As well as knowing in quantitative terms what happened on a shift, converting it to monetary terms will bring an added edge to performance measurement.
The system which we use will report cost performance relative to standard and gross margin on a daily or shift basis.
Product Costing: There is an inherent facility to capture the unit price of raw materials and this in conjunction with the yield reports enables the determination of the material cost element. Linkage with the time management system allows for the determination of labour cost. These two combined gives a direct time and material cost report for all products produced.
Gross Margin Measurement: The unit cost of finished product is captured in the full range of products for sale. This coupled with the product cost information allows for the generation of a gross margin report per day or per shift.
Stock Valuation: Real-time Stock Levels and financial reports can be run on the system.