More Efficient Closing Process Saves Time and Informs Decisions
There are necessary delays built into every cost accounting closing process to ensure data accuracy and completeness. However, preventable delays have a detrimental impact on the ability to make informed organizational and departmental decisions. Using a cost management analytics application, along with an EDW and integrated data sources, UPMC revolutionized their costing system resulting in a 5-day reduction in their monthly closing process.
What used to take 6 business days is now completed in less than 1 day, with valuable financial data delivered much sooner.
Reduced 60 human touchpoints and opportunity for error.
Enhanced validation of source data simplifies maintenance.
New governance structure enabled by data analytics.