In an effort to alleviate ongoing struggles from its legacy, spreadsheet-based planning system, a Fortune 500 insurance firm consulted multiple vendors in search of a centralized ITFM solution – ultimately selecting Nicus as its vendor of choice.
Under a CIO directive, and with guidance from the firm’s Director of IT Financial Management, Nicus IT Planning was implemented and deployed in mid-2013.
This case study captures the firm’s key challenges and how Nicus IT Planning worked to address them, while highlighting the core value delivered back to the business post-implementation.
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The firm aimed to solve the following challenges perpetuated by its legacy, spreadsheet-based planning and budgeting system:
Lack of trust and strategic alignment between the business and IT
Inordinate time and effort required for budget creation and administration
IT Finance overtaxed by questions and disputes, unable to pursue value-added analysis
Inaccuracy caused by decentralized ownership and manual manipulation of data
Within the first annual budget cycle using Nicus, the firm cited several strategic and tactical benefits; and in subsequent years, IT and executive leadership report those benefits have only grown stronger.
Cultivated greater alignment of technology spend to business value
Shifted the perception of IT from cost center to strategic partner
Enabled leadership to pursue new multi-year planning efforts
Increased the quality and quantity of insight supplied to stakeholders
Accelerated planning/budgeting cycle by 8 weeks
Unlocked over 2,000 man hours inside IT Finance and across the business
Eliminated manual error risk through centralization and automation
Delivered rapid visibility and accessibility of data with self-service, role-based reporting