There’s a reason the term ‘Excel hell’ is well known – many, many financial analysts and companies find themselves beholden to hundreds of spreadsheets for their budgeting and financial planning processes. Carrie Ludwiczak, a senior financial analyst with a consumer loan company decided it was time to stop the time-consuming process of relying on Excel for budgeting.
And it wasn’t just about saving time and reducing errors. Carrie knew what her team wanted to provide to the company – comparative financial reporting and analysis. That’s simply impossible in Excel. So, Carrie worked with Revelwood to replace their current processes with an enterprise planning and reporting system based on IBM Cognos TM1.
Carrie’s a visionary, though, and realized that success was not just about deploying new technology – it was also about making the entire process easier. The new process needed to be embraced by the more than 200 supervisors at the loan company’s branch offices.
The answer was to design simple, web-based budgeting templates in TM1 for each supervisor to enter forecasted revenue and expenses on an annual basis. Carrie then designed a comprehensive training program, served as the field liaison, and worked hand-in-hand with the supervisors.
The result? Carrie was praised by the branches and saw a 100% adoption rate of the new TM1-based budgeting system.
Read more about Carrie’s successes with TM1.