A common need for manufacturing organizations is to improve the process of developing labor and overhead standards to use as input into standard cost rates for product cost and inventory valuation analysis. For many, this requires an offline, disjointed, Excel-based exercise that can only be accomplished once per year because it is tedious, cumbersome, and error-prone. With the recent release of Profitability & Cost Management Cloud Service (PCMCS), Edgewater Ranzal introduces a fixed scope, fixed price domain starter kit that will enable manufacturers to ease, streamline, and document the process of generating the cost-per-direct labor hour or cost-per-machine hour rates that are requisite in product standard costing. In addition, this solution allows organizations to make periodic adjustments to these rates with ease so that rate calculations and analysis can be executed more frequently and accurately. In this webcast, we describe the overall process for how these rates get developed and we demonstrate how the solution accomplishes this task with increased efficiency. Additionally, we show how relevant drivers are leveraged to increase the accuracy of these factors of product cost.
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