Jedox brings automation trend to the finance department

By Rohan Kapil

Jedox Inc.

The manufacturing industry is known to be one of the most automated sectors in the world. Usage of robotics, AI and machine learning are increasingly becoming the norm as manufacturers seek to maintain a competitive edge amidst supply chain woes and logistical complexity.

Enabling more efficient processes in an increasingly fast-moving world is key to improving effectiveness in the sector long-term. Automation applies not only to the production line, but across the entire enterprise, including the finance department itself.

Automation supports a reduction of time-intensive, error-prone manual tasks to free up valuable time and resources dedicated to other, more value-added tasks. Manually checking spreadsheets for accuracy is a thing of the past. Today there are modern solutions that integrate seamlessly with existing core systems to provide a comprehensive view of performance with real-time insights that supports better agility and flexibility.

The case of Steinert

Founded in 1889, Steinert is a family-owned company active in the waste disposal and recycling industry as well as in mining. Steinert is also a leading supplier of innovative magnetic separation technology and sensor sorting.

The global nature of the Cologne-based company entails complex business processes, ranging from the supply of individual sorting machines, including plastics, to the pursuit of multi-year projects in waste disposal, recycling and mining.

Their individual orders vary enormously in terms of both time horizon and turnover. Accordingly, managing their various projects is demanding and complex. Especially in the area of planning, the company requires a high degree of flexibility because of the internal customizing in its reporting.

As a result, Steinert needed a very flexible reporting system that the specialist department could control independently and also adapt to new business developments at short notice. The existing reporting system was based on Excel sheets and manual data entry, which was taking an inordinate amount of time to complete and diminishing opportunities for value creation.

The goal was to replace the manual processes through an integrated, automated software solution with a central database in which reporting could be done at any time, on demand, with a few clicks. It was also important to have a user-friendly platform that could provide a feasible solution for the responsible controller. They chose the Jedox platform as it fulfilled all of their requirements.

Reaping the rewards of automation

Following a one-day workshop, the accountant implemented the monthly reporting in the Jedox OLAP server himself without needing support from IT. Over time, he extended the application step by step into a comprehensive reporting and planning solution. The IT department was only involved in connecting to the existing ERP system; other than that, the controlling department was able to create multidimensional models itself. As a result of the new system’s implementation, their monthly reporting became five times faster than before.

The actual and plan data aggregated in real time were directly available as a central database for reporting. Plausibility check functions, workflows and automatic calculations ensure efficient, error-free reporting processes that would never have been possible with manual input. Automatic currency conversions and contribution margin calculations in different perspectives also supported the organization's planning improvements.

Due to the accuracy and efficiency of the digital solution, automating such processes saved the company time and valuable resources. Now their controlling department has a better overview and can pivot and adapt quickly when necessary, which means the organization is more agile and resilient. Overall, the company saved hundreds of hours of manpower and is able to create higher-quality insights to boost business performance. With a modest investment in the new solution, their planning and reporting processes became more efficient and more accurate.

Automation is not automatic, but it offers measurable benefits to the plastics machinery and manufacturing sector. Strategically utilizing automation for long-term improvements to business performance is not only a smart move, but also a necessity to remain competitive.

About the author

Rohan Kapil is the Director of Customer Success for Jedox  Inc., a leading Enterprise Performance Management (EPM) software solution provider. He holds a Master of Business Administration in Strategy and Finance and a Bachelor of Engineering in Computer Science. He has 14 years of experience in the EPM space solving critical financial planning and budgeting problems and executing complex projects to enable ambitious growth. Skilled at translating granular financial and non-financial information into actionable intelligence, he helps companies of all sizes enhance executive decision making and mitigate potential risks to improve business performance. www.jedox.com/en