Improved profitability with Zero Based Budgeting (ZBB) and Anaplan by reducing discretionary costs and shortening the budget cycle

Improved profitability with Zero Based Budgeting (ZBB) and Anaplan by reducing discretionary costs and shortening the budget cycle

Improved profitability with Zero Based Budgeting (ZBB) and Anaplan by reducing discretionary costs and shortening the budget cycle

About the Client:

 

A leading multinational financial services provider offering commercial and personal banking, wealth management, corporate and investment banking services. Ranked in top 50 on SNL Financial World’s Largest Banks, it is one of the largest banks in Canada by deposits and market capitalization, operating across 20 countries globally.

 

Business Challenges:

 

Our client supports over 15 Zero Based Budgeting (ZBB) Anaplan models for their worldwide business and was seeking to leverage additional expertise to optimize their solution. With an implementation less than 2 years old, they needed additional Anaplan IT experience to streamline their solution to identify potential opportunities for cost saving.

 

The Solution:

 

The client chose TekLink to support their existing Anaplan ZBB implementation, based on TekLink’s prior performance in Anaplan Application Managed Services (AMS) engagements. Our Global Support model ensured cost-effective and flexible on-site as well as offshore support 24×5. TekLink provided the following managed services:

  • Cleaning up existing models by reviewing hierarchies and removing unnecessary and unused components of the models.
  • Revising reports and dashboards to make them more user-friendly.
  • Review existing budget templates for data entry relevancy.
  • Adding new reports to map and replicate Anaplan hierarchy to other existing system hierarchies.
  • Rolled out ZBB use case to other international divisions/ counterparts

 

Outcome and Benefits:

 

The solution implementation resulted in a revamped and efficient budgeting process. The improved budgeting process in turn led to the following business benefits:

  • Speed of budget entries by business lines increased by a week, from 3 weeks to 2 weeks compared to the year before
  • Additional details in revised budget templates inquiring specific ‘spending areas’ and ‘amount’, provided management a clear understanding of the business and where they could cut costs
  • Client was able to reduce 15% of its discretionary cost, leading to a significant reduction in its overall cost

 

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