BANK – PLANNER MODULE SYSTEM
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The importance of planning in financial services
Modern financial services enterprises understand the need to allocate costs accurately within a shared services environment, in order to make business units directly accountable for the services they consume. A large South African bank, an existing client of the Magic Orange cost allocation solution, turned to the company when it required a system to manage the recording and allocation of its human capital costs for the IT staff.
The complexity of this project was increased by the fact that the new human capital cost management system needed to cater for over 300 IT maintenance, development and project staff and it needed to be up and running and ready to go live in less than six weeks.
Amongst the challenges that Magic Orange faced was the fact that the new solution needed to be implemented from scratch. Moreover, the functional requirements were also relatively complex – not only was there a need for the planner module to be integrated into the cost model, but it also had to cater for a large number of users while outlining time as both a percentage and as a number of hours.
The bank also required this new module to ensure that only approved projects and applications could have time captured against them by individual users, while managers needed the capability to review the underlying use of staff members time.
Furthermore, the module had to be able to create exception reports related to over- or under-allocations of time and staff cost centres needed to be mapped to existing Magic Orange drivers. In the end, the implementation required a total of 15 new administrative screens and three time capture screens, as well as Power BI dashboards.
Following the implementation, the financial services entity realised a number of benefits, including:
• Central management
This was made possible by the fact that the Planner module was built within the same Web technology as Magic Orange Profitability and Cost Transparency. This means that users and managers can easily login via their Web browser, in order to review and capture their project and application efforts. Finance users can see this information immediately.
• Automated cost driver creation
Thanks to the integration with Magic Orange Cost Transparency, the time needed to run a cost allocation model was reduced. In addition, the system creates the drivers needed for the Revenue and Cost Allocation engine automatically, meaning there is no need to create or import resource allocation data. In addition, the pricing and allocation of unit costs per resource to the underlying application or project cost is automated.
• Streamlined planning
Thanks to this, Finance or Business units no longer need to worry about having to track multiple different versions of spreadsheets, or for that matter exports from other tools, in order to manage a budgeting and planning cycle. Magic Orange Planner simplifies the planning process by eliminating inefficient manual export/import or spreadsheet-based processes.
• Flexibility and security
The Magic Orange Planner offers business units and teams two alternative ways of capturing planning details, whilst catering for different styles of planning. Both methods are controlled via security tools designed to ensure that only the correct people can capture and see the planning data for their respective business units.
Our client suggests that the success of this implementation was due to the strong capabilities of the Magic Orange development team, which was able to deliver clear business value within a very short period of time. This tight time-frame was achieved by careful management of the project scope and the constant involvement of the Product Manager.
Finally, thanks to the Power BI exception reports that form a crucial part of the time capture system, the financial services entity now finds that the monthly management of its more than 300 IT maintenance, development and project resources is significantly simpler and easier.