Automatic Data Compilation Helps Produce More Accurate Budgets
Company Size
1,000+
Product
- Vena
- Microsoft Excel
- Vinci
- Paradigm
Tech Stack
- Excel Integration
- Data Consolidation
- Role-based Security
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Customer Satisfaction
- Productivity Improvements
Technology Category
- Analytics & Modeling - Predictive Analytics
- Application Infrastructure & Middleware - Data Exchange & Integration
- Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
- Quality Assurance
Services
- Software Design & Engineering Services
- System Integration
About The Customer
One of the world’s largest financial services companies was manually creating, distributing, collecting, and consolidating hundreds of spreadsheets to budget and forecast their expenses and revenues. Expense data was stored in Vinci, while revenue data was stored in Paradigm. The company faced significant challenges in managing these processes efficiently and accurately, leading to a need for a more streamlined and automated solution.
The Challenge
The Finance team was creating hundreds of spreadsheets, distributing and collecting them through email, and then manually consolidating them. Each received template was formatted differently and needed manual adjustments. The manual consolidation process was long and painful, usually taking months. The uncontrolled nature of the spreadsheets allowed anyone to change a formula, calculation, or line of data, potentially skewing budget numbers.
The Solution
A single, centrally maintained Excel template is now used by the entire organization. The template dynamically changes based on its user security settings. Vena automatically consolidates received templates into files that can be easily fed back into Vinci and Paradigm for reporting purposes. Budgeting spreadsheets contain current revenue figures and a column for 'new business'; Vena automatically factors a percentage determined by the Finance department into the calculation of final budget figures, standardizing processes and reducing the possibility of error. The client can now budget at the cost center level, with the Finance team inputting allocation percentages for each cost center, and Vena automatically allocates cost centers to business lines. Compiled reports are automatically fed back into Paradigm, and received revenue spreadsheets are consolidated in Vena, where managers can make adjustments in a separate column. Completed spreadsheets are automatically fed back into Vinci.
Operational Impact
Quantitative Benefit
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