An international financial services company now benefits from significant time savings in updating IT budget cycles, reducing the process from three months to just two weeks. By replacing their previous spreadsheet-based system with MagicOrange's automated IT Financial Management (ITFM) tool, the company has achieved transparency into spending and charges, empowering their CFOs to optimise costs and make data-driven decisions that drive business success.
About the Client
The client is a leading financial services group operating across 18 countries and serving 3.2 million customers.
The Challenge
The primary needs were with their existing IT cost allocation system and it’s reliance upon spreadsheets. The system they had in place was slow, unstable, error-prone and required a lot of manual effort to produce reports.
Day-to-day this led to wasted time, as retrieving data required cumbersome and extensive number-crunching, with information pulled from multiple sources and spreadsheets. Updating the system could take up to an hour, and the client had no accurate Total Cost of Ownership (TCO) information. This made it difficult for IT to answer important questions about cost allocation.
The organisation understood that they needed a fast, user-friendly system that could automate the process of managing and allocating costs with integrated analytics and reporting capabilities.
Problems with Excel-Based Cost Allocation
Using Excel for IT cost allocation presented several problems:
Inconsistent and Unreliable Data: Formulas often referenced incorrect cells, causing misalignment among departments and teams.
Governance and Security Risks: Excel did not provide an audit trail, making it challenging to ensure data accuracy.
Limited Scalability: The model did not integrate well with other systems, complicating the handling of cost and usage data across multiple months.
The Solution: MagicOrange
After a thorough tender process, the financial services group selected MagicOrange to automate and streamline their IT budget cycle. The cloud-based solution provided detailed insights into their costs, enabling faster updates and easy-to-use reports.
Benefits of MagicOranGE
The implementation of MagicOrange delivered numerous benefits:
Time and Resource Saving: The IT budget cycle was reduced from three months to just two weeks, allowing for faster decision-making.
Automated Manual Processes: The system automated updates, freeing up teams to focus on high-priority tasks that drive business growth.
Removing Spreadsheet Limitations: The new system provided a clear TCO view, eliminating issues related to cross charging and circular references.
Strategic Resource Allocation: IT teams gained a deeper understanding of the costs involved in delivering products and services, enabling strategic resource allocations.
Informed Decision-Making: Business units now have access to detailed IT cost data, empowering them to make well-informed decisions.
Improved Communication: The intuitive interface facilitated better communication and alignment among departments.
Enhanced Data Integrity
The system improved data integrity, providing reliable information for strategic planning.
“At MagicOrange, we understand that businesses today are focused on optimising costs more than ever. Our system gives businesses the tools they need to do this effectively, allowing them to manage and measure costs accurately.”
Theshni NaidooSenior Customer Success Manager, MagicOrange
MagicOrange has significantly improved the financial services group’s IT cost management practices, enhancing transparency, efficiency, and decision-making capabilities. This successful implementation underscores the potential of ITFM solutions in transforming financial management for global enterprises
