Top 10 Things CFOs Should Know About ERP - #9

We are getting so close to the end of my list. I am hoping that you are able to find useful tidbits of information on this list. Today, I am talking about slowing production lead times. When information from the sales department is not integrated with the engineering and production teams, customer orders cannot be met in a timely manner. This can lead to a loss of sales to competitors who are better equipped to scale the business to meet customer demand.

Top 10 Things CFOs Should Know About ERP - #8

I am starting off the new week with number 8 on my list which is eroding margins. When a business' accounts receivables are on the rise so are its cash flow problems. In the manufacturing industry, in particular, many companies operate with low quantity/high cost products making timely payments a priority. An ERP solution tracks payment dates and amount of money owed to the business so that the organization can appropriately plan and scale back operations based on cash flow.

Top 10 Things CFOs Should Know About ERP - #7

Today's topic and number 7 on my list is low customer satisfaction. So, how is customer satisfaction tied to the ERP system? Customers are any business’ greatest asset. It is therefore essential that manufacturers are able to provide good customer service by accurately fulfilling customer orders and meeting delivery dates on time, every time. ERP allows the customer service department to communicate effectively with production and shipping, giving the rest of the business visibility from the customer service perspective, leading to delighted customers that keep coming back.

Further reading on ERP Solutions

Top 10 Things CFOs Should Know About ERP - #5 AND #6

In the spirit of the Thanksgiving holiday, I have decided to post a bonus double entry from my top 10 list of things CFOs should know about ERP. In today's post, we take a look at existing technologies which do not support growth and business benefits which are not realized.

#5 Existing technology does not support growth – As a business changes and evolves, so must its ERP solution. If your existing solution is not able to keep up with the growth of the business, including the demand from additional employees and managing increased orders and customer inquiries, it is merely a drain on your financial and human resources. This is a clear indication that your current solution requires an overhaul.

#6 Business benefits are not being realized – Look back at the reasons behind implementing your company’s ERP solution. Now look at how the solution is running today.  Is it delivering the value to your business that you expected? If the answer is no, then it’s time to reassess the solution and find out why.  Has your business changed, but your ERP solution wasn’t flexible enough to change as well?  Was it just not the right choice?

Look out for my next post immediately after the holiday. Thank you for following my blog and Happy Thanksgiving!

Top 10 Things CFOs Should Know About ERP - #4

      Number 4 on my top 10 things CFOs should know about ERP is antiquated reporting structures. It is critical that CFOs adhere to Sarbanes-Oxley regulations. With many legacy systems, or a lack of ERP technology altogether, audit and control processes are not integrated in a company’s accounting system. In order to be compliant, a current ERP solution is necessary to ensure regulated financial reporting.

      As always, if you are looking for more information on ERP, check out this website

Top 10 Things CFOs Should Know About ERP - #3

Number 3 on my top 10 things CFOs should know about ERP is carrying costs increase – The inability to accurately forecast demand is a major cost for businesses. By over procuring supplies, businesses lose money from unused product and ongoing storage costs. Conversely, not ordering adequate supplies results in revenue loss as companies cannot meet increases in customer demand. ERP offers integration support for all functions of a business, including those critical to carrying costs such as inventory, order entry, production and shipping.

Read more on ERP solutions

Top 10 things CFOs should know about ERP - #2

      The second thing on my top 10 list is inefficiency in sales. ERP allows companies to maintain accurate records of activities such as warehouse orders, customer inquiries, and service calls, which are integral to a business running smoothly and leanly. Additionally, it provides organizations with a more accurate quoting process since the sales and engineering departments have easy access to information about past customer orders, allowing employees to avoid designing past custom orders and compiling pricing quotes from scratch. Without a 360º view across all departments, cost inefficiencies arise whereby departments are submitting duplicate requests for services or orders, ultimately wasting valuable time and human resources.

      More Information on ERP Solutions

Top 10 things CFOs should know about ERP - #1

I am starting a new series on the top 10 things CFOs should know about ERP. Making an ERP purchasing decision can be a daunting task for any business and often companies don't know where to start. My posts for the next 10 days will shed light on the tell-tale signs that indicate whether the company needs to implement ERP for the first time or upgrade the current ERP solution to ensure profitable growth. When implemented correctly and in line with the business goals, ERP can positively impact a company’s bottom line, which is music to any CFO’s ears.


#1 Increasing IT spend with decreasing IT performance – Merely having an ERP solution does not guarantee saving your business time and money. ERP is meant to solve business problems, not cause them. So when an IT department is constantly making one-off customizations to the current system, performance across all departments can subsequently decrease due to increased complexity that does not allow the system to run seamlessly across the business.


More information on ERP Solutions