One of the many challenges facing the industrial sector is the need to balance investments in capital equipment and emerging technologies without sacrificing their levels of efficiency and productivity. Amongst those offering support in this environment is Finario. The company’s cloud-native software solution looks to help manufacturers plan, evaluate, and manage capital expenditures (CapEx), while also assisting with financial governance, implementation rates and project management.
With needs that can range from facility upgrades and expansion to equipment replacements, some have found traditional approaches to managing CapEx can come up short in the areas of real-time visibility, standardization and forecasting. Finario tries to addresses these challenges by providing a single source for planning, implementation and reporting.
Company Background & Offerings
Headquartered in Stamford, Connecticut, manufacturing is Finario’s largest and most active customer base, with a focus on delivering a scalable platform for mid-size to large enterprises. It integrates with ERP offerings that include SAP, Oracle, and Microsoft Dynamics, which has shown to be helpful for those with decentralized operations, global footprints, and multi-plant budgeting challenges.
Finario’s software addresses the full capital project lifecycle with modules covering:
- Budgeting for Multi-Site Operations.
- Project Evaluation and ROI Modeling.
- Forecasting and Scenario Planning.
- Project Execution and Monitoring.
- Analytics and Reporting.
To help with managing ROI expectations, Finario provides a standardized framework for evaluating and prioritizing projects based on configurable scoring models, risk analysis, and alignment with core strategies. Manufacturers have found the company’s forecasting tools valuable in dealing with fluctuating demand, supply chain disruptions and energy cost volatility. Plant managers and project leads can also update forecasts in real time, while finance teams can conduct scenario planning to evaluate and reallocate resources as business conditions change.
Once a project is approved, Finario can track project status and expenditures in providing manufacturers with elevated controls over spending, and obtain better insight into project progress and risks. Early warning indicators help flag issues before they escalate, improving timelines and reducing potential cost overruns.
Customizable dashboards and reports provide real-time visibility into project performance, as they can be segmented by region, business unit, asset type, or other dimensions and integrated with other business intelligence platforms to obtain even deeper analysis. According to the company, their solutions can also provide:
- Standardization across sites to ensure consistency in how projects are proposed, evaluated, and tracked.
- Improved asset use for smarter allocation of capital.
- Quicker decision-making in responding to market opportunities or threats.
- Built-in audit trails, approval workflows, and user permissions
- Real-Time Data for for more accurate forecasting and analytics.
In addition to the aforementioned ERP systems, the platform is also designed to complement existing production systems, including:
- Procurement systems for tracking purchase orders.
- Project management tools.
- Business intelligence platforms.
- Data platforms used by finance, operations and procurement departments.
For more information about how the company could help your operations, click here for one of their latest reports.