Commercial Banking Business Reduces Annual Strategic Planning and Budgeting Process Cycles by 43%

The Client

Sandy Spring Bank is independent, community oriented, and conducts a full-service commercial banking business through 43 community offices located in Anne Arundel, Carroll, Frederick, Howard, Montgomery, and Prince George’s counties in Maryland, and Arlington, Fairfax, and Loudoun counties in Virginia. Through its subsidiaries, Sandy Spring Insurance Corporation and West Financial Services, Inc., Sandy Spring Bank also offers a range of insurance and investment management services. The Company operates in three segments: Community Banking, Insurance, and Investment Management.

Business Issues

• SAP Business Objects Planning (INEA) and Excel-based strategic planning, budgeting, consolidation, and performance management reporting models

• Labor-intensive data collection and report development processes

• Limited forecasting and “what-if” modeling capabilities

• Increased internal profitability and external regulatory reporting requirements

Longview Solution

• Planning

• Consolidation

• Tax

• Design, development, and deployment advisory services

Benefits and Impact

• Simplified loan forecasting leveraging single source of data for ALCO and business line forecasts including run-off, renewals, and new production

• Improved performance reporting and analysis

  • Role-based web dashboards with Key Performance Indicators

  • Centralized report production—all reports reflect “one version of truth”

  • Decentralized performance variance analysis and reporting

• Reduced annual strategic planning and budgeting process cycles by 43%

• Adopted rolling forecasts with time horizon extending beyond year-end

• Streamlined financial close and management reporting processes

• Increased management confidence in accuracy of plans, forecasts, and reports