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When a Finance team wanted to solve time-consuming Budgeting and Forecast across the group, here's what they achieved
A Mining, Manufacturing, Industrial Machinery & Equipment Company
Revenue: USD 80 Million
Issues Addressed
The company faced critical challenges stemming from manual, time-intensive processes in budgeting and forecasting across multiple group entities. Key pain points included:
Difficulty in unifying actual data for financial closing and reporting.
Data mismatches leading to broken linkages between financial reports.
Significant obstacles in planning, management reporting, and statutory reporting caused by unreliable and fragmented data.
Transformation Solutions
A comprehensive solution was implemented to streamline processes and improve efficiency:
Unified Data Accumulation:
Developed a clear, standardized process to accumulate business segment-wise and entity-wise data in a unified format.
Data Integration Scripts:
Introduced scripts to integrate and map all necessary data to relevant reporting line items, ensuring consistency.
Model Connectivity:
Linked Profit and Loss, Balance Sheet, and Cash Flow models across all planning cycles for seamless integration.
Simulation Capabilities:
Enabled cost allocation simulations to improve accuracy and flexibility in the planning process.
Achieved Results
The transformation delivered significant improvements:
Enhanced Data Integrity:
Improved the accuracy and reliability of financial data, creating a solid foundation for planning and reporting.
Efficient Planning Processes:
Streamlined budgeting, forecasting, and planning activities, saving time and reducing complexities.
Reduced IT Dependency:
Empowered teams to prepare data for budgeting, planning, and forecasting without relying heavily on IT support.
This transformation addressed the company’s manual and time-intensive processes, ensuring greater efficiency, reliability, and accuracy in financial planning and reporting.
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