EPM Cloud platform improves resource planning, budgeting and close process at global risk management insurance firm

Business Challenges

  • Excel-Based Manual Processes – Planning and close processes dependent on multiple Excel workbooks
  • No Process Integration – Lack of integration between budgeting, consolidations, and reporting processes
  • Limited Automation and Standardization – Calculation and allocation reporting inconsistencies led to inaccurate and non-repeatable financial processes

Solution

  • Integrated Cloud-Based Solution – Budgeting, forecasting, and consolidations all supported in a streamlined “future-proof” cloud environment
  • Automated Processes – Mapped actuals, budget, and employee data using improved data management mechanism
  • Enhanced Data Granularity – Supports accurate and repeatable financial processes by allowing for the ability to plan at the individual employee level
  • Robust Reporting – Created new set of analytical monthly financial reports

Impact

  • Faster and More Accurate Information – Established a foundation to provide timely and accurate plans, reports, and financial analysis
  • Scalable and Extensive – Cloud-based approach delivers scalable system across consolidations and budgeting
  • Increased Efficiency – Reduced number of manual steps and reliance on offline Excel models