BNP Paribas Case Study

BNPParibis

This financial services giant was creating, distributing, collecting, and consolidating hundreds of spreadsheets using 2 different systems – Vinci and Paradigm.  Vena automated all of that with a secure, central data repository that seamlessly syncs with both Vinci and Paradigm.

One of the world’s largest financial services companies was manually creating, distributing collecting and consolidating hundreds of spreadsheets to budget and forecast their expenses and revenues. Expense data was stored in Vinci, while revenue data was stored in Paradigm.

CaseStudy_BNPParibas

BNP’s Finance team was creating hundreds of spreadsheets, then distributing and collecting them through email and manually consolidating them. Each received template was formatted differently and needed to be manually adjusted. Also the manual consolidation of spreadsheets was a long and painful process that took several months. On top of that, due to the uncontrolled nature of the spreadsheets, anyone could change a formula, calculation or line of data, potentially skewing budget numbers.

In addition to providing version control, Vena automated previously manual processes with a secure, central data repository that seamlessly syncs with both Vinci and Paradigm. A single Excel template is sent to all users and received templates are automatically consolidated into Vena’s central data repository in a matter of seconds. As a result, Finance has more time to devote to value-added activities, such as analysis, discussion and decision-making.

Why Vena?

  • A single, centrally maintained Excel template is now used by the entire organization
  • The template dynamically changes based on its user security settings
  • Vena automatically consolidates received templates into files that can be easily fed back into Vinci and Paradigm for reporting purposes
  • Budgeting spreadsheets contain current revenue figures and a column for “new business”; Vena automatically factors a percentage determined by Finance into the calculation of final budget figures; this standardizes processes and reduces the possibility of error
  • The client has cost centers and business lines and can budget at the cost center level; Finance inputs allocation percentages for each cost center and Vena automatically allocated cost centers to business lines
  • Compiled reports are automatically fed back into both Vinci and Paradigm
  • Received revenue spreadsheets are consolidated in Vena, where managers have the ability to make adjustments in a separate column

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