Companies Turn to Enterprise Performance Management Solutions from Business Objects to Help Maximize Profitability and Contain Costs in Economic Downturn
Growing Number of Customers Select BusinessObjects(TM) Profitability and Cost Management Application as a Critical Investment to Help Weather Stormy Economic Times
Customers worldwide and across varied industries are all using profitability and cost management software from Business Objects to retrieve the information they need to conduct better cost analyses and pinpoint where they are profiting or losing money. With a more holistic picture of their cost drivers, these customers can make more well-informed business decisions. Customers include AmeriHealth Mercy Family of Companies, Guardian Life Limited and CUMIS Group, as well as Chaucer-a company receiving industry-analyst award recognition for its implementation of BusinessObjects Profitability and Cost Management.
Guardian Life Limited, a Member of the Guardian Holdings Group, Relies on Business Objects to Accurately Predict Business Costs and Improve Strategy Moving Forward Since deploying BusinessObjects Profitability and Cost Management in 2006, Guardian Life Ltd., a major player in Jamaica's life insurance, health and pension industry, has used the application exclusively for its performance-optimization needs over the past two financial years.
Guardian Life's executives, department heads, cost-center managers and those overseeing profitability margins all access financial data from the organization's backend Oracle system through the Business Objects application in order to accurately assess the implications of business decisions on predefined targets. The application also enables Guardian Life Ltd. to significantly reduce the number of manual processes while compiling these analyses.
"Profitability and Cost Management helps our cost-management team to better understand and manage costs and enables us to run important sensitivity analyses," said Doyle Simon, manager, Finance Planning and Expense Control (FPEC), Guardian Life Ltd. "Not only has this saved us time and money, it also makes it possible for us to better serve our customer base. Our parent company is constantly measuring us against stipulated performance metrics, and Business Objects helps us automate and deliver in a timely manner the reports we need. In the future, we plan to expand our use of Profitability and Cost Management to include our Employee Benefits systems so we can pass on benefits to our consumers."
CUMIS Group Enables End-Users to Drive Down into Details and Make Better Business Decisions
When using its old reporting system, financial-services provider CUMIS Group had limited insight into expense data. With five companies under its wing, CUMIS needed a more transparent reporting model, along with an activity-based costing (ABC) system that would help it to fairly allocate expenses across its companies and 70 lines of business and provide senior management with accurate insight into these costs. CUMIS selected Business Objects for its flexible, user-friendly ABC modeling, its customizable reporting and its ability to distribute data in a secure setting, which enabled CUMIS to work confidently with confidential information. As a result, CUMIS can now securely distribute and view expenses across operating departments and analyze data accordingly, allocating resources and expenses and gaining an improved picture of profitability.
Chaucer Wins Industry-Award Recognition for Successful Performance Management
Chaucer Syndicates Limited provides the capital and expertise required to underwrite insurance business at Lloyd's, the world's leading specialist insurance and reinsurance market. The scale, complexity and reporting demands of the financial market presented significant operational challenges and risks for Chaucer, which relied on a spreadsheet-based approach for information processing. Chaucer selected Business Objects to fulfill its needs for financial planning and forecasting, while providing timely, accurate and flexible information for decision-making and reporting. Today, Business Objects helps Chaucer save approximately 500,000 pounds Sterling in labor costs each year, reflecting the time, money and resources that are now freed up for other business-critical activities.
"Business Objects EPM solutions have helped us complete our planning, forecasting and reporting processes in less time and with fewer resources," said Mark Graham, Chaucer's chief financial officer. "For example, our planning process that collects data from 98 contributors now takes half the time it once did. The process now requires two-thirds less workload from our finance team and has eradicated the need for 200 spreadsheets. Similarly, our annual profitability and quarterly expense-forecasting process is now quicker, requires half the resources and has eliminated the need for multiple spreadsheets. Business Objects has enabled us to free up more of our resources, so they can be devoted to more strategic projects with greater value-add."
Chaucer was recently named a Ventana Research 2008 Leadership Award Winner in the Workforce Performance category for its use of Business Objects technology in advancing business and IT management. The Leadership Awards recognize pioneers that exemplify the understanding that successful performance management requires both a committed team and effective leadership. The program is designed to recognize organizations like Chaucer that have demonstrated how to commit resources to this critical undertaking and bring it to fruition.
"During times of economic downturn, it is even more critical for customers to adopt solutions that are laser-focused on improving their company's ability to succeed," said Stephanie Buscemi, vice president of Marketing, Enterprise Performance Management and Governance Risk and Compliance, Business Objects, an SAP company. "Critical to that is finding the right balance between containing costs and ensuring that cost-cutting measures do not compromise an organization's ability to maintain service levels and pursue fruitful business strategies. This is precisely why BusinessObjects Profitability and Cost Management is a uniquely powerful business application -- it provides managers with clear visibility into costs and an understanding of the sources of organizational profitability. As these customer success stories prove, customers are turning to Business Objects ahead of the other alternative products, to help make quick, informed decisions and shift strategies -- based on a more complete understanding of how overall corporate costs and profitability will be affected."
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