Synchronizing Decision-Making to Enhance Strategic Operations

Customer

  • A $105 billion asset regional bank holding company with over 14,000 employees across eight states.

Industry

  • Banking/Finance

Challenge:

  • Establish a company-wide solution, data management architecture, and that encouraged continuous process improvement and enhanced the quality of budget planning activities and future forecast requirements..
  • Enhance collaboration across departments by eliminating the narrow focus on ‘me-first’ capital planning and transitioning to an enterprise-wide approach.

Solution:

  • Align’s ITFM expertise with ServiceNow enabled the customer to achieve improved speed, accuracy, and efficiency within the budget and capital planning processes.

Result:

  • Delivered centrally organized, transparent views of versioncontrolled information.
  • Improved planning and forecasting capabilities to anticipate and respond to business issues in real time.
  • Accelerated timelines, enhanced quality of service, tighter margin control, and minimized threat of risk incursions.

The customer, a regional full-service bank with more than $105 billion in assets under management and over 14,000 employees, sought to upgrade antiquated processes built on decades of spreadsheets to enable better strategic planning across the enterprise. Specifically, they needed to identify new techniques and a global framework of accurate and repeatable processes that would inform a transition from passive data analysis to active data control and planning. Strategic Annual Planning should include a robust blend of proven technologies married with verifiable best practices. The days of leveraging spreadsheets and emails doesn’t allow companies to keep up with ever increasing demand to do more with few resources. It is also important that companies can adapt to changes that always happen after the Annual Plan is complete while maintaining governance over operational behavior and data integrity. This can become even more complicated for businesses that operate in a geographically-dispersed network of siloed branches. Solutions and their resulting approach need active coordination, fusion, and management of financial data to affect tighter control for long-term planning activities.

THE CHALLENGE: Legacy Processes were Slow, Inefficient & Unreliable

The customer, with more than 150 years of operations to its credit, understood that it needed to connect its branches, offices, and executive-level divisions under a single umbrella- allowing leadership the access to performance data that could enable better business behavior and strategic planning. Relying on decades of legacy tools and techniques, the challenge itself was to de-condition the enterprise workforce from operating in ‘siloes’ of single-view spreadsheets, transitioning to a unified solution that enabled tighter operational forecasting and planning control. Additionally, the customer sought a means to mitigate process risk by evolving beyond a ‘spreadsheet culture’ that was brittle, didn’t handle revisioning well, and was always out of date. Despite investing time and resources toward capital planning, the customer was plagued by internal delays generating realistic projections. They needed a solution that would enhance the speed, accuracy, and efficiency of the budget planning process while eliminating the reliance on old techniques and tribal knowledge. The solution needed to enable the customer to tactically forecast, identify, and anticipate areas of business expansion and contraction ahead of schedule, and solidify the customer’s goal of being proactive rather than reactive to performance data.

The customer, a regional full-service bank with more than $105 billion in assets under management and over 14,000 employees, sought to upgrade antiquated processes built on decades of spreadsheets to enable better strategic planning across the enterprise. Specifically, they needed to identify new techniques and a global framework of accurate and repeatable processes that would inform a transition from passive data analysis to active data control and planning. Strategic Annual Planning should include a robust blend of proven technologies married with verifiable best practices. The days of leveraging spreadsheets and emails doesn’t allow companies to keep up with ever increasing demand to do more with few resources. It is also important that companies can adapt to changes that always happen after the Annual Plan is complete while maintaining governance over operational behavior and data integrity. This can become even more complicated for businesses that operate in a geographically-dispersed network of siloed branches. Solutions and their resulting approach need active coordination, fusion, and management of financial data to affect tighter control for long-term planning activities.

THE CHALLENGE: Legacy Processes were Slow, Inefficient & Unreliable

The customer, with more than 150 years of operations to its credit, understood that it needed to connect its branches, offices, and executive-level divisions under a single umbrella- allowing leadership the access to performance data that could enable better business behavior and strategic planning. Relying on decades of legacy tools and techniques, the challenge itself was to de-condition the enterprise workforce from operating in ‘siloes’ of single-view spreadsheets, transitioning to a unified solution that enabled tighter operational forecasting and planning control. Additionally, the customer sought a means to mitigate process risk by evolving beyond a ‘spreadsheet culture’ that was brittle, didn’t handle revisioning well, and was always out of date. Despite investing time and resources toward capital planning, the customer was plagued by internal delays generating realistic projections. They needed a solution that would enhance the speed, accuracy, and efficiency of the budget planning process while eliminating the reliance on old techniques and tribal knowledge. The solution needed to enable the customer to tactically forecast, identify, and anticipate areas of business expansion and contraction ahead of schedule, and solidify the customer’s goal of being proactive rather than reactive to performance data.

THE SOLUTION: Implementing Align’s Annual Planning & Process Framework to Enhance Forecasting Capabilities

The customer recognized the need for establishing a mechanism that could enhance the capital planning process, streamlining the collection and interpretation of data while improving communication across the enterprise to guarantee the authenticity of data outputs. Align Financials leveraged their extensive ITFM experience to develop and integrate a ServiceNow solution that provided granular visibility across the enterprise, while seamlessly integrating with existing solutions to improve the quality of capital planning activities. Align collaborated with various customer departments to develop a forecasting solution considerate of the unique pain points, challenges, and operational requirements of all customer divisions. Align created a solution that granted the customer and its stakeholders the capacity to accurately develop projections, forecast plans, and budgets for projects, programs, and expansions that was grounded in verifiable transactional data. Moreover, the solution eliminated the inefficiencies inherent in the customer’s outdated capital planning practices, reducing the over-reliance on spreadsheets and tribal knowledge. Align’s solution made the customer experience easier and faster while exponentially improving tactical and strategic planning.

THE RESULT: Increased Efficiency and Cost Realism to Enable Tighter Strategic Control Over Enterprise Operations

The bank was able to achieve their target objective by providing a singular platform to govern the input, management, analysis, and export of financial data across the enterprise. It succeeded in eliminating the customer’s over-reliance on spreadsheets, key personnel, and siloed processes that indirectly established a culture of incomplete analysis and planning. Align’s solution was directly responsible for enabling the customer and its workforce to transition to an enterprise-wide Annual Planning environment. Predicated on the collaborative input and management of daily transactional data, housed in a cloud-based architecture, they were able to successfully modernize and rapidly enhance their capabilities to leap-frog past its competitors, offering tighter control, flexibility, and scalability. Offering fully accessible information, Align was able to improve the customer’s ability to prioritize, budget, and manage strategic re-alignment shifts with little to no impact to the continuity of operations.

By |2018-10-24T15:49:43+00:00October 24th, 2018|Uncategorized|Comments Off on Synchronizing Decision-Making to Enhance Strategic Operations

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