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eXtended Planning & Analysis project
When a Finance team wanted to solve time-consuming Budgeting and Forecast across the group, here's what they achieved
Why managing AI risk presents new challenges
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The difficult of using AI to improve risk management
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How to bring AI into managing risk
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Pros and cons of using AI to manage risks
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Benefits and opportunities for risk managers applying AI
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A Mining, Manufacturing, Industrial Machinery & Equipment Company
Revenue: USD 80 Million
ISSUES ADDRESSED
The company faced significant challenges in the manual and time-consuming processes of budgeting and forecast preparation across multiple group entities. Key issues included the difficulty in unifying actual data for financial closing and reporting, as well as broken linkages between financial reports due to data mismatches, causing problems with planning, management reporting, and statutory reporting.
TRANSFORMATION SOLUTIONS
To address these challenges, a comprehensive solution was implemented:
- Unified Data Accumulation:
- Introduced a clear process for accumulating business segment-wise and entity-wise data in a unified format.
- Data Integration Scripts:
- Implemented data integration scripts to map all necessary data to appropriate reporting line items.
- Model Connectivity:
- Connected Profit and Loss, Balance Sheet, and Cash Flow models for all versions across planning cycles, ensuring seamless integration.
- Simulation Capabilities:
- Created simulations for cost allocations, enhancing the accuracy and flexibility of the planning process.
ACHIEVED RESULTS
The implemented solution resulted in tangible improvements:
- Enhanced Data Integrity:
- Achieved higher data integrity, providing a more trustworthy foundation for plans and reports.
- Efficient Planning:
- Empowered teams with efficient planning processes, streamlining budgeting, forecasting, and planning activities.
- Reduced IT Dependency:
- Significantly reduced dependency on IT for data preparation in budgeting, planning, and forecasting processes.
This transformation not only addressed the manual and time-consuming challenges but also enhanced the overall efficiency and reliability of the company's financial planning and reporting processes.
