success story

Building a Standardized Finance Data Model and Integrated Reporting Platform on HANA

Our client, one of the leading insurance providers in the U.S. was unaffected by the crisis in 2008 but realized that its finance capabilities could not sustain planned future growth, expanded regulatory oversight, and increased need for timely information

It embarked on a journey to establish a single source of truth for financial information across its organization and begun its transformation journey then. Virtusa was chosen as the partner of choice for its domain knowledge and expertise in implementation

 

 

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The Challenge

Though unaffected by the financial crisis of 2008, the client realized that finance capabilities could not sustain planned future growth, expanded regulatory oversight, and increased need for timely information. Challenges included:

  • Inconsistent data management -most financial information was compiled from multiple sources that lacked consistent definitions and had limited governance standards
  • Limited access to data - a tremendous amount of time spent gathering data, rather than performing analysis, providing insight, and supporting business decisions
The Solution
  • Finance data integration hub on SAP HANA, with standardized finance & risk data model linking business process to data
  • Real-time reporting platform linking subledger, GL and BPC for streamlined and consistent data access across the businesses
  • Cross-platform end to end reconciliation leveraging HANA Smart Data Access
  • System Components:
    • Data Modeling - SAP: HANA Studio, BW 7.4
    • Data Presentation - SAP: Analysis for Office, Crystal Reports
The Solution
The Benefit
  • Updated, extensible, and rationalized finance and risk data model (~16,000 elements to 1,600 unique elements)
  • Delivery of new/additional data dimensions, new self-service analytic tools, and simplified reporting with watermarked datasets (finance reports rationalized to >100)
  • Single source of truth for all financial information, reconciled from source to report (compliant data traceability)
  • More granular and consistent data (the first release included +20 elements at policy or claim transaction level)
  • Enhanced decision making through access to real-time, comparable and detailed financial information

Data Ingestion

Data ingestion enables to extract value from their data with tools that can process various data formats and large volumes of unstructured data to identify issues and opportunities and make informed decisions to deliver accurate data on time, every time.

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