Cybersecurity: Protecting Your Business
Presented by: Panel Discussion including Travis Strong
The cybersecurity panel offered sobering insights into current threats facing manufacturers and distributors. Business email compromise leading to redirected payments has become increasingly common, while intellectual property theft poses a significant risk to manufacturing operations.
Industry-specific scams now include fraudulent product orders with altered shipping instructions, a direct threat to your bottom line. Third-party vendor risk requires attention, as it represents a shared responsibility rather than a simple risk transfer.
The financial impact is substantial, with typical breach costs having doubled since 2010, from $ 2.34 million to nearly $ 5 million. Companies of all sizes are targets, with smaller businesses often more vulnerable due to limited security investments.
Preventative measures include: Creating and testing incident response plans that remain accessible offline Implementing regular employee training on cyber hygiene Developing systematic approaches to manage third-party vendor risks
Leveraging Analytics and Automation
Presented by: Chris Holmes
The implementation of analytics and automation tools offers significant opportunities for manufacturing & distribution efficiency. As noted during the presentation, finance teams typically spend a significant amount of their time creating reports, when they would prefer to focus on analysis and client interaction.
Solutions like Power BI integrate with existing Microsoft ecosystems and connect to various data sources, including QuickBooks. These tools create a“ single source of truth” that cuts reconciliation time and ensures consistent communication across departments.
The impact can be substantial. One manufacturing client increased on-time delivery by 20 percent using custom Power BI dashboards. Analytics tools can help track job status across different manufacturing processes, from cutting and painting to shipping, offering real-time insights into operations.
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