Case Study: Stretching to new financial heights at Silafrica
Key results
The challenge
Silafrica's Office of the CFO was constrained by manual consolidation and data aggregation, limiting reporting accuracy, audit frequency, and the ability to inform pricing with broader data.
The solution
With implementation support from Magnatec Solutions, Silafrica standardized and automated financial processes on Prophix One as a single source of truth.
“Now, we leverage a wider range of data, including costs, transportation, and other relevant factors, to inform our pricing strategy.”
EKEric KathurimaHead of Financial Planning & Analysis, Silafrica Group
The results, in context
Silafrica improved month-end close by 67%, from 15 days to 5 days, representing $37,800 in annual labor savings, and eliminated $1 million in net profit reporting errors. It also achieved an 8x increase in internal audit frequency, from once every two months to four times per month.