The OneSumX solution suite addresses the different performance management requirements needed to facilitate operational, analytical and strategic decision-making processes.
Financial institutions are under increasing pressure to provide transparent information to different stakeholders. The finance function is often being reshaped by external pressures into an efficient machine, with a need for high-tech components and finely-tuned steering.
Markets, management, auditors and regulators are all asking finance to produce ever greater amounts of sensitive and detailed information, as rapidly as possible. At the same time finance is under pressure internally to bring more value to the global strategy. Firms are also facing a new requirement to analyze data to forecast the impact of future events and the risks they might generate. In the current environment, a backwards-looking approach by finance teams and predominance of manual budget processing is therefore no longer sufficient.
To stay ahead of the competition a financial institution needs to closely monitor cash flows in a way that it can drill down into different departments, products or trading desks. Information needs to allow assessment of performance but also provide indicators to trigger changes when managing the organization’s risk taking and making strategic decisions.
Optimizing the performance management processes of a business involves six key elements that describe the elements a business ideally includes into their approach in order to meet the challenges within the market both with an internal as an external view:
OneSumX Performance Management performs the full range of industry-specific calculations and processes to streamline performance and key management disclosures in a fast, transparent and fully-controlled way. It further supports firms in their strategic planning, budgeting and forecasting through simulations and analytics.
The unique data architecture manages business data specific to the finance industry, data that the advanced subledger balances account for. The bidirectional link between business and finance data at granular level guarantees complete reconciliation, audit trail and accurate reporting across the business to support strategic decisions.