Saturday, July 31, 2021

Planful Helps Elgin Power and Separation Solutions Achieve Greater Efficiency and Agility with Modern Financial Planning & Analysis

Planful Inc., the pioneer of financial planning & analysis (FP&A) and consolidations cloud software, today announced that Planful has helped Elgin Power and Separation Solutions centralize and modernize its financial processes. As Elgin’s FP&A solution of choice, Planful has supported the company on it’s digital transformation journey, including standardizing its financial processes, reporting, and planning methodologies to meet the ownership group’s requirements.

Elgin, a global manufacturer of processing equipment for the oil and coal industries for 150 years, has operations in the United StatesIndiaAbu DhabiCanada, and Russia. The business has grown significantly via multiple acquisitions, buying individual manufacturing businesses and creating spinoffs to create a network of manufacturing plants and related operations. Prior to deploying Planful, each acquired company continued using its own processes to create reports and budgets. The FP&A team had to spend more than a week per month organizing, reformatting, and consolidating spreadsheets received from operating units across the business. Time spent combining and manually entering data was time FP&A team members couldn’t spend conducting analysis for deeper financial insights.

Also Read: Why Marketers Need to Rethink About AI

By deploying Planful’s cloud platform, the team now saves more than a week each month through faster, streamlined reporting and uses that time to focus on high-value activities. Planful provides a central platform to ensure consistency, reducing the FP&A team’s workload so they can 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. 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.”

Having a single platform to consolidate the company’s financial data breaks down data silos and simplifies budgeting, forecasting, and financial reporting, but Petrauskas and his team see these improvements as an initial use case to build on. Planful’s platform provides a foundation to enable other departments to take a more collaborative approach to planning, as well as opportunities to generate ad hoc analytics that drive faster, more iterative decision-making across the company.

Also Check: Introducing the TOUGHBOOK S1 Developed to deliver all the features you want, and all the rugged you need

The Elgin FP&A team has already moved multiple processes to the Planful platform to expand the benefits to more areas within the finance function and beyond, making progress on the company’s Continuous Planning journey and moving toward digital transformation. As more business units take advantage of a shared platform to collaborate and leverage accurate, real-time data for better decision-making, the entire company becomes more agile and resilient as the financial IQ of the organization increases.

“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.”

Latest news

Hyperlocology And Brickwork Team Up To Enable National Brands To Launch Local Retail Digital Advertising At Scale

While 86% of retail is done in brick and mortar locations, the majority of shoppers begin their journey online. Retailers have to bridge the...

Coastal Community Bank Selects 360factors’ Predict360 Enterprise Risk and Compliance Management Solutions

360factors, Inc. announced today that Coastal Community Bank, an Everett, Washington-based community bank, selected 360factors' Predict360 risk and compliance intelligence platform to enhance its enterprise risk and compliance...

Prezi Announces Google Slides Integration for Prezi Video

Prezi, the most engaging way to share content on video, today announced an integration with Google Workspace that allows Prezi Video users to bring an existing...

CVEDIA Joins the NVIDIA Metropolis Program, Focusing on Synthetic Data to Accelerate Edge AI Applications

Computer vision solutions provider CVEDIA announces today that it has joined NVIDIA Metropolis, a program designed to nurture and bring to market a new generation...

Shutterstock.AI Releases Data on AWS Data Exchange to Promote Computer Vision Solutions

Shutterstock, Inc.  , a leading global creative platform that delivers full-service solutions, high-quality content and tools for brands, businesses and media companies , today...

STL delivers Cloud-Native OSS/BSS Solution Powered by Microsoft Azure

STL (NSE: STLTECH), an industry leading integrator of  digital  networks, will provide cloud-native OSS/BSS solutions for telecom service providers, leveraging Microsoft Azure. This solution will...

Related news

Hyperlocology And Brickwork Team Up To Enable National Brands To Launch Local Retail Digital Advertising At Scale

While 86% of retail is done in brick and mortar locations, the majority of shoppers begin their journey online. Retailers have to bridge the...

Coastal Community Bank Selects 360factors’ Predict360 Enterprise Risk and Compliance Management Solutions

360factors, Inc. announced today that Coastal Community Bank, an Everett, Washington-based community bank, selected 360factors' Predict360 risk and compliance intelligence platform to enhance its enterprise risk and compliance...

Prezi Announces Google Slides Integration for Prezi Video

Prezi, the most engaging way to share content on video, today announced an integration with Google Workspace that allows Prezi Video users to bring an existing...

CVEDIA Joins the NVIDIA Metropolis Program, Focusing on Synthetic Data to Accelerate Edge AI Applications

Computer vision solutions provider CVEDIA announces today that it has joined NVIDIA Metropolis, a program designed to nurture and bring to market a new generation...

LEAVE A REPLY

Please enter your comment!
Please enter your name here