Kooperativa’s Journey from “Excel Hell” to Unified, Efficient Financial Planning with IBM Planning Analytics
By leveraging IBM Planning Analytics, Kooperativa achieved unified data, optimized processes, and accelerated planning.
operational systems integrated
modules and sub-modules in the final solution
years from project inception to completion
Challenge
Overcoming Data Complexity and Streamlining Coordination Across Multiple Systems
- Excel Complexity: Data was shared via email or SharePoint, complicating workflows.
- Coordination and Communication Issues: A lack of clarity often led to unwanted updates and insufficient communication between teams.
- Inconsistent Data Sources: Planners relied on various sources, causing inconsistency.
- Time-consuming Processes: Preparing different scenarios was complex and time-intensive.
- Unified Planning: Creating plans for two companies using data from three distinct systems.
- Knowledge Integration: Leveraging expertise from controllers across three independent insurance companies.
- Coordinated Planning: Involving a wider circle of planners while ensuring effective coordination.
Solution
Solution Implementation: IBM Planning Analytics and the “SIBYLA” Campaign
Implemented mostly during the COVID-19 pandemic, this project involved dozens of professionals across multiple departments. The project timeline spanned from 4Q 2019 to 3Q 2022, concluding with the handover and full deployment. One of the main hurdles was encouraging 200 users to adopt the new tool, achieved through strong leadership support and a comprehensive training campaign. Renaming the tool “SIBYLA” helped build a positive user connection.
Project Milestones
- 4Q 2019: Project decision and scope defined
- 1Q 2020: Internal AS-IS analysis
- 2Q 2020: Technology selection, project requirements, and supplier selection
- 3Q 2020 – 1Q 2022: Implementation, testing, and functionality tuning
- 3Q 2022: Full deployment
Impact
Results: “Everything Under Control”
The implementation of IBM Planning Analytics proved to be a pivotal step for Kooperativa, modernizing and improving the efficiency of their planning processes. Despite the challenges of a pandemic, the project demonstrated that with executive support and thorough preparation, even the most complex tasks can be transformed successfully. The project serves as an example of modern financial planning tools in the insurance industry, involving about 200-250 individuals and culminating in a solution with over 20 individual modules and submodules.
Key Benefits for Kooperativa
- Unified Data: All planners work from a single data source.
- Faster, More Efficient Planning: Improved coordination between departments due to standardized data and processes.
- What-If Scenarios and Risk Analysis: New capabilities for scenario planning.
- Process Redesign and Optimization: Streamlined planning process across companies.
- Data Integrity: Unified data inputs ensure integrity.
- Time and Capacity Savings: Reduced manual and repetitive tasks, eliminating duplication.
- Clearer Workflows: The new system offers better traceability and transparency.
Looking ahead, Kooperativa aims to continue optimizing operations and financial management, with a focus on further digitalization and online customer engagement, as well as completing the transition to IFRS 17 and IFRS 9 standards. These changes will drive increased data demands, detailed reporting, and comprehensive decision-making.
“Not only will it be essential to produce numerous detailed reports, but understanding their purpose and utilizing them in daily decision-making and company management is equally important,” Drahoš concludes.
