\/strong><\/h2>\n<p>At <strong>40%,<\/strong> managing working capital (vs. investments), cash flow, and rising inventory costs rank as the second-highest CFO priority for 2022. With logistical pressures currently placed upon supply chains, companies have noted that the costs of inventory management have the potential to rise to unforeseeable levels. Managing cash flow and margins remains a key objective for US finance leaders, based on our survey in 2020, 2021 and now into 2022.<\/p>\n<h2><strong>3.\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><strong>Improving visibility into performance<\/strong><\/h2>\n<p>In times of crisis, companies require greater real-time visibility of their operations to pivot and manage accordingly.\u00a0 It\u2019s no surprise that <strong>33%<\/strong> of US survey respondents ranked improving visibility a top area of focus as we continue to navigate the business in a sea of uncertainties.\u00a0 Increased business visibility can be achieved with modern software like ERP and a digital strategy, preventing problems such as overruns, bottlenecks, downtime, poor employee or machine performance, and excessive scrap.<\/p>\n<h2><strong>4.\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><strong>Managing governance and risk<\/strong><\/h2>\n<p>At an overall response rate of <strong>30%<\/strong>, CFO respondents agree that managing governance and risk is a critical focus area for 2022.\u00a0 This is especially important to <strong>44%<\/strong> of Food and Beverage and Industrial Machinery and Equipment manufacturers as rapid changes, unpredictability, and increased regulation and compliance requirements continue to impact businesses on a global scale.<\/p>\n<h2><strong>5. Addressing an over-reliance on spreadsheets<\/strong><\/h2>\n<p>Eliminating manual processes is key to staying competitive, and <strong>22%<\/strong> of finance leaders agree that now is the time to address an over-reliance on spreadsheets. The predominant industry ranking this area of focus is Furniture and Fittings, at <strong>46%.\u00a0 <\/strong>The risk of running a manufacturing or distribution business with inefficient or misaligned financial information is far too great to ignore, and a 360-degree <a href=\"https:\/\/www.syspro.com\/product\/erp-system\/\">ERP software solution<\/a> is a must.<\/p>\n<p>These key insights into areas of financial focus are just the tip of the iceberg.\u00a0 I\u2019ll be back with another blog that closely examines key phenomena, prominent trends, and best practices as we navigate the \u201cNext Normal.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 3<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>We recently surveyed CFOs and finance executives in the manufacturing and distribution sectors to study how the pandemic has impacted their businesses.\u00a0 Among key insights, we learned that finance leaders are realigning their 2022 priorities to meet changing business needs. While top priorities varied heavily by industry in terms of actual ranking, US finance executives &#8230; <a title=\"Top 5 manufacturing CFO priorities for 2022\" class=\"read-more\" href=\"https:\/\/sg.syspro.com\/blog\/erp-for-finance\/top-5-manufacturing-cfo-priorities-for-2022\/\" aria-label=\"Read more about Top 5 manufacturing CFO priorities for 2022\">Read more<\/a><\/p>\n","protected":false},"author":206,"featured_media":10102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[169],"tags":[91,282],"class_list":["post-10100","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-erp-for-finance","tag-erp-and-financial-management","tag-erp-and-lean-manufacturing"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Top 5 manufacturing CFO priorities for 2022 | SYSPRO Blog<\/title>\n<meta name=\"description\" content=\"SYSPRO ERP Blog - a global view of how the pandemic has impacted manufacturing and distribution, and the role of the CFO.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/us.syspro.com\/blog\/erp-for-finance\/top-5-manufacturing-cfo-priorities-for-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Top 5 manufacturing CFO priorities for 2022 | SYSPRO Blog\" \/>\n<meta property=\"og:description\" content=\"SYSPRO ERP Blog - a global view of how the pandemic has impacted manufacturing and distribution, and the role of the CFO.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/us.syspro.com\/blog\/erp-for-finance\/top-5-manufacturing-cfo-priorities-for-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"SYSPRO Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-01T06:21:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-29T07:51:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/sg.syspro.com\/blog\/wp-content\/uploads\/2022\/02\/Top-5-manufacturing-CFO-priorities-for-2022_900x410.png\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"410\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Scott Hebert\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Scott Hebert\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/us.syspro.com\/blog\/erp-for-finance\/top-5-manufacturing-cfo-priorities-for-2022\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/sg.syspro.com\/blog\/erp-for-finance\/top-5-manufacturing-cfo-priorities-for-2022\/\"},\"author\":{\"name\":\"Scott Hebert\",\"@id\":\"https:\/\/sg.syspro.com\/blog\/#\/schema\/person\/cab63db70d89ebf6e5e6e890f34fad74\"},\"headline\":\"Top 5 manufacturing CFO priorities for 2022\",\"datePublished\":\"2022-02-01T06:21:19+00:00\",\"dateModified\":\"2024-11-29T07:51:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/sg.syspro.com\/blog\/erp-for-finance\/top-5-manufacturing-cfo-priorities-for-2022\/\"},\"wordCount\":455,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/sg.syspro.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/us.syspro.com\/blog\/erp-for-finance\/top-5-manufacturing-cfo-priorities-for-2022\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/sg.syspro.com\/blog\/wp-content\/uploads\/2022\/02\/Top-5-manufacturing-CFO-priorities-for-2022_900x410.png\",\"keywords\":[\"ERP and Financial Management\",\"ERP and Lean Manufacturing\"],\"articleSection\":[\"ERP for Finance\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/us.syspro.com\/blog\/erp-for-finance\/top-5-manufacturing-cfo-priorities-for-2022\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/sg.syspro.com\/blog\/erp-for-finance\/top-5-manufacturing-cfo-priorities-for-2022\/\",\"url\":\"https:\/\/us.syspro.com\/blog\/erp-for-finance\/top-5-manufacturing-cfo-priorities-for-2022\/\",\"name\":\"Top 5 manufacturing CFO priorities for 2022 | SYSPRO Blog\",\"isPartOf\":{\"@id\":\"https:\/\/sg.syspro.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/us.syspro.com\/blog\/erp-for-finance\/top-5-manufacturing-cfo-priorities-for-2022\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/us.syspro.com\/blog\/erp-for-finance\/top-5-manufacturing-cfo-priorities-for-2022\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/sg.syspro.com\/blog\/wp-content\/uploads\/2022\/02\/Top-5-manufacturing-CFO-priorities-for-2022_900x410.png\",\"datePublished\":\"2022-02-01T06:21:19+00:00\",\"dateModified\":\"2024-11-29T07:51:49+00:00\",\"description\":\"SYSPRO ERP Blog - 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