Oman-based Bank Niza has implemented a platform for budgeting planning and forecasting using SAP BusinessObjects Planning and Consolidation and SAP BusinessObjects Dashboards to transform its financial planning process. The solution was deployed by MDS ap, which specialises in SAP Enterprise Performance Management solutions.
“We are very excited to have partnered with MDS ap on the SAP project for Budgeting and Planning. It has taken our financial planning capability into a new era. In today’s market, it is imperative for our bank to stay agile to quickly adapt to changing market conditions. With the SAP platform in place, our finance team has now the ability to quickly plan and budget according to our business needs as well as to proactively plan for different scenarios in advance at a very granular level,” said Khaled Al Kayed, CEO of Bank Nizwa.
”The implemented system has helped our team move away from excel based budgeting and forecasting and delivered automation, integration, more control and better transparency across key departments and cost centres. Nizwa Bank is now able to save time, reduce operational costs and ensure our teams meet compliance requirements.” Khaled adds.
Bank Nizwa had a proprietary excel spreadsheet based planning solution developed and maintained in-house by the core finance team. While the old system was meeting their budgeting needs, the process was time consuming and labor intensive since the core finance team spent a great amount of time collecting input from business units, verifying data and validating accuracy before they could manually input them into the master budget excel spreadsheet to generate a budget version. Any proposed change in business plan would have resulted in the finance team repeating the entire process.
“We are delighted to help Bank Nizwa implement SAP BPC using our rich experience and implementation best practice. Today, every enterprise requires financial efficiency and agility to win in the dynamic and ever more demanding market. We are excited about our on-going technologies partnership with Nizwa bank as we take pride in helping our customers win and grow,” said Tony Achkar, Group Managing Director and EVP of MDS ap.
