Blog > Case Studies > Effective Financial Reporting
By 24/07/2020 Case Studies

Effective Financial Reporting

The Financial Services industry is facing an extraordinary scale. As the industry moves forward, financial services organizations are seeking ways to improve profitability, while at the same time balancing the demands of regulatory change through business analytics.

Business Need

  • The challenge was to produce better business decisions via timely, accurate and more comprehensive analysis of available corporate information assets
  • As the requirement was kept on changing it was a huge challenge to implement an agile framework manager model.
  • As Data warehouse is not available Data cleansing has to be taken care of at Framework Manager Level and Report level.
  • Saving a huge amount of time and human error during manual preparation of the Monthly dashboard.
  • As a cube is not there we faced a challenge to accommodate the MTD, MTD-1, YTD, YTD-1 business logic.
  • Data level security needed to be implemented.

The Solution

  • Many relational models were developed keeping in mind the Business logic to be implemented.
  • To compare month on month and year on year comparison MTD, MTD-1, YTD, YTD-1 logics were implemented, which is difficult to build in the relational model, and also prompts cannot be used in the report.
  • After implementing the Monthly dashboard we came to know that BI data was giving correct results as compared to manual reports developed by the MIS team.
  • There was a scenario in which they will have a regular Actual vs Budget reports and others will be variable budget vs Actual report. This was implemented to accommodate the requirement of small projects in between fiscal year. This was fully automated and business users just needed to supply their variable budget to the IT team and the same has been uploaded to the server.
  • Monthly, Weekly, Daily reports, and dashboards were designed. User can access their respective data based on their access rights.
  • Data were available at different granularity levels, implemented best practices to resolve the double-counting of the data.

The Benefits

  • Earlier 7-10 days were spent to design Monthly Pan India report and Zonal reports, now it takes less than an hour to deliver these reports.
  • Actual and Budget comparison takes less time.
  • Due to ad –hoc reporting it reduces business dependability in the IT team.
  • With data accuracy and timely reports, decision making has become a time and day to day thing.
  • With one-stop solution data from different marts are available on User interactive dashboards.
  • Reduced report distribution, storage, and duplication costs and simplified publishing of reports.
  • Freed up BI analysts to perform higher-value tasks
  • Eliminated report maintenance effort
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