Uncovering Profit Opportunities with Cost Management Systems
Challenge
A mid-market manufacturer was being questioned by their Board of Directors about costs and margins and so had to quickly implement a cost management process and system to answer their questions and to ensure consistent, comparable, accurate and timely data, sliced and diced in many ways for management decision-making.
What We Did
Partnered with the business leaders to assess the cost management process and system inclusive of people, processes and systems
Result
- Developed a comprehensive cost process and aligned to the ERP system which would cut the cost portion of the close by more than 65%
- Worked with a cost project team to eliminate 20 million records and to create exception reports to ensure consistent, comparable, accurate and timely data for management decision-making
- Reduced cost roll errors by 20%