Practus’ assisted the steel valve manufacturer in increasing the efficiency, reducing overhead costs, and improving management and key user buy-in, which resulted in smoother change management.
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About The Company
GlobeValve, a listed $4 billion group, is one of the world’s leading manufacturers of industrial steel valves has 15 manufacturing plants globally. The group has established a 100% wholly-owned subsidiary in India and has set up a manufacturing facility in South India. The group was desirous of rolling out its global ERP (Baan) to bring the Indian operations under the global ERP platform.
- Practus was involved – in the designing of business processes, in development and integration of the standard costing system, development of metrics to measure manufacturing efficiency, development of profit center accounting, and designing monthly financial reporting in the form of visual dashboards.
- Standardization of performance metrics across the organization to streamline the internal processes.
- Customer and product level profitability analysis.
- Practus was involved in vetting the project plan and was a member of the steering committee to ensure that project deliverables were provided within the approved time and cost budgets.
- Created and maintained FA register and depreciation as per Companies Act, IT Act, as per IFRS initially in Excel and eventually migrated to Baan (INFOR).
- Definition of standard chart of accounts for classification of FA spends – All specialized customer requirements were incorporated in the modules of the ERP system.
- Tracking and capitalization of revenue expenditure incurred in the pre-commercial production phase.
- Worked in close collaboration with project management consultants to track physical progress and monitor cost/time overruns.
- On-time and on cost implementation of the ERP.
- The company benefitted from Practus intimate knowledge of localization requirements and costing methodologies, to get the best output from the ERP.
- Automation of processes increased efficiency and reduced overhead costs.
- Detailed project planning and training improved management and Key User Buy-In. Which resulted in smoother change management.
- There was a closer understanding of business processes, leading to continuous, incremental changes, post the implementation.