Streamlining Financial Planning and Reporting Through Automation
- Published
- Source
- AutomationWorld.com
A plant manager has indicated that Line 3 will face a resin shortage next month, leading to procurement covering the gap at spot prices, impacting margins. Manufacturing finance teams are aware of this delay, as production data resides in the MES, standard costs in the ERP, and capacity assumptions in a complex workbook. This results in a forecast that does not accurately reflect current conditions.
To address these challenges, it is recommended to start with one product line and analyze its margin drivers, such as material price and machine hours. Automated financial planning and analysis (FP&A) can connect to ERP and production systems, ensuring that forecasts remain current and variances are identified promptly. This allows analysts to propose solutions, such as supplier changes, before production meetings.
Prophix's Gurpreet Chaggar emphasizes that once automation is successfully implemented for one product line, the same approach can be applied to others, ultimately phasing out outdated workbooks. This transition to automated reporting will enhance efficiency and accuracy in financial planning and reporting processes.
Original report
Quick Take: Automating (And Simplifying) Financial Planning and Reporting
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