Consolidating reporting, budgeting, and forecasting, and reducing manual data entry saves the FP&A team up to a week per month.
FREMONT, CA: Planful, the leader of financial planning and analysis (FP&A) and consolidations, cloud software, revealed today that it had assisted Elgin Power and Separation Solutions in centralizing and modernizing their financial operations. As Elgin's preferred FP&A solution, Planful has aided the company in its digital transformation efforts, including unifying financial procedures, reporting, and planning techniques to meet the needs of the ownership group.
Elgin has facilities in the United States, India, Abu Dhabi, Canada, and Russia and has been a leader manufacturer of processing equipment for the oil and coal sectors for 150 years. The company has significantly grown through a series of acquisitions, including purchasing individual manufacturing enterprises and the formation of spinoffs, resulting in a network of manufacturing units and related operations. Before implementing Planful, each acquiring firm continued to prepare reports and budgets using its processes. As a result, every month, the FP&A staff had to devote more than a week to organizing, reformatting, and aggregating spreadsheets received from various business units.
The team now saves over a week per month because of Planful's cloud platform, which allows them to focus on high-value operations. In addition, Planful delivers a centralized platform to assure consistency, freeing up time for the FP&A team to focus on strategic analysis.
"Our forecasts and budgets go very smoothly now," said Mike Petrauskas, Manager of Financial Planning and Analysis at Elgin. "We spend significantly less time testing out numbers and more time on analysis. In addition, Planful saves our plant controllers at least a half-day each month and saves our corporate controller as much as a week every month. The more time we save for the business, the more time they can spend running their operation."
Creating a single platform to integrate the company's financial data eliminates data silos and streamlines budgeting, forecasting, and financial reporting. Still, Petrauskas and his team see these benefits as just the beginning. Planful's platform lays the groundwork for other departments to take a more collaborative approach to plan and provide ad hoc insights that help the organization make faster, more iterative decisions.
"FP&A teams are at the forefront of digital transformation, creating plans and modeling scenarios to help their organizations navigate rapidly evolving business conditions," said Grant Halloran, Chief Executive Officer, Planful. "Planful is here for companies that make up the heart of our economy and ready to help FP&A teams maximize their expertise and capabilities, so they can meet the unique challenges in their marketplaces by working together in a more connected, collaborative, and agile way."