About this episode
Looking back, John Lutz doesn't hesitate to recall a strategic turn along his career journey when, during his tenure as director of finance at Charter Steel, he transitioned a cumbersome, error-prone Excel model into an advanced, activity-based costing system. By involving stakeholders from across the company, Lutz tells us he not only gained buy-in but also unlocked the power of teams to create a tool that transformed the way the business operated, enhancing both efficiency and profitability. Years later, as CFO of Sellars, a manufacturer of household products and supplies, Lutz spearheaded efforts to modernize the company’s data infrastructure. “We’ve come a long way in two years,” says Lutz, who tells us that in the not-too-distant past, the company’s data storage strategy involved a row of filing cabinets. Along the way, real-time dashboards replaced static reports, enabling instant access to crucial data. These changes, Lutz explains, turned the finance department into a strategic partner that proactively identified and addressed issues. His commitment to leveraging technology hasn’t stopped there, as he looks to introduce robotic process automation to streamline repetitive tasks, freeing up his team to focus on higher-value activities. Extending beyond internal collaborations, his approach to empowering teams was further evidenced by his close cooperation with supply chain partners to optimize procurement processes and nurture long-term, sustainable relationships. Lutz's CFO mindset exemplifies how embracing the power of teams and technology can drive transformative change. By fostering collaboration, leveraging data, and empowering his team, Lutz says he has been able to propel organizations forward, demonstrating that finance can be a catalyst for strategic growth and innovation.