Function:

Financial Planning and Reporting

Products:

IBM Cognos TM1 on Cloud, Revelwood Lightspeed

Challenge



This investment bank firm operates a multi-manager asset management business, comprised of a number of individual affiliated managers. Each of these managers has his or her own investment process and brand, and also uses the services of unaffiliated subadvisors.

The company was using old, unsupported and out-of-date software for its planning process, combined with spreadsheets and a manual distribution/collaboration process for annual budgeting and monthly reforecasting. It wanted a new, modern solution that would provide a controlled, yet flexible system that required minimal use of in-house IT resources. The company also required the new solution be appropriate for and easy to use by people in multiple locations, including those working remotely. However, since the firm is in the financial services industry, it also needed to make this widely accessible information extremely secure.

Solution



Revelwood knew the power and functionality of IBM Cognos TM1 would be the right solution. Given the firm’s requirements for supporting a distributed team with little strain on the IT team, Revelwood determined that TM1 on Cloud would make an even better fit. Revelwood’s first step was to use Revelwood Lightspeed to get the planning and reporting system up and running in a fraction of the time required by standard implementations.

Revelwood then designed TM1 models for financial planning and reporting. Together, these TM1 models now serve as the primary financial management tool for the company.

 

Results



With this new solution the firm can easily track multiple versions of the plan, and perform ‘what-if’ analysis on its entire business model. It’s also able to perform rapid ad hoc analysis, which was extremely difficult to do with its previous approach. The firm’s management can now ask questions such as:

  • How can we maximize our advisory fees by product?
  • How can we maximize our advisory fees by line of business?
  • How can we minimize our operating expenses?

This new approach has extended key financial planning and reporting information to more decision makers and supports multi-site collaboration. The firm is benefitting greatly from using a flexible tool that contains all the vital financial data in one central location in the cloud. And, the new solution delivers a sophisticated decryption and FTP upload protocol process for keeping the data secure.