Otkritie Bank implemented a business planning and cost allocation system

The launch of an automated business planning system allowed the bank to shorten the time frame of plan preparation, improve the quality of planning and cost calculations for business units, consolidate indicators for subsidiaries, minimize the proportion of manual operations, improve the accuracy of planning models and the speed of responding to changes.

Otkritie Bank's business planning automation was based on the modern IBM Planning Analytics platform: a cost allocation by business segments was automated at the first stage in three months; a planning system was implemented at the second stage.

“We have solved the problems of different complexity levels: from purchasing equipment, IBM Planning Analytics implementation, setting up data exchange to deploying planning models, allocating costs, setting up reporting forms, ensuring access control and training employees,” said Oleg Zaitsevsky, Director of IT Development Department at Otkritie Bank.

“We have implemented detailed product models for business units and consolidated models for the bank and Otkritie group, and developed a strategic model. Allocation is calculated in segment and product logic. Procedures for indicators coordination and planning control have been launched,” said Yulia Dombrovskaya, Deputy Head of Business Planning, Analysis and Management Reporting at Otkritie Bank.

The project was implemented by Otkritie Bank with the participation of GlowByte (implementation of a cost allocation system) and GMCS (implementation of a business planning system).

Source: CNews, October 2020