Finario enables Amway to take a strategic approach to capital spending
Consistently ranking among the largest privately held companies in the U.S. based on revenue by Forbes, Amway is a global manufacturer and distributor of health, beauty and household goods with a workforce of nearly 20,000.
Prior to Finario, the company utilized a vast array of disparate systems and methods for managing its capital spending efforts, which included capital budgeting, approval, forecasting and reporting across its many global affiliates. “Any type of reporting was a time-consuming challenge, and there was always a sense of unease when I would be asked to provide any level of detail on a capital project,” recalled Dave Mackus, Amway’s Lead Financial Analyst for FP&A. As a result, Amway at times struggled with visibility and reporting of its capital program.
As far back as 2006, Amway began to address the shortcomings and inefficiencies of its existing capital spending management systems, and at that time set out to investigate options for replacement and/or improvement. Unbeknownst to the team heading the project, the road to Capex enlightenment would be long. Amway’s search and eventual solution adoption would span more than a decade…