We also evaluated product profitability by segment and developed an action list of profitability improvement initiatives. The Outcome As a result of the engagement, the Manufacturer realized several positive outcomes.
We recalculated overheads by updating departmental expenses and changing basis of allocation to products to better reflect actual utilization and absorption of costs.
Plus, working with manufacturing personnel resulted in a more team-oriented approach toward improving profitability and creating a better understanding of the importance of controlling costs.
We evaluated the implementation of a new, fully-integrated accounting and management information system that would be appropriate for a manufacturing company of this size.
The long-term stage of the solution was focused on creating an integrated product costing system. Assessing existing financial systems and processes to determine the level of accuracy and controls over the information and the quality of the output as a basis to make decisions. The Manufacturer operates in a fast-changing, highly competitive industry, manufacturing and selling parts to the after-market automobile industry.
We also performed a thorough needs and requirement study as a basis to evaluate and compare various systems and platforms.
Manufacturing Case Study The Client The Manufacturer is a family-owned, owner-operated company that has experienced significant growth over the last 15 years.
In the short-term, the focus was on improving product costing and overall profitability. Additionally, implementing a more standardized pricing template has helped eliminate multiple formats and errors in quotes to prospective customers.
Reviewing inventory controls and costing to determine the level of accuracy and ensure that the company understood and accounted for the fully absorbed costs of its products. Misinformation generated by the costing system caused the company to execute a fundamentally flawed pricing and product strategy.
First, the increased focus on the key product margins resulted in improved overall company profitability. Finally, the Manufacturer selected a new integrated system that will meet its needs as it continues to grow. Instead, the solution was addressed in two stages—short-term and long-term.Manufacturing Case Study.
The Client. They engaged Kreischer Miller to provide consulting and advisory services addressing the key issues impacting the company’s overall profitability, with a focus on the following: the level of accuracy and ensure that the company understood and accounted for the fully absorbed costs of its products.
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chain, agility, supply chain management, case study. I. INTRODUCTION. In today’s business world, competitions are intensifying significantly in the volatile modern markets, where new products have been hitting the market frequently.
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