Machine learning-powered FP&A software has given today’s companies the capability to augment their current ERP software to become more competitive. And many companies across different industries are following suit.
SAP Business One, for example, is a popular ERP solution for small and medium-sized organizations that wish to automate key business processes. This article will explore the business advantages of SAP Business one for manufacturing companies and how PCF can maximize the investment in SAP Business One in terms of reporting, budgeting, and consolidation. This necessitates a thorough examination of its merits and drawbacks.
Because of its inventory management features, SAP Business One is well-suited for wholesale distribution, manufacturing, service industries, and retail. Business One’s ability to effectively manage inventory has long been recognized. In contrast to entry-level software packages, ERP systems are designed for enterprises that have grown out of them and have outgrown them.
In addition to the standard general ledger, sales, and purchasing modules, SAP Business One also offers CRM, service management, project management, inventory management, and material requirements planning.
Additionally, SAP Business One supports light manufacturing, which is suited for most businesses with minimal production and inventory management needs. A wide range of third-party extensions is available to firms that need more robust manufacturing functionality.
Due to its support for numerous currencies, SAP Business One is an excellent business budgeting option for manufacturing firms conducting business globally. SAP also enables multiple country localizations besides supporting country-specific legal needs, tax, and banking.
How Manufacturing Companies Can Achieve Better Profitability with SAP Business One & Performance Canvas Financials
SAP Business One ERP users can use Performance Canvas Financials (PCF) as an add-on subscription, which provides deeper, granular reporting, budgeting, and forecasting capabilities.
Using PCF in conjunction with SAP Business One drastically reduces FP&A errors by automating processes and increasing operational efficiency. Many SAP Business One users have used performance Canvas Financials to address their unique financial needs – from creating monthly financial statements to creating 3-5 year forecasts to aggregating numbers across companies to creating an easy-to-understand dashboard.
PCF specializes in financial process streamlining and automation. PCF is also equipped with AI and machine learning functionalities to save budgeting and forecasting time by as much as 50 to 90 percent. Additionally, it enhances financial forecasting with the ability to do what-if analyses to determine the impact of various business decisions.
PCF also includes driver-based budgeting, real-time forecasting, and automated business rules to perform advanced calculations relatively straightforwardly. It’s easy for financial managers to analyze and monitor driver-based strategies and search for patterns.
In addition to comparing actuals to budgets and assessing deviation, finance teams can delve into transaction data, trend analysis, and filters using PCF.
A significant advantage of PCF is that it is simple to use and execute without requiring a substantial investment in technology. Personal homepages are created for each user, summarizing their most important tasks and data points.
Performance Canvas is flexible, which means you may select to add new modules like advanced financials, sales budgeting, HR, etc. With PCF as an add-on to your ERP system, businesses across industries can get a foundation financial package that includes a variety of prefabricated financial logic when you purchase it. More modules are available, such as advanced financial and sales budgeting, that can be added at any time.
Explore how SAP Business One and PCF can empower your business for the future. Get in touch with the PCF team for a free software demo today.