Finario recently had the pleasure of sitting with Vance Bullard, VP of Financial Planning and Analysis at Wayne Sanderson Farms. He reveals how Finario has transformed the company’s capital allocation process to boost productivity and produce better capital investment results.
Founded in 1947, Wayne Sanderson Farms is the third-largest poultry producer in the nation and is dedicated to serving customers, consumers, and communities with integrity, leadership, and responsible practices. They own and manage 23 facilities across the US, providing high-quality poultry products for retail, food service, restaurant, industrial, and institutional segments.
Watch the full-length interview here.
In this insightful conversation with Vance, we discuss these key points:
Challenged with a Traditional System
With a Capex budget in excess of $100 million annually, the company is dedicated to maintaining its competitive advantages and driving growth. In evaluating the entirety of its capital management process, it was clear there was room for improvement.
Their homegrown system “was very clumsy and wasn’t customizable to add or change our workflow,” says Vance. “It was very difficult and typically didn’t work.” Approvals took too long and were difficult to change mid-flight. Files that were attached to specific projects were being lost, and files would just disappear and couldn’t be accessed. Approvals were disconnected from capital planning, budgeting, and forecasting.
The Transformative Benefits of Finario
The shift to Finario brought a remarkable change. “One of the biggest benefits that is easily measurable is the reduction in approval time. It was 23-24 days and we are now down to 12,” Vance reveals. The ability to measure and adapt workflows easily and Finario’s query capabilities have been game-changers for Wayne Farms’ senior team.
Moreover, the company can now adapt more swiftly to shifts in the business landscape, and post-completion reviews have become integral to their process– providing an invaluable resource for learning and applying insights to future projects that can be replicated across their 23 manufacturing sites.
Empowering the Team with Better Visibility
Today, Wayne-Sanderson has fostered a sense of shared purpose and created a more cohesive and motivated team. Additionally, Vance highlights how they have incorporated IT and sustainability criteria into their workflows, which wasn’t possible before. “As projects got approved they didn’t have any knowledge of a project that would impact IT. Now they are a part of the workflow and have a much better visibility,” he says. Finario has also facilitated easier access to information across different departments, such as the engineering team, enabling efficient decision-making and resource allocation.
To get a better idea of how your organization can benefit from a Capex transformation solution, be sure to watch the full interview below with Vance Bullard.
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