“Our monthly variance process is now substantially smoother. We’ve easily reduced our time spent budgeting by at least half.”
Manager of Budgeting and Analysis
Regency Energy Transfer
A financial performance management solution with minimal IT resources for a publicly traded energy company significantly reduces man-hours spent on the budgeting process.
Regency had a long budgeting process, complicated by dealing with reports and budgets from more than 100 departments. In many cases the divisions had different formats and processes for budgeting. Relying on Excel resulted in version control issues, no central repository for budgeting information and an inability to collaborate. The cumbersome budgeting process offered little time or accurate data for in-depth analysis.
Regency selected IBM Cognos TM1 as a financial performance management solution for its finance department and many divisions. TM1 serves as a common platform for storing, monitoring and analyzing financial information across the company. Revelwood developed the models and cubes for the TM1 applications, taught the finance team to develop their own cubes and dimensions and trained the end user community on using the new TM1-based applications.
- An estimated 50% reduction in man-hours spent on monthly budgeting.
- One consolidated solution for all budgeting data, delivering better consistency and transparency of data.
- A smoother budgeting process, eliminating version control issues.
- Empowers key team members with the skills and knowledge to develop new financial performance management applications.
- A foundation for rolling out financial performance management on an operational level to more than 100 departments and two different general ledger systems.