FINANCE MANAGER

SOFTWARE AND PROCESSES FOR
RATIONALIZING YOUR SPEND

What is your challenge as you see it?

”As an R&D Finance Manager, my challenges converge into one thing: accountability. No doubt, you may think Finance Managers are not concerned about the quality of the product, instead what gets spent on what, with what promise, by when. However, in our case, we are also concerned about the quality, time to market, risk factors and their probability of success – not just the end financial result. We are very cognizant of the fact that R&D involves risk, but we need to immediately get a handle on investments that show signs of no returns.”

What solutions do you have today?

”Today, we have spreadsheets as our solution, besides Project Accounting software for some of the capital work order projects. We do not have an accurate picture of core versus fixed investments. We do not have a distinction between mandatory and discretionary nor between capital and expense. We do not have a handle on how well the R&D money is spent, how much money went into a new product, when.”

What exactly do you need and why is different?

You need to have a sound financial due diligence practice, that takes into account the risks and rewards for every new opportunity, and subsequently, be able to track and justify where the money is going, for what intended outcome, and if in reality, that outcome is achieved in a timely manner, for the expected quality or level of service. You need an integrated R&D Governance solution from OpenMetrik.

What does OpenMetrik Finance Manager do? (what are its features?)

OpenMetrik Finance Manager is a web-based, easy to access, Intranet based, easy-to-access, business role-based solution that monitors every request for spend, performs due diligence on the investments and helps make sound business decisions. For the in-progress projects it captures periodic re-forecasting as well as monthly spend, aggregates them and reports them at the Line of Business level and enterprise level.

Part of the Bigger Picture…

OpenMetrik Finance Manager is part of the overarching GRIP management framework.