ROSNO of SK (IBM Cognos Planning)

Project Task

Reduction of terms of budgeting and decrease in labor costs on collecting, approval and consolidation of financial information and also the solution of the following main objectives was a project objective:

• upgrades of the budgeting model functioning in the company since 2004;
• detailings of process of distribution of budgets for each insurance product;
• automation of process of collecting and distribution of financial information in all branches of the company;
• creations of uniform storage of budget data.

Solution

The IBM Cognos Planning platform was selected by the customer thanks to capability to create and monitor accomplishment of the budget in real time via the convenient web interface and also possibilities of visual design, the centralized administration and correction of budget model taking into account the current market changes. As the partner in implementation of the platform of ROSNO invited the Microtest company which proposed an optimal project solution on development of a budgeting model.

Within the project starting in July, 2008 experts Microtest jointly with specialists of ROSNO in 2 months created an end-to-end system of budget management on the basis of IBM Cognos Enterprise Planning 8.3 and improved budgeting methodology in the following directions:

• optimization of the business model intended for automatic calculation of required financial performance;
• setting of the planning of expenses on business management covering all regional branches of the customer;
• automation of process of consolidation of financial data.

The achieved result

A system is brought into commercial operation in the central department of ROSNO. Project implementation allowed the customer to receive the following results:

• reduce by 70% temporary and for 90% labor costs on making changes in budget process;
• increase the speed of approval and the approval of budgets;
• provide transparency of process of expense allocation;
• increase reliability of financial and management information.

The created solution completely meets the requirements of the customer for functionality, efficiency and implementation cost

Feedback

"Implementation of an information system of budget management provided us new tools for planning and the analysis of our activity, provided increase in transparency and accuracy of financial data and also reduction of terms of preparation of plans. Project deliverables allowed due to improvement of quality of financial planning to reduce budget expenditures by 15%".

Olga Krymova, Chief financial officer of ROSNO.