Project for Peter-Service

The automation of budgeting and budget execution controlling


Task
Centralize, streamline and systemize the whole budgeting process
Solution
A budget management system based on IBM Cognos TM1
Closing date
December 2014

Project goals

Minimize the budgeting efforts for the sales department and financial directors
Improve the accuracy of planning
Enable the factor analysis of the deviations
Increase the number of planning analytics
Unify reference data to have a single version of the truth

Project features

The financial department staff got enabled to conduct variance analysis and to forecast the execution of budgets on the basis of the retrieved actual data
The solution was integrated with the existing data warehouse

Results

Results
All cost centers of the company got a handy tool for revenue/expenditure planning under a unified methodology including the automatic consolidation of the company's financial budgets
Results in figures

3

The monthly adjustment of the budgets takes 3 hours
Results in figures

1

The company got the single version of the truth
Results in figures

3

The revenue budget is formed in 3 working days

Feedback

«I think our choice of the partners and the platform to implement the solution was fully justified. Thanks to our joint work, we reached the goals we had set. We are already observing the effect of the solution as the transparency has increased, while the probability of miscalculations and the labour costs of the budgeting and forecasting have been diminished. The efforts we made to implement the project are already bringing tangible results».
Vladislav Zolotinsky, Head of Financial Projects at Peter-Service

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