Driving home the benefits
How finance transformation can re-energize the Canadian automotive industry
The global automotive industry has undergone many significant changes over the last decade. Fuel costs are skyrocketing, more consumers are demanding environmentally friendly cars and competition from Asian and European manufacturers has pushed Detroit’s Big Three automakers out of their dominant market position. The rising Canadian dollar, shrinking North American market and decreasing demand from automotive suppliers’ traditional partners make the Canadian automotive industry particularly vulnerable in the face of the transforming global industry. To survive, Canadian automakers must adapt to this multitude of changes.
Finance transformation can be a key driver toward generating sustained growth and long-term profitability for auto parts makers. Since finance touches every facet of a company, the big-picture thinking of a chief financial officer (CFO) is critical in enterprise transformation. Traditionally, automotive CFOs oversaw accounting and made sure finances were accurate and complied with regulations. Today, however, the role of the CFO is much more dynamic. Incorporating finance into innovation, production, human resources, marketing and the supply chain requires an automotive CFO to be a steward, operator, strategist and catalyst. As a result, the CFO now plays an integral role in implementing the changes necessary to make Canadian automotive companies more competitive.
In Driving home the benefits, Deloitte examines the changing role of the automotive CFO taking on the challenge of finance transformation. Offering practical advice on solutions, processes and overcoming barriers, this report explains why Canadian automotive companies need to adapt to global industry changes. It provides prescriptive information to help automotive CFOs successfully undertake finance transformation in their organizations.
Download the complete report, Driving home the benefits. How finance transformation can re-energize the Canadian auto industry.