Case Study

18% gain in FP and A productivity and 44% reduction in management reports within 6 months using Business Intelligence

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Client: An Australian finance, insurance, and banking corporation

Industry: Banking, Financial Services, and Insurance

Business need addressed: Standardize reporting and enable self-service for the management reporting process to drive efficiency and increase time spent on value-added analysis

Genpact solution: Leveraged the Smart Enterprise Processes (SEPSM) framework to diagnose and redesign the financial planning and analysis (FP&A) process, simplified reporting, and created a virtual business intelligence framework to provide fast access to more accurate data

Business impact:

  • Standardization and simplification
  • Adaptation and flexibility
  • Growth and scalability
  • Access to technology

Non-standard management reporting processes across five lines of businesses (LOBs) and an under-used business intelligence (BI) platform severely hampered this financial corporation’s FP&A capability. Genpact helped the company standardize and implement self-service reporting that raised productivity by 18%, reduced the number of regular management reports by 79% for one line of business, and decreased the time spent in gathering and integrating data by 47% to achieve best-in-class standards.

Business challenge

Manual processes with multiple touch points meant that the company’s FP&A staff spent 73% of its effort collating data and creating reports and only 27% in analyzing this data. Inconsistent reporting formats and low traceability, coupled with a lack of connectivity between the company’s Cognos BI and Oracle GL systems, contributed to multiple iterations. This led to frequently missed “point in time” reporting requirements for stakeholders.

Genpact solution

Genpact used its proprietary SEPSM framework to standardize reporting and created virtual BI to integrate the company’s data sources. This included:

  • Analyzing 11 executive general management areas to understand and map processes end to end
  • Using SEPSM diagnostics to assess more than 90 management reports for analytical features, visual appeal, and other parameters
  • Analyzing 60+ standard operating procedures (SOPs) corresponding to the management reports
  • Benchmarking and redesigning the current FP&A process to best-in-class standards, reducing the data collection effort from 73% to 26%
  • Standardizing templates for management reporting
  • Identifying and incorporating parameters for regular and ad hoc reports based on stakeholders’ analytical needs
  • Integrated Cognos BI reporting platform with Oracle GL to provide seamless drill-down/up functionality

Business impact

  • 44% reduction in the number of management reports
  • 47% reduction in time spent on data gathering and integration
  • 71% reduction in rework related to re-formatting, creating a total view, consolidation efforts
  • 82% reduction in reporting formats
  • The number of SOPs decreased from 60+ to just three
  • 18% efficiency gains and increased self-service and automation

A scalable solution, it was leveraged for other LOBs standard management reporting as well and created a very agile management reporting process. The solution augmented support in analytics, facilitating enhanced business partnering, and led to the identification of additional opportunities to redesign their operating model.

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