New product development is complex. There are financial risks associated with research and development. The experience could be even more frightening if you are new to R&D, have a tight budget, or working with external or overseas partners. While you might perceive that the risk may be lower with internal initiatives, it may not be true as it's harder to track the internal opportunity costs and stay on track with other competing priorities. In today's episode, we have our guest Andrew Lees, who discusses how engineering can work effectively with production and finance teams. He also provides several strategies in working with overseas vendors and contract manufacturers to mitigate financial risks. Finally, he has described how CFOs can budget and plan engineering initiatives and work with engineers effectively.For more information on growth strategies for SMBs using ERP and digital transformation, visit our community at wbs.rocks or elevatiq.com. To ensure that you never miss an episode of the WBS podcast, subscribe on your favorite podcasting platform.