Banks can transition from manual reporting processes to more efficient systems that bring transparency and context to the decision-making process. Pioneer West Virginia Credit Union cut reporting time and dramatically reduced its loan delinquency ratio with a big data and analytics solution.
Loan delinquency drop
Reduced loan delinquency ratio from 150 basis points to 14, a drop of 95 percent
Cut net charge-offs 78% from USD700,000 down to USD150,000
Reduced labor time associated with statutory reporting by 50 percent
Financial analysis solutions enable analysts to create and maintain complex models of business structures, dimensions and data sets to provide more insight into opportunities and risks.
“We're moving from a reactive approach based on financial analysis to a proactive approach based on business analysis, an understanding of the nuances of the business that goes beyond the strict numbers and hands-on involvement in developing solutions.”
CFO, Industrial Products, Canada
Pushing the frontiers: CFO insights from the Global C-suite Study
CUSTOMER STORY Qualcomm
Drive sales performance with innovative compensation plans
Communications service providers can leverage analytics to drive business value and innovation. Qualcomm developed an integrated approach to planning and forecasting that addressed the unique needs of different businesses while providing a standard view of the enterprise.
Sales performance management automates the process of calculating and reporting variable-based pay, providing more visibility and accountability into one of the largest variable expenses.
“Users from all areas of the business—from medical directors and actuarial analysts to marketing and product managers—are now using analytics to support day-to-day decisions that have real-world impact on the success of the company.”
Shashikanth Vangala, manager and chief solutions architect of business intelligence, BCBS Massachusetts
CUSTOMER STORY Jabil Circuit
Monitor and automate financial close and reporting processes
Electronics manufacturers can act with confidence knowing the financial reports they use for decision making are based on accurate and current information. Jabil Circuit greatly improved internal and external reporting to provide fresh insights to analysts, executives and plant-based employees.
Cut the time required for month-end close from 12 days to just eight, a 33% improvement
Reduced reporting requirements of the finance team by 70-80% by enabling self-service analytics
Reduced tax cash forecast consolidation and validation 66%, from 3 days to just one day
Solutions for financial close, regulatory and management reporting can automate the entire financial close and consolidation process, providing consistent data for in-depth analysis and internal and external reporting.
“The power of analytics is that it gives us more confidence in our financial reporting, leading to faster, more responsive decision-making.”
Mr. M V Tanksale, chairman and managing director, Central Bank of India