Industry
Power and energy, manufacturing and services
Our role
Streamlining the organisation's financial activities
Industry
Power and energy, manufacturing and services
Our role
Streamlining the organisation's financial activities
The situation
- The financial activities of the organisation, including fixed assets was done manually due to which tracking became cumbersome.
- The lack of a single integrated system led to co-ordination difficulties within various departments of the client and external resources including the client's vendors. It also led to a gap in the monitoring of processes and inventory management and maintenance.
- It was tedious to track Goods and Services Tax (GST) and value added tax (VAT) as there was lack of traceability.
The solution
- PwC India incorporated standard industry practices and came up with a solution to transform client’s current processes.
- Standard operating procedures were adopted in business process design with cloud adoption across lines of business leading to synchronisation.
- PwC India helped integrating client’s Smart Meter Manufacturing System with SAP and helped them in system-level integrated controls of all the functions with improved Inventory control and its assessment.
- PwC India facilitated in system-level governance using synchronised, cloud-enabled, real-time insights on client’s processes and reports.
- A factory reporting system (FRS) solution was integrated to streamline manufacturing processes which helped in real-time inventory management and control at every stage of production, and serial number management of the stock. This reduced manual interventions in the process, making it cost- and resource-effective.
- Consolidated asset accounting and customer billing with tax compliance led to improved management of the finances and reduced turnaround time.
The impact
- Improved inventory planning and control and increased visibility throughout that led to increase in operational efficiency and cost reduction
- Actionable insights derived using real-time data helped foresee future outcomes and assisted client in incorporating progressive planning ahead of time
- Traceability and integrated data led to cost-effectiveness and reduced overlapping and redundancy
- Single source of truth for management decision-making helped in getting real time data for management decision.
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