Going real time

The Web-based financial budgeting and reporting tool was initially rolled out to 130 budget areas and has now been adopted across more than 800 cost centres in Old Mutual's Retail division.

Developed by Cape-based idu Software, idu-Concept is designed to remove the iterative process inherent in spreadsheet-type environments and streamline the budget and forecast capture and reporting processes.

"While we were happy with our MIS application, we needed a budgeting module that would make the budgeting process more efficient," says Kevin Cilliers, financial accountant for retail finance at Old Mutual.

Implementation of idu-Concept was rapid and the application went live in 10 days.

"idu-Concept enabled the Individual Life division to significantly streamline its budgeting process, making it simpler, faster and less costly. The application has all the permutations necessary for driving high-level budget methodology, from itemising, allocating and standardising accounts to individualising remuneration," says Cilliers.

"Receiving figures and consolidations in realtime means cost centre managers spend more time looking at numbers that are relevant, and less time trying to manage the process and consolidate figures. The application is simple and easy to use, even for non-financially astute users," says idu MD Kevin Phillips.