Advanced Manufacturing

Finance

*Provide evidence, using examples from the curriculum, that the competencies and/or skills taught in the program are technology focused (5000 characters)

The overall objective of the EBITDA Growth Systems (EGS) Precision Manufacturing curriculum is to increase the business acumen of small to medium-sized (SMB) advanced manufacturers.

The global marketplace has undergone unprecedented change over the past several years, and one of the industries most affected has been advanced manufacturing. Between technological advancements, shifting consumer behavior, and increased competition, a more agile and business-minded approach is now required of advanced manufacturing teams. Embracing these changes and cultivating a mindset that prioritizes business acumen and savviness is crucial for staying competitive and thriving in the modern manufacturing landscape.

Leaders of SMB advanced manufacturers must be open to the adoption of new technologies that push traditional boundaries and enhance business intelligence. So, how do these leaders adapt? By increasing their business acumen.

Traditionally speaking, manufacturing teams tend to home in on boosting efficiencies and cutting costs. True, these are essential aspects of any successful manufacturing operation—but used in isolation, they’re no longer cutting it. Automation, digitization, Internet of Things (IoT) and other Industry 4.0 technologies are changing the game and have taken the manufacturing industry to a whole different level. Leaders need to think more wholistically now.

Leaders with strong business acumen skills can better understand business issues, adapt and remain flexible during times of change, comprehend business operations and provide quality insight as to how to achieve goals and ensure business success.  These leaders are also more inclined to experiment with new technologies and methodologies, in turn fostering a culture of innovation that can lead to competitive advantages.

Upon successful completion of the Finance course, Participants will have the skills to:

• Describe the basic accounting method for applying accounting principles and procedures in keeping records of business transactions.
• Explain the meaning of assets, liabilities, and owner’s equity and their relationships in the fundamental accounting equation.
• Explain how and why various accounts are prepared on a monthly basis.
• Understand the core concepts, terms, and techniques of finance and accounting such as EBIT & EBITDA.
• Understand different calculations of profit margins, and when some margins look better than others.
• Identify the different approaches to depreciation and why the company needs to be careful with them.
• Read and understand the core elements of a P&L (Profit & Loss account), balance sheet and cash flow statement.
• Understand how to leverage Financial data to determine the return-on-invest (ROI) associated with investments in advanced manufacturing technology.
• Utilize financial concepts to make better-informed decisions and become a greater asset to the company.
• Communicate more effectively with the key sources of financing: bankers, other lenders, and investors.
• Apply the theories that are discussed through an interactive project worked on throughout the course.

Any time training is delivered, it is important to know how effective it’s been. Are participants putting their learning into practice? And, is it positively impacting their role and the wider organization?  Kirkpatrick’s Four-Level Training Evaluation Model can help to answer questions like these. Research indicates that it can be used to analyze the impact of training objectively.

The Kirkpatrick Model is an internationally recognized tool for evaluating and analyzing the results of educational, training and learning programs. It consists of four levels of evaluation: Reaction, Learning, Behavior, and Results. Each successive level of the model represents a more precise measure of the effectiveness of a training program.

At EGS, we deliver our curriculum and include follow up to achieve Kirkpatrick’s Level 3: Behavior and Level 4: Results.

Level 3 helps us to understand how well participants apply their training. It can also reveal where participants might need help. But behavior can only change when conditions are favorable, so we work intimately with client leadership to make certain that conditions are as close to ideal as possible.

Level 4 enables us to analyze the final results of the training. This includes outcomes that the client organization has decided are good for business, and which demonstrate a good return on investment (ROI).  Level 4 is the most costly and time-consuming. As a result, EGS coaches participants through the biggest challenge of identifying which outcomes, benefits, or final results are most closely linked to the training, and to come up with an effective way to measure these outcomes in the long term.

*Provide evidence that the credential provides value beyond your organization (5000 characters)

The EGS Advanced Manufacturing curriculum is featured in the 2023 National Tooling and Machining Association (NTMA) Emerging Leader training cohorts.  It will continue to be featured in the 2024 NTMA Emerging Leader training cohorts as well as the 2024 Executive cohorts.