Wednesday 03, May 2017 by Jessica Combes

Bank Nizwa boosts business planning and budgeting efficiency with SAP EPM solution


Nizwa Bank has implemented MDS ap, a platform for budgeting, planning,  and forecasting using SAP BusinessObjects Planning and Consolidation (SAP BPC) and SAP BusinessObjects Dashboards.


Nizwa Bank, based in Muscat, Oman, specialises in Islamic banking and uses SAP BPC to deliver fast, accurate planning, budgeting and forecasting scenarios through one single application.


"We are very excited to have partnered with MDS ap on the SAP project for Budgeting and Planning. It has taken our financial planning capability into a new era.  In today’s market, it is imperative for our bank to stay agile to quickly adapt to changing market conditions. With the SAP platform in place, our finance team has now the ability to quickly plan and budget according to our business needs as well as to proactively plan for different scenarios in advance at a very granular level,” said Khaled Al Kayed, CEO of Bank Nizwa.


Bank Nizwa had a proprietary excel spreadsheet based planning solution developed and maintained in-house by the core finance team. While the old system was meeting their budgeting needs, the process was time consuming and labour-intensive since the core finance team spent a great amount of time collecting input from business units, verifying data and validating accuracy before they could manually input them into the master budget excel spreadsheet to generate a budget version. Any proposed change in business plan would have resulted in the finance team repeating the entire process.


”The implemented system has helped  our  team move away from excel based budgeting and forecasting and delivered automation, integration, more control and better transparency across key departments and cost centres. Nizwa Bank is now able to save time, reduce operational costs and ensure our teams meet compliance requirements,” Khaled added.


SAP BPC also helps track version changes, maintain accuracy, and reduce manual interventions and human error. It allows data to be directly loaded from the bank’s legacy ERP system and maintains information on historical budgets and facilitates real time reference and comparisons with actual-budget. It also offers an intuitive, spreadsheet-like tool that business users can comfortably use to help with easily and fast business user adoption.


“We are delighted to help Bank Nizwa implement SAP BPC using our rich experience and implementation best practice. Today, every enterprise requires financial efficiency and agility to win in the dynamic and ever more demanding market. We are excited about our on-going technologies partnership with Nizwa bank as we take pride in helping our customers win and grow,” said Tony Achkar, Group Managing Director and EVP of MDS ap.


MDS ap is currently helping the bank’s CFO office with its financial transformation strategy to create an Agile Finance Service Function to help accelerate the bank’s growth.


“Bank Nizwa is one of the Middle East’s most innovative banks, with the latest real-time analytics enabling Bank Nizwa to simplify operations, cut costs, expand and enhance the future banking customer experience. SAP is committed to exchanging global best practices with Oman’s banking and finance sector, and supporting Oman Vision 2020 goals of economic diversification,” said Tayfun Topkoc, Managing Director, SAP UAE and Oman.


MDS ap has, in the past few years, completed multiple EPM projects across the Middle East region including Disclosure Management Project at Emirates NBD, BPC Project at UAE Exchange and Group Financial reporting project at  Al Faisaliah Group. MDS ap is a strategic partner of Column5Consulting and a SAP Gold Regional Partner.



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