The Ledger Archives - 3C Software https://www.3csoftware.com Thu, 21 Mar 2024 15:31:38 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.9 https://www.3csoftware.com/wp-content/uploads/2017/11/cropped-logo-32x32.png The Ledger Archives - 3C Software https://www.3csoftware.com 32 32 Enhancing ERP Cost and Profitability Analytics Capabilities with ImpactECS https://www.3csoftware.com/enhancing-erp-cost-and-profitability-analytics-capabilities-with-impactecs/ https://www.3csoftware.com/enhancing-erp-cost-and-profitability-analytics-capabilities-with-impactecs/#respond Thu, 21 Mar 2024 15:31:38 +0000 https://www.3csoftware.com/?p=19293 In today’s competitive business landscape, efficient management of enterprise resources is crucial for organizational success. Enterprise Resource Planning (ERP) systems have emerged as powerful tools to streamline and integrate various business processes across different departments. However, many organizations face challenges when it comes to effectively managing and analyzing their cost and profitability data within their ERP systems.

To address these challenges, companies have started to integrate dedicated cost and profitability management software, such as ImpactECS, with their existing ERP systems. In this article, we will explore how ImpactECS can enhance ERP costing capabilities and provide organizations with a...

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Top CFO Priorities in Product Costing and Profitability Analytics https://www.3csoftware.com/top-cfo-priorities-in-product-costing-and-profitability-analytics/ https://www.3csoftware.com/top-cfo-priorities-in-product-costing-and-profitability-analytics/#respond Thu, 08 Feb 2024 16:02:12 +0000 https://www.3csoftware.com/?p=19260 In today’s fast-paced and ever-changing business landscape, CFOs face numerous challenges when it comes to analyzing product costs and optimizing profitability. To excel in this competitive environment, CFOs must prioritize their efforts and focus on key areas.

This article explores the top priorities for CFOs in product costing and profitability analytics, offering a comprehensive roadmap to success. By understanding these priorities and leveraging the powerful tools available, CFOs can gain deeper insights into costs, enhance profitability, and make data-driven decisions that drive long-term success.

Advanced Cost Modeling

A major trend in product costing is the shift towards advanced cost modeling. To implement these...

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Top 10 Reasons Companies Invest in Cost Management Solutions https://www.3csoftware.com/top-10-reasons-companies-invest-in-cost-management-solutions/ https://www.3csoftware.com/top-10-reasons-companies-invest-in-cost-management-solutions/#respond Mon, 29 Jan 2024 16:06:40 +0000 https://www.3csoftware.com/?p=19207 In an era of rapidly changing market dynamics and increased competition, companies must have a solid grasp of their cost structures to drive profitability and maintain a competitive edge. This has led to a growing trend of organizations investing in cost management solutions to gain granular insights into their cost drivers, enhance cost control, and streamline operations. In this article, we will explore the top 10 reasons why companies are prioritizing cost management solutions and the transformative impact these solutions can have on your cost analysis, profitability, and overall business performance.

  1. Gaining Cost Visibility and Control: Companies often struggle to understand their spending patterns, hindering their ability to...

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The Power of Business Simulations for Manufacturing Organizations https://www.3csoftware.com/the-power-of-business-simulations-for-manufacturing-organizations/ https://www.3csoftware.com/the-power-of-business-simulations-for-manufacturing-organizations/#respond Wed, 27 Dec 2023 15:15:34 +0000 https://www.3csoftware.com/?p=19169 In today’s fast-paced manufacturing landscape, where factors affecting costs, quotes, and profitability are constantly changing, organizations need to create a sustainable environment and strive for continuous improvement. Business simulations offer a unique solution to navigate the complexities of cost analysis and profitability, providing decision-makers with the tools they need for sustainable business agility.

At 3C Software, we have developed a comprehensive Cost and Profitability Framework that empowers manufacturers to unlock their true profit potential. In this article, we will explore the importance of business simulations and how they enable organizations to make informed decisions and drive profitability.

The Need for...

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Building a Cost Culture: Key Strategies for Manufacturing CFOs https://www.3csoftware.com/building-a-cost-culture-key-strategies-for-manufacturing-cfos/ https://www.3csoftware.com/building-a-cost-culture-key-strategies-for-manufacturing-cfos/#respond Tue, 14 Nov 2023 17:20:14 +0000 https://www.3csoftware.com/?p=19167 Strong CFOs recognize that part of a thriving (and profitable) corporate culture includes creating awareness and understanding of the role that costs play in every decision. By enabling collaborative and transparent cost management processes, you can improve cost and profit performance while giving you a leg up against the competition.

Building a successful cost culture includes establishing a robust understanding of costs in every phase of the product life cycle—from quoting and development through manufacturing, steady-state operations, and ultimately end-of-life. A cost culture encourages informed decision-making, and there are a few focus areas that can drive success. Below are five strategies that lead to a strong cost...

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Better Together – Connecting Costing, Quoting, and Pricing https://www.3csoftware.com/better-together-connecting-costing-quoting-and-pricing/ https://www.3csoftware.com/better-together-connecting-costing-quoting-and-pricing/#respond Tue, 26 Sep 2023 15:26:04 +0000 https://www.3csoftware.com/?p=19102 In the realm of business, the ultimate goal is to generate profit, and one of the simplest ways to achieve this is by selling products at a price that exceeds the costs of production and delivery. While the concept might be straightforward, the execution is far from simple. Achieving profitability requires a deep understanding of costs, a strategic approach to pricing, and the ability to align these crucial elements seamlessly. In this article, we explore the critical connection between costing, quoting, and pricing and how technology can streamline these processes to optimize profitability.

At its core, profitability hinges on a straightforward principle: make sure that the price at which you sell your products exceeds the cost of...

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Should Standard Costing Be Used for Decision Support? https://www.3csoftware.com/should-standard-costing-be-used-for-decision-support/ https://www.3csoftware.com/should-standard-costing-be-used-for-decision-support/#respond Tue, 22 Aug 2023 17:21:25 +0000 https://www.3csoftware.com/?p=19097 Most manufacturing organizations use standard costing as the default mechanism to cost their products, inventory and estimate the cost of manufacturing activities at each step of completion.

This isn’t news or a surprise to anyone. Organizations began using standard costing in the 1920s – and not much has changed since then. Because most companies already use standard costing, new competitors must also use it to help analysts make apples-to-apples comparisons.

However, what this means and how this costing method impacts an organization’s overall profitability and optimization should be considered.

Let’s break that down a little further:

  1. Using standard costs, the organization spends several months gathering inputs for things like raw material...

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Achieving End-to-End Supply Chain Cost Transparency: Unveiling Insights for Enhanced Profitability https://www.3csoftware.com/achieving-end-to-end-supply-chain-cost-transparency-unveiling-insights-for-enhanced-profitability/ https://www.3csoftware.com/achieving-end-to-end-supply-chain-cost-transparency-unveiling-insights-for-enhanced-profitability/#respond Thu, 29 Jun 2023 15:48:13 +0000 https://www.3csoftware.com/?p=19063 Supply chain cost transparency is a critical aspect of business operations that enables companies to gain a comprehensive understanding of the costs involved in moving products from manufacturing sources to the end customer. By identifying and analyzing various cost elements within the supply chain, businesses can optimize their operations, pricing strategies, and customer relationships.

This article explores the importance of cost transparency in the supply chain and highlights how visualizing the cost and profitability waterfall, calculating customer profitability, and employing a cost-driver approach can lead to enhanced profitability and informed decision-making.

Understanding Supply Chain Cost...

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Your Customer Quote Prices Can Be Back-of-the-Envelope Math or Based on Actual Costs https://www.3csoftware.com/your-customer-quote-prices-can-be-back-of-the-envelope-math-or-based-on-actual-costs/ https://www.3csoftware.com/your-customer-quote-prices-can-be-back-of-the-envelope-math-or-based-on-actual-costs/#respond Tue, 11 Apr 2023 14:37:51 +0000 https://www.3csoftware.com/?p=18998 A new, exciting request comes in for a product you’ve never made before. How do you evaluate the cost of designing, producing, and delivering this order? And how do you do it quickly?

Well, if you’re like most organizations, you do what you’ve always done. You jump right into action and open a state-of-the-art Excel template. And by “state-of-the-art,” you mean the same one you’ve used for the last ten years.

You may log in to your ERP system and export material and labor cost values to get the data needed.

Then you piece together the different data sets in Excel, make a few tweaks to account for changes in yield and batch size, and voila! You’ve calculated the cost to produce the new item for your customer!...

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CFO Dive: Unlocking the ‘Right’ Combination to Digital Transformation https://www.3csoftware.com/cfo-dive-unlocking-the-right-combination-to-digital-transformation/ https://www.3csoftware.com/cfo-dive-unlocking-the-right-combination-to-digital-transformation/#respond Fri, 03 Mar 2023 18:00:46 +0000 https://www.3csoftware.com/?p=18970 “CFOs and their C-suite counterparts are looking to investments in new technology as a means to both place their business in a position adept for growth, while also trimming costs wherever possible.”

Read More at CFO Dive >

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