Case Study of Sun Pharma – Budgeting & Expenses

Sun Pharmaceutical Industries Ltd. is a multinational pharma company and one of the major players in generic drug market at Indian and International level, having 40+ manufacturing sites spanning over 6 Continents.

Challenges

  • Finance Team has to create, distribute and collect the budget, expenses information on monthly basis across 100’s of users from diff. departments of 37 plant sites.
  • The collection of data and budget information like financial aid, plant expenses, BPC expenses, R & D expenses, payrolls, production expenses, headcount details etc. delayed their process.
  • Development of the financial reports like inventory & cash flow sheets, plant expenses, OH rates, production expenses, budget & actual, variance statements, summarized reports, monthly reports etc. became a time consuming, error prone process. Manual intervention delay in consolidating the budgets.
  • Managing & planning all the budgets, expenses were particularly difficult to evaluate and approve.
  • Changes to the budget often required altering 100+ excel sheets, multiple versions, historical data.

Solution

  • Centralized web-based budgeting & expenses solution replaced complex excel sheets, reduced errors, increased visibility etc.
  • Cost-effective solution for finance & budgeting with one single source of truth.
  • Automatically updates reports instantly, with the latest data changes.
  • Centralizing the financial data, across different departments in plants, had an insight view to track expenses across department, plant, region and location wise.
  • User-friendly system reduced costs & dependency on IT resources, increases efficiency, effectively managing the budgets and their team.
  • An easy way to understand the bottom line financials, a flexibility to break down budgets/expenses in different ways & make changes easily.
  • Copy pasting bulk data with all formulas in a single go, to keep all the department in sync.

Results

  • Streamlined their budgeting & expenses process, eliminates the formula breakages, avoids the inconsistencies of a manual collection of information and reporting process.
  • Ready to use reports, create and view customized reports of any financial reports at any given point of time with a click.
  • Shorter budget and expenses cycle and man-hours savings.
  • Easy consolidation of data into multiple levels, sub-levels and structures.
  • Instantly generate financial reports like summary reports, production reports, expense reports, OH rate, on plant output sheet, cash flow and inventory sheets, consolidated production sheets, actual vs budget reports wise and view various KPI’s .
  • Significant reduction in timelines of budgeting, precious time & effort of business users saved.