Budgeting, planning, forecasting, cash flow calculator, consolidation and reporting
“Instrument-level planning and budgeting gives our business users the opportunity to see much more detail. For instance, we can now see exact loan amounts and all details of each loan account. The additional levels of information bring new perspectives and greater confidence to planning.”
Joel Macholan - Vice President, Financial Planning and Analysis, Wintrust
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Over the last five years, Wintrust has significantly grown through the expansion of services and through acquisitions. Since 2011, the company has completed nine acquisitions, and five of which have been completed in the last 18 months. The company’s existing financial system was no longer supported and could not support the increasing complexity of the business.
Additionally, the financial planning and analysis team (FP&A) could not keep up the increasing executive demands – which included the ability to do frequent forecasting and meaningful simulations for decision support or with regulatory requirements such as multi-year planning and detailed audit trails.
In 2014, Wintrust selected Tagetik’s Financial Performance PlatformTM. The first forecast using the new system was completed in March 2015. Today, the company uses Tagetik for end-to-end planning, spanning budgeting and forecasting, cash flow planning by instrument, consolidation and financial reporting, salary allocations, and regulatory reporting.
The implementation project involved template design, the creation of a cash flow calculation module, ETL mapping for data imports and exports, loading of historical data, and system training – much of which was conducted by the FP&A team itself. The FP&A team handles all system management and administration, saving thousands of dollars in outsourced management costs. Automated consolidations take minutes to complete, rather than days.
In addition to saving time and money, Tagetik’s software solution also gives Wintrust the ability to plan at the instrument level (including charge-offs and prepayments); create projections for variable compensation plans; handle all regulatory capital planning; and conduct balance sheet planning and interest rate risk assessments.
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