A Large U.K. Financial Institution is the now the world’s largest mutual financial institution, the UK’s third largest mortgage lender, and one of the UK’s largest savings providers. The organization has a heritage, culture, and ethos that remain unique, and of course, built on the solid foundation of mutuality.
This Organization has a large Analytics environment with long running Analytics processing times and contention issues.
Destiny Corporation evaluated the current environment and designed new system architecture for Analytics processing with an upgraded server environment. Destiny also migrated all Analytics Applications from Windows to SAS Grid on an upgraded server solution. Analytics jobs now run in a fraction of the original time with no contention issues.
The new upgraded environment allows this organization to have reduced processing times and there is more time for data analysis.
This Company is a large financial services institution that manages and sells a broad range of domestic and international mutual funds.
The legislation governing the Mutual Fund industry in South Africa requires that a standard set of reports be produced on a monthly basis (statutory reports). The business also required a set of additional financial reports for decision-making purposes (MIS reports). The existing system used by the Finance Department was unwieldy and manual, and required an entire team to obtain and manipulate the relevant data into the required monthly reports.
The statutory reports, which consisted of the income statement, balance sheet and the relating notes, was created from data sourced from the company General Ledger system and the corporate intranet.
The data that contributed to the MIS reports, for example profitability of a Mutual Fund by client by sales channel, was sourced from the main operational system hosted on the mainframe.
The Company chose Financial Management software for the standard reporting tool to produce both the statutory and MIS reports. Our South African office was chosen to do the design and implementation.
The project raised a number of challenges before being completed. Amongst these, the most important were the data integrity issues uncovered, which when resolved through process changes resulted in significant savings in time and money.
CFO Vision now provides the client with the financial information it needs to operate effectively and the statutory reports are produced in minutes rather than weeks.
This short term insurance company is a leader in its field in South Africa and Botswana.
Financial reporting across multiple currencies (RSA Rand and the Botswana Pula) was a time consuming manual process that delivered less than the bare essentials. The company required a tool that would allow local offices to view financial reports in their own currency and the parent company to view consolidated figures in multiple currencies. In addition to the standard monthly report packs, data visualization capabilities such as drill-down and other OLAP features were required.
The company chose Financial Management software for the financial reporting tool because it has the ability to integrate multiple currencies and can consolidate the financial statements for multiple organizations.
Financial reporting across multiple currencies is now an automated process. We designed and implemented a solution that gives them the power to view reports with built-in features that provide timely access to key business performance criteria. This has resulted in cost savings and has enhanced business decision-making capabilities.