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In recent years, the pharmaceutical industry has undergone significant transformation. To adapt to these changes, Company M, a traditional large-scale pharmaceutical manufacturer, has continuously advanced its "Three Refinements and Two Upgrades" initiative—precision marketing, lean production, refined management, IT upgrade, and intelligent enhancement—constantly improving its management capabilities and leveraging digital technology for management innovation. In the financial management domain, Company M collaborated with Intcube to build a more efficient and intelligent budget management and expense control solution. This integrates strategic development goals with daily production and operational activities, strengthening internal management and optimizing resource allocation.
▌ Management Challenges: Low Budget Compilation Efficiency and Lack of Budget Execution Control Tools
Company M's management has long been committed to actively transforming its development model and driving innovation. It adopted comprehensive budget management as a key managerial tool years ago, establishing a relatively sound budget management system. However, due to the lack of a unified tool for budget management and execution control, internal budget management work primarily relied on offline manual processes. The information systems related to budget execution control functions mainly included Kingdee K3, OA, HR system, and Enterprise WeChat. These systems operated independently, making data sharing difficult.
As the company's business continued to develop, market-oriented management methods and tools became increasingly important. The absence of effective budget execution control tools severely hampered the efficient and orderly conduct of internal operations. Company M urgently needed to adopt a more professional budget management and project expense control system to enhance the efficiency and level of its budget management work, thereby promoting better and faster business development.
In this context, Intcube, primarily through the implementation of a Budget Management and Project Expense Control System at Company M, comprehensively reviewed Company M's expense reimbursement processes, proposed improvement strategies, achieved effective integration of the budget execution control system with external enterprise systems, and accomplished the objective of budget control for both corporate and departmental/project-level fund disbursements. This perfectly aligned with Company M's need for management upgrade through digital means in its new development stage.
▌ Expected Goals: Building a Company-Wide, Whole-Process, Comprehensive Budget Management and Expense Control Platform
This project used the digital upgrade of comprehensive budget management as the entry point, focusing on achieving project expense control. By monitoring the execution process of Company M's projects, expenses, and centralized procurement, it continuously compares and analyzes actual performance against budget targets, promptly guiding improvements and adjustments in operational activities. This enables corrective actions for achieving annual budget targets, continuously enhancing Company M's budget management and overall corporate management level, propelling management to new heights, and meeting diverse business needs such as operational refinement, management visibility, and data automation—truly empowering enterprise management with data value.
According to Company M's management requirements, this comprehensive budget and expense control project primarily focused on two points: firstly, the lengthy time consumption in budget compilation and reporting due to lack of support from informatization software; secondly, the absence of a company-wide project expense control system to help the company obtain multi-dimensional actual budget execution data for budget monitoring.
Addressing these issues, Intcube and Company M established a joint project team. They set the goal to reshape the budgeting process and improve compilation efficiency by implementing a comprehensive budget management and expense control system project, utilizing the dynamic and efficient Intcube Comprehensive Budgeting System. Simultaneously, prioritizing the implementation of the project expense control system crucial to Company M, the project aimed to achieve various budget execution control management functions, including execution control for various operational budgets, contract execution management, project budget control, budget change control, and budget monitoring and alerts. It also aimed to achieve integration with external enterprise systems during the budget execution process control, enabling pre-control measures such as preventing contract signing or entry into approval workflows without an existing budget.
This project aimed to achieve budget control for company fund disbursements and complete departmental/project-level fund disbursement budget control. For expense categories, control starts from the expense application stage, managing the expense application and approval workflow. For project categories (including investment, operational, and special management projects), it supports project and contract ledger management, achieves fund disbursement control and execution feedback, ensuring "no payment without a budget."
● Solidifying and optimizing management processes through the system, achieving unified, standardized, transparent, and consistent project and expense reimbursement processes, strengthening risk control. Through management's monitoring and querying of projects and expenses, it enhances expense control and reduces overall company costs.
● Shortening document circulation time and payment processing time, improving payment efficiency, providing conditions for business-finance integration, and supplying accurate statistical data for quality management and process improvement within this integration.
● Establishing clear chart of accounts mapping rules, creating mapping tables, and connecting with the Kingdee general ledger system to automate most vouchers, significantly saving labor costs, and improving accounting standardization and accuracy.
▌ Achieved Outcomes: Meeting the Needs of Various Complex Project and Budget Expense Control Scenarios
The implementation of the Comprehensive Budget Management and Project Expense Control System achieved Company M's goal of linking operational activities with the annual budget. This is a crucial part of enterprise budget management and a guarantee for strategy execution.
Based on Company M's existing business and future development plans, the Intcube project team utilized the Intcube EPM system to build modules fulfilling management needs for annual budget formulation, project execution control, expense execution control, budget adjustment, budget variance analysis, and queries. Data integration with existing business systems like Kingdee K3 and Enterprise WeChat was also achieved.
The project's organizational scope included all organizations and departments within Company M requiring the use of the comprehensive budgeting and expense control systems. It supports future organizational adjustments by allowing the IT department to maintain and set system usage permissions. The business scope covered includes full project cycle management (encompassing the entire process from project initiation, approval, contracting, procurement, payment, project acceptance, capitalization, to benefit auditing), expense execution management, and centralized procurement management.
The project has been successfully delivered and launched, largely achieving the expected goals and greatly satisfying Company M's needs for various complex project and budget expense control scenarios.
Budget Management: More Accurate, More Efficient
01 Simple and Efficient Budget Formulation
● Unified interface across multiple terminals; localized product with a user-friendly, easy-to-operate interface suited to domestic user habits.
● Flexible permission configuration with hierarchical authorization ensures data security and prevents junk data from affecting compilation efficiency.
● Flexible budget formulation, adjustment, and approval workflows, dynamically connected to business activities, adapting to business changes.
02 Accurate Budget Data Compilation
● Powerful calculation rules and business intelligence models support automatic data computation within the system.
● Member formulas and business rules are simple and easy to edit, supporting future business expansion.
● Automatic early warning prompts based on validation rules.
● Automatic data allocation.
● Reduced error rates from manual intervention.
03 Data Storage Based on Proprietary Multidimensional Database
● Data stored based on Intcube's proprietary multidimensional database enables more timely and accurate budget formulation and analysis.
● Enables extraction and storage of historical data and base compilation data.
● Multiple versions of budgets are saved, with traces kept for the compilation, adjustment, and approval processes.
04 System Integration, Data Sharing
● Integrated with other business and financial systems, enabling multi-platform data sharing.
● Budget forms support import/export via Excel/WPS, improving compilation and reporting efficiency.
Budget Control: More Timely, More Intelligent
01 Intelligent Budget Control
● Detailed setup of procurement and payment request approval workflows based on internal control policies, informatizing the internal control system to reduce operational and financial risks.
● Clearly defined budget control content and responsible departments ensure refined budget management.
● Real-time query of available budget based on control methods, strengthening real-time budget management.
● Employing different control methods based on expense management characteristics, ensuring flexible yet effective budget management.
02 Multi-Dimensional Budget Control Strategies
● Setting budget control resources multi-dimensionally based on budget control requirements.
● Flexible design of control scope, e.g., annual budget, period-agnostic budget, monthly budget.
● Control methods: Allow, Prohibit.
● Control amount: Control by detail line.
● Enabling ad-hoc query and deduction of available balances for expenses and contracts.
● Achieving dual-line control for departmental expenses and project budgets.
● Establishing upstream-downstream linkage between procurement and material requisition.
03 Multi-Platform Data Sharing, Automatic Synchronization
● Within the system: Linked with the Comprehensive Budgeting System to obtain budget data and push actual data.
● Outside the system: Push payment vouchers and retrieve voucher information.
04 Invoice Management
● Supports invoice upload and verification.
● Supports attaching invoices to reimbursement claims and feeding back reimbursement information to the invoice record.
Project Initiation and Breakdown: More Standardized, More Convenient
● After the main project initiation application is completed, a new project name is generated and pushed to the data warehouse.
● The project breakdown document links to the main project initiation application, breaking down established projects to generate secondary project names; the original project name becomes the parent item.
● If tertiary projects exist, they can be further broken down from the secondary projects.
Centralized Procurement: More Standardized, More Coherent
● Moving offline purchase requests online, controlling online for budget availability, procurement compliance, and overspending.
● Unified order approval after procurement completion; supports modifying material unit prices from the purchase request and placing orders based on the latest prices.
● After order completion, users can create payment requests and material pick lists. Pick lists use the actual unit price from the approved order.
● After pick list completion, if the invoice is received, a payment request without contract needs to be filled out, linking the invoice for payment. If the invoice is delayed, an invoice registration form needs to be filled out for payment confirmation.
Invoice Functionality: Faster, More Convenient
● The system supports uploading different types of invoices.
● Supports image upload, scan code upload, and mobile photo upload for invoices.
● The invoice module supports invoice verification.
● Each invoice can only be reimbursed once.
● Invoice reimbursement can only select invoices uploaded by the claimant themselves.
The establishment of Company M's Comprehensive Budget Management and Expense Control System significantly enhanced budget compilation efficiency, deepened internal project expense control management, and ensured data accuracy, while also achieving deep integration of operational and financial data. Post-implementation, Company M's budget management process is supported by extensive operational data. Through the comprehensive budget management platform enabling data sharing, data from various systems is integrated. Multi-dimensional, multi-perspective data visualization charts within the system help management gain agile insights into enterprise operations through management analysis reports combined with internal control measures, facilitating scientific decision-making. With the support of Intcube EPM, Company M has empowered its financial management digitally, enabling it to navigate steadily and advance amidst change, even in a constantly evolving environment.
