Case Studies Automatic Data Compilation Helps Produce More Accurate Budgets

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	Automatic Data Compilation Helps Produce More Accurate Budgets

Automatic Data Compilation Helps Produce More Accurate Budgets

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
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. Read More
About 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. Read More
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. Read More Log in to view content
Contents

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

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.

About 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.

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.

Impact #1	The entire organization now uses a single template that is automatically uploaded to Vena’s data repository, eliminating issues with email overload and data control.
Impact #2	Role-based security prevents users from making unauthorized changes to spreadsheets, preserving data integrity.
Impact #3	Received spreadsheets are consolidated in a matter of seconds, rather than weeks, and are immediately ready to be loaded into Vinci and Paradigm.

Impact #1

The entire organization now uses a single template that is automatically uploaded to Vena’s data repository, eliminating issues with email overload and data control.

Impact #2

Role-based security prevents users from making unauthorized changes to spreadsheets, preserving data integrity.

Impact #3

Received spreadsheets are consolidated in a matter of seconds, rather than weeks, and are immediately ready to be loaded into Vinci and Paradigm.

Benefit #1	Manual consolidation time reduced from weeks to seconds.

Benefit #1

Manual consolidation time reduced from weeks to seconds.

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Overview

Automatic Data Compilation Helps Produce More Accurate Budgets

Operational Impact

Quantitative Benefit