Financial Forecasting Module

Financial Forecasting Module

A project forecast provides a Financial Institution and its client’s predictability of expenditures. The forecast identifies variances to your initial planned spend and therefore the need for more or less funding over the duration of your project.

Challenge

The project Forecasting System would be a tool used to record/report on forecast project spend. It would contain active projects, their Components and Cost Elements from a proprietary system. The Project Forecast System would be updated nightly by a SmartStream system.

Project Budget Forecasting solution would provide Bank managers with the ability to create project budget spending forecasts and track those forecasts against actual project spending over time. The solution would enable reporting to the Bank management team.

SYNTHESIS was approached with an exciting opportunity to streamline reporting, simplify workflow, and allow easy navigation to its users.

SYNTHESIS ran a client workshop with the client and its partners in order to get up to speed on business requirements and key dependencies associated with the project. We learned that one of the key goals for the project was to provide customers with streamlined workflows, and key reporting abilities to manipulate data. Ideally, users could use the new functionality to view in more detail reports, dashboards for all project reports including quarterly, monthly, and yearly financial reports by mapping any number of components.

Solution

The website for data capture was developed in .net. The web server was configured to connect with SQL Server 2012 data and server machine. All of the data including user input, resided in the application database and reports could be extracted directly from the website in excel, word or pdf format. The user interface was built to enable read, entry and modification of data records in the database. In addition to support the application we built the following:

  • Developed ETL solution, capable of importing SmartStream extract of project data from flat files using SQL Server Integration Services (SSIS). Support built for daily data refresh of Smarstream data ensured SmartStream data import would not affect delete/modify manually entered forecasting data stored in the Forecast Module.
  • Ensured data import framework was easily extensible to include additional data fields in the SmartStream data feed (changes/extensions of transformation logic and additional data sources).
  • Developed a project forecast entry screen to allow project delivery managers to enter project forecasts.
  • Provided the ability for Forecast Module administrator to enter/modify data within the forecast database.
  • Provided ability to manually upload project data from other General Ledger systems providing that it follows a defined format that is based on the current defined feeds from SmartStream.
  • Implementation of defined reports.

Gathering Requirements

Initial gathering of functional and business requirements with various stakeholders, and key group was performed. Creation of data architecture, use cases, and design of the front-end GUI documentation was conducted.

Technologies

The website for data capture was developed in .net. The web server was configured to connect with SQL Server 2012 data and server machine. All of the data including user input, resided in the application database. In addition ETL solution was built capable of importing SmartStream extract of project data from flat files using SQL Server Integration Services (SSIS) as well as ability to manually upload project data from other General Ledger systems.

Efficiency

The application improved overall user time spent amalgamating and bench-marking reports as well as minimizing the human error effect by automating various calculation which would otherwise be manually done in excel.

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