Triumph Group Inc. with global headquarters in Berwyn, Pennsylvania, is an international supplier of aerospace services, structures, systems, and support. Triumph engineers, designs, and manufactures aircraft components, systems and accessories, serving original equipment manufacturers and military and commercial aircraft operators.
The Annual Operating Plan (AOP) was received from MS Excel files, from approximately 25 legal entities, while monthly forecasts were entered directly into Hyperion. Once all of the MS Excel files were received, they were manually consolidated by the corporate office to see financial performance at the top level.
From a process standpoint, there were redundancies and inefficiencies. The forecasts for some data points were entered in multiple places (e.g. capital expenditures were entered in the PP&E rollforward schedule and their internal capital tracking report). Other data points could have been calculated but were not such as depreciation expense from the capital tracking report.
Overall, Triumph was not able to calculate plans at the level of granularity they would have liked. This caused constant disconnects, misalignment and created a large effort to transform data.
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Triumph has gained the ability to forecast at the functional department level for Opex, Capex and Workforce, allowing for deeper analysis of expected spend.
Triumph has also gained efficiencies in forecasting time, as they are no longer required to manually consolidate forecasts from the different legal entities. The manual aspects of creating several of their reports has also been greatly reduced.
Where possible, data points are now being calculated rather than being input, increasing forecast accuracy.
Triumph partnered with Accelytics to standardize financial planning across all legal entities for monthly forecasts and AOP. The full FP&A solution, including a detailed P&L, detailed Balance Sheet, and two versions of the Cash Flow statement.The full solution was delivered in 13 weeks to the customer. The Anaplan FP&A solution includes 5 models: Data Hub, Revenue and COGS Planning, Opex and Capex Planning, Workforce Planning, and Financial Reporting.
The solution focuses on reducing the number of manual updates required by flowing as much data as possible between reports and financial statements, as well as, providing more flexibility in reporting. All YoY bridges, variance reporting and Balance Sheet schedules were implemented in Anaplan. The solution also includes Workforce planning (headcount and compensation), Opex planning and Capex planning at the functional department level, as well as, Revenue and Backlog planning (with option to complete at part number and/or program level), and intercompany eliminations.
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