The explosion of data available to make decisions can create challenges when it comes to evaluate risks and opportunities. Variances measure the degree of difference between two numbers – usually what you planned versus what actually happened – and insights into these differences are the best way to understand how the business is performing.
But variances are only as valuable as the data it is comparing. ImpactECS maintains granular data for cost and profitability activities needed to calculate unlimited variances for any key performance indicator (KPI) based on time, location, production method, or service level. You can compare data sets to analyze, providing relevant results to identify problems or trends.
Manufacturers all have one thing in common – the need for an effective product costing process that delivers accurate and actionable results. Best-in-class finance teams are catapulting costing and cost transparency to the front of the list of strategic initiatives to transform their leaders’ ability to make decisions. If you’re struggling with the lack of ERP costing capabilities or overwhelmed with spreadsheets, you’ll find value in hearing how leading manufacturing companies have established robust product costing processes.
Check out this discussion around the three focus areas for product costing – Highlighting the benefits of a strong costing culture, the role of costing as a competitive advantage when identifying opportunities and enabling strategies, and starting on the path to better costing by defining the rules, tools, and data involved.