Client Situation
A leading bank headquartered in Bahrain with operations in Kuwait, India, UAE, and Turkey was on a transformation journey to automate its Planning, Budgeting, and Forecasting (PBF) to streamline its operations across each country.
Cedar’s Approach
Cedar adopted a comprehensive approach involving a thorough analysis of the bank's requirements and needs across its strategies, business, IT, functional, and application blueprints. Cedar performed the following steps:
- Capability Workshops: Conducted an in-depth assessment of the bank's current and future needs. Through this investigation, the team could comprehend the primary motivators behind the digital transformation initiative.
- RFP Design & Issuance: Designed and assisted in issuing a comprehensive RFP including, all functional, technical, commercial, and contractual requirements to vendors providing Planning, Budgeting and Forecasting systems.
- System Evaluation: Facilitated detailed in-person product walkthrough between the bank’s key stakeholders and the vendors. All functional and commercial terms were included in this review.
- Way Forward Recommendations: Implemented Cedar’s proprietary C-score methodology and above assessments to provide a holistic view of all the options and recommended a way forward.
Outcome
As a result of Cedar's engagement, the bank introduced several key automation initiatives on top of the current scope to transform their financial journeys:
- Built an extensive repository of ~350 functional and technical capabilities in this domain.
- Evaluated 8 suppliers and recommended 2 best-fit solutions.
In conclusion, Cedar's expert guidance encouraged the bank to fast-track their transformation journey and explore new automation opportunities.