Data Extraction Services: Analyze, Validate & Make Informed Decisions
Manufacturers of all sizes are faced with information overload due to complex enterprise resource planning (ERP) systems and other production monitoring tools. Yeo & Yeo professionals utilize data extraction software to perform account analysis and validate accounts with overwhelming data. Following are examples of areas in which Yeo & Yeo’s data extraction services can help you make proactive, knowledge–driven decisions, and automate tedious tasks.
Validating Data and Conversion
ERPs contain numerous reports that were designed for production, material requirements and production planning. However, those report formats may not always be compatible with a spreadsheet. Data extraction allows the conversion of those reports and raw data to other formats for easy transfer. For example, PDF, PRN and other database and word processor formatted reports can be easily converted into a spreadsheet format. The data can then be filtered and sorted to fit your needs.
Cost Calculation
An important step for monitoring manufacturing ERP systems involves replicating the cost of a product and verifying this amount to the calculation generated by the costing system. Data extraction can be used to import files that contain cost calculation fields such as quantity of raw material components, raw material prices, labor hours per piece, and machine rates. The equation editor can be used to perform an independent calculation of cost. The data extraction software can then automate the process of comparing this item cost file with the system item cost through its file comparison features.
Standard Costing
Manufacturers need to: 1) determine how often the company should update standard costs and 2) identify what controls are in place to ensure that costs do not change at unscheduled times. Using data extraction, you can compare a product cost file from two periods (during which the costs should not have changed) and use the software's file comparison feature to identify any discrepancies. The costing impact of identified exceptions can be quantified by joining the exception file to the cost of sales and inventory files.
Development of Overhead Rates
Even a company with processes in place to control spending may be using arbitrary or outdated means of allocation that can affect product costing. As a result, marketing strategies may be based on costs and profitability analyses that do not reflect the true economic contribution of a product. Proper data analysis can provide an objective view of the collection and allocation of overhead costs to products.
Fraud Investigation
Using data extraction, we can assist in the identification of areas susceptible to fraud. We can then assist you with improving internal controls and provide you with information on inexpensive antifraud measures. Data extraction can also assist in detecting fraud that may have already occurred.
Utilizing leading data extraction software, Yeo & Yeo professionals can quickly and easily “mine” and analyze large volumes of data and provide useful feedback to improve operations, efficiency and productivity.