Allied Irish Banks positions for growth using Oracle Cloud EPM
The financial services group improves financial process efficiency by 40% using Oracle Cloud EPM.
“The things we are able to do now that we were not able to do before include streamlined loading of actual data, much quicker turnaround time for running a new version of the plan, the capability to do updates in a more structured way, while significantly cutting down time and involving less operational risk than running a planning process in spreadsheets.”
Allied Irish Banks is a financial services group with more than 170 branches across Ireland and the United Kingdom. AIB provides a comprehensive range of financial services to personal, business, and corporate customers in select target markets and has leading market shares in banking products in the Republic of Ireland.
For years, Allied Irish Banks relied on large and complex spreadsheet models across its numerous business units. This made the consolidation of data difficult and time consuming. With only one user being able to work on a spreadsheet at a time, collaboration was limited and there was always a risk of file corruption.
Moreover, the company had difficulty managing version control for scenario planning, multiple submissions, and reporting on what-if variances. AIB was unable to complete plans at the required level and was spending more time on managing processes than analyzing data.
Allied Irish Banks knew that improving its planning, budgeting, and forecasting processes was a key element in delivering the financial visibility required to drive its growth strategy.
Qubix provided pragmatic solutions and their Oracle EPM Cloud knowledge and ability to execute on it is very strong. Qubix was excellent overall.
Why Allied Irish Banks chose Oracle
Allied Irish Banks chose Oracle Cloud Enterprise Performance Management (EPM) for its performance, depth of capability, and functionality within the product to meet the complex planning needs of AIB’s processes.
Since implementing Oracle Cloud EPM, Allied Irish Banks has been able to scale to meet the needs of a multiregional planning process.
In addition, the overall design and implementation of Oracle Cloud EPM Planning has allowed AIB to address key issues with its existing financial models and processes.
Oracle Cloud EPM provided much needed data accuracy and end user confidence in financial plans and forecasts, leading to a 40% increase in overall financial planning efficiencies while eliminating reliance on large spreadsheets. AIB reduced its manual processes by 60% and the overall manpower effort by 30%, allowing more time for financial analysis and strategic decision-making.
Oracle Cloud EPM also helped AIB standardize assumptions that drive planning and forecasting for each product area. AIB also increased data transparency and gained the ability to create monthly rolling financial forecasts at the required business level.
Allied Irish Banks chose Qubix for the Oracle Cloud EPM implementation.