Implementation of a dedicated Business Intelligence system for a client from the financial sector
Companies in the financial sector cannot remain indifferent to the digital revolution taking place before our eyes. They must constantly adapt their solutions to the dynamically changing market and increasing customer expectations.4 February 2021 | Reading Time: 2 minutes | Share:
The banking industry has its own rules – high dynamics of change, the need for tight control of costs and budgets, high responsibility for the security of processed data, and no room for error. That all makes the financial sector a very demanding client, and the sector of IT services and solutions dedicated to it is constantly evolving.
Standardize and control costs and budgets
One of the projects carried out by Euvic for clients from the banking sector is a dedicated BI system for supporting the management of financial changes.
The solution was created for a client whose main problem was change control – both in budget estimates and in the budget itself. Regularly introduced changes in the structure of accounts and organizational structure resulted in a bad division of accounts through macros. Many different versions of a budget, making last-minute corrections to it, and the difficulty in controlling the most current version resulted, in turn, infrequent repetition and more work, and, consequently, lower efficiency of employees. As a result, the whole process not only generated excessive administrative costs but most importantly, made it impossible for the bank to reliably control costs and budgets.
Professional data analysis and an integrated reporting system
In response to the customer’s needs, we implemented a system based on Microsoft SQL 2000 Server. Its main purpose was centralizing the storage of financial data and creating professional analyses based on it. The solution we created uses Active Directory (AD) as a source of information about access rights of individual employees to specific data and reports, allowing for compliance with all safety and confidentiality rules. Thanks to the use of an Excelerator® solution, we enabled the client to create a data warehouse, an analytical system, or a system supporting the budgeting process using only commonly available Microsoft technologies. The entire software implemented by us was delivered with an intuitive and user-friendly interface and made it possible to ensure:
- improving the efficiency of the bank’s operations,
- better control of financial indicators,
- shortening the time of budgeting and cost reporting process by 80%,
- reduction of administrative costs.
This integrated reporting and budgeting system using advanced analytics was put into use by our client after only a couple of months since work began.
By fully understanding the specific nature of the business of companies in the financial sector, we also know and understand their problems and the challenges they face. We proudly support our clients in overcoming technological barriers and going through digital transformation processes.