Lombard Insurance Revolutionises Cash Flow Reporting with Decision Inc..
Decision Inc. assisted leading South African insurer, Lombard Insurance, to overhaul a manual cash flow process with an automated one based on Workday Adaptive Planning, providing Lombard Insurance with an accurate and immediate overview of the financial status of their entire business.
About Lombard Insurance
Lombard Insurance is a South African-based business with a global footprint, delivering world-class trade and commercial insurance products that support the growth requirements of their diverse clients. Providing specialist risk insurance, they have expertise in customs, construction, mining rehabilitation guarantees, credit insurance, and fuel guarantees.
As a long-standing Decision Inc. client, Lombard Insurance relied on a Microsoft Excel-based cash flow reporting system. As the organisation structure is comprised of several business units – each operating independently from one another – the complexities of integrating the financial information meant that the entire process took the Lombard Insurance finance team up to 40 hours each month to complete.
This entailed exporting raw data into Excel and then manually connecting each line to the relevant fields per entity. With the cash flow linking back to the balance sheets, the accuracy of these entities is critically important. As the business continues to grow, the increasing volume of financial data generated continually requires the consolidation and combination of new links and accounts.
The spreadsheet approach was not only time-consuming but also very prone to human error. Without an accurate financial picture of what is happening inside the organisation, key decision-making, business development, and organisational growth became increasingly difficult.
This is why Lombard Insurance required a solution that would provide it with an accurate overview of their financial elements that would provide insights into their cash flow and ensure that the company would remain in a strong financial position for the quick settlement of large claims.
Using a combination of Workday Adaptive Planning, Workday Adaptive OfficeConnect, and Excel, Decision Inc. used the existing base structure of Lombard Insurance to develop an Automated Workday Adaptive Planning Cash Flow solution that is user-friendly and aligned to regulatory requirements and Lombard Insurance standards. The nature of the business means that new entities and accounts continue to require a link into the cash flow reporting process, which has been made easy with the flexibility of the Workday Adaptive Planning implementation.
The Workday Adaptive Planning Cash Flow solution can also be structured to fit within the unique parameters and requirements of each individual business unit, which ensures that other departments can derive insights from the reports without interrupting the course of business.
This complex project was completed within three weeks.
By replacing the cash flow reporting process with an automated one, Lombard Insurance has reduced its business risk and freed up resources to deliver more strategic value inside the organisation.
Cash flow reports are now generated securely, quickly, accurately, and in the correct structure with little end-user time required. What used to take the financial team days to complete can now be done in a matter of hours – which has greatly enhanced the efficiency of the organisation.
About Decision Inc.
Decision Inc. is a global leader in information-driven transformation with a core focus on data, digital, and performance intelligence. Our expertise in technology and industry specialisations have enabled us to help companies around the world make better decisions faster. Our emphasis on local excellence and global scale enables us to bring clients best of breed technology solutions that enable significant improvement whilst leveraging our Global Research and Innovation teams to accelerate the time to insight. Our local consulting teams are experts in the implementation, support, and execution of these solutions and work with our clients to deliver real results and improvement.
To discuss your Financial Reporting requirements complete the Contact us form below alternatively to find out more about Decision Inc.’s Financial Planning and Analytics offerings click here https://decisioninc.com/what-we-do/financial-planning-and-analysis