The PLM Financial Framework initiative launched in Manchester, UK on 11-13 June. The workshop highlighted the importance of the PLM Team working together with the Finance Department in order to generate the solution that everyone is looking for, and this means that both sides must understand each other.

 

The Manchester workshop provided the core material for the PLM Team to be able to do this. PLM managers do not always have accountancy training, and so the workshop material included a concise overview of double entry book-keeping (which is the method by which all financial accounts are produced).  

 

The presentation aimed to show how the Daybook entries of ongoing financial transactions build into the eventual Annual Report, via the General Ledger, Profit & Loss Account and the Balance Sheet.  The material was reviewed (and in some cases, corrected) by the accountancy participants at the workshop, and now forms the basis of a straightforward "Financial Systems Appreciation course" for PLM managers to learn from.

 

The material will be used again at the next workshop in Toulouse, France on 25-27 June, where the participants will cover the needs of large corporate or international organisations.  The results will be combined and published as the Q1 2013 issue of the PLM Journal, which is part of the 2013 PLMIG Membership material.

 

More information is available on the PLMIG web site, or via Email Contact.

 

The PLM Interest Group
The PLM Interest Group is the leading neutral industry group for PLM. It has developed the first ever PLM Governance Standard, together with a new generation of applied PLM material including the PLM Best Practice Library and the Path to PLM. Previously PLMIG workshop series have produced the PLM Benchmarking Handbook; the PLM Maturity Reference Manual; and the PLMuERP Handbook.

For more information, please contact:
Roger Tempest
PLMIG

Email Contact