The Centrcredit bank using Financial planning created the financial plan for achievement of purposes of shareholders

2019

On May 28, 2019 the Intersoft Lab company reported that the project of automation of financial planning in Centrcredit Bank became a source of a practical advice on preparation of implementable financial plans for chief financial officers of credit institutions.

According to the company, project started in February, 2018 and 9 months later came to the end with a successful campaign for planning for 2019. For this purpose the performance management system bank functioning on CPM- the platform "Circuit", filled up application "Financial planning". As a result of process automation of planning of business activity, investments and expenses it was succeeded not only to reduce several times terms of preparation of the financial plan and to increase its detail, but also it is essential to improve its quality, to receive confidence in feasibility of effective objectives and the stated planned targets.

Addressing chief financial officers of the Russian and foreign credit institutions, Maxim Astakhov, the head of commercial office Intersoft Lab, told about three cunnings which helped the customer with preparation of the realistic financial plan:

• The first cunning: to overcome resistance of business divisions and branches to planning using IT tools, financiers from the very beginning of the project involved them in process of reconciliation of the inertial forecasts of a status of the current portfolios constructed in the updated schedule system and duplicating their own manual calculations. In 4 months from the beginning of implementation of business division received the first useful results from application of the updated software - checked the calculations, improved quality of data and forecasts. As a result the loyalty to the updated system of financial planning and trust to digits was created.
• The second cunning: financiers exempt business divisions and branches from planning and involve them only in process of approval of plans. In schedule system Department of planning and finance, being based on the historical data, predictive analytics, business modeling, decomposition of a portfolio, independently prepares detailed reasonable plans of business activity for all divisions and submits them for approval and adjustment. The reasoned dialog of the parties helps to receive the realistic plan which business divisions and branches are ready to perform.
• The third cunning: to perform plans and to achieve effective objectives, tools of predictive analytics apply not only when planning, but also at a stage of execution of the plan. With their help it is possible to calculate at any time a forecast status of the current portfolios and to receive assessment of a forecast financial result. It gives the chance to regularly compare the financial plan to the fact that within a year quickly to level the outlined deviations from target indicators, pulling together the actual results with planned values.