OREANDA-NEWS. April 13, 2009. ROSNO has successfully implemented a budget management system. The solution developed on the basis of IBM Cognos Planning by Microtest enabled the company to improve efficiency and transparency of such processes as budgeting, financial planning, and forecasting the company’s performance, reported the press-centre of ROSNO.

The project for implementation of an integrated budget management system was launched in July 2008. The developing team (Microtest) and the team in charge for the project on the customer’s (ROSNO) side faced an ambitious challenge: within 2 months to create the model enabling to decrease budgeting periods and man-hours required for collection, approval and consolidation of financial information; detail the procedure for allocation of budgets to each insurance product; automate the procedure for collection and distribution of financial information in all of the company’s branches; and to create a single storage location for the budget data.

By now, this system has been put in regular operation in ROSNO’s head office. Implementation of the project has enabled 70% decrease in the time spent and 90% decrease in labour costs associated with modification of the budget process, and secured transparency of cost distribution, therefore emphasizing the company’s most and the least profitable businesses and improving reliability of financial and administrative information.

The selection of IBM Cognos Planning for implementation of the project results from the fact that this system is capable of forming budgets and monitoring budget performance in real-time mode via convenient web interface, and can be used for visual projection of centralized administration and adjustment of the budget model, taking into account any current changes in market conditions.

"The implementation of the budget management and information system has supplied us with new tools for planning and analysis of our operations, secured increasing transparency and accuracy of financial data and lower time requirements for preparation of plans", noted Ms. Olga Krymova, Deputy CEO/CFO of ROSNO.