MCI Consultants, the leading distributor for the IBM Cognos TM1 product in Africa, today announced that Barclays Bank has embarked upon further exploitation of the capabilities of TM1 within its African operations.
Up until now, Barclays had used TM1 for its daily financial reporting and Central Bank reporting for its various African country operations. Financial data is then transmitted to Dubai for consolidation on a monthly basis.
These management reports include many complex calculations including cost allocations, currency conversions and funds transfer pricing, which are all automated utilising TM1's rules engine. While these reports were previously spreadsheet-based, taking several days to produce, they are now created in minutes.
The current activities are part of the bank's new global information strategy and involve utilising TM1 to adapt the current in-country information into the alternative, standardise view that is required for this initiative. These include, for example, aligning product and sector views with a global standard. This information is then transmitted to London and on a monthly basis where it is consolidated for reporting purposes.
The process has been successfully piloted in Barclays Zambia, and implementations in Ghana, Kenya and Tanzania are currently under way, with more countries to follow.
"We are delighted that the benefits of TM1 to Barclays Bank in Africa have been recognised and that the decision to further exploit the product within their operations has been made," concluded Aliki Droussiotis, Director of MCI Consultants. "We are confident that the bank will continue to reap major benefits as this process continues across its various African operations."
For further information, please contact Aliki Droussiotis, MCI: telephone 011 454-3420, fax 011 454-3417, e-mail aliki@mci.co.za
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MCI Consultants is a South African-based business information systems consulting firm specialising in providing software solutions to the business community, specifically to the financial services and personnel recruitment industries.
It offers complete solutions, including accounting systems (ACCPAC), business intelligence solutions (Applix/Cognos) and recruitment solutions (AdaptRecruitment), as well as bespoke developments including software for the JSE Stock Brokers, including trading and portfolio systems that also incorporate e-commerce and mobile technologies. MCI Consultants is the leader re the support, training and exploitation of the TM1 product in Africa, especially within the banking environment.
MCI is at the forefront of providing business intelligence solutions in South Africa. Since inception, it has been involved in the development and provision of business intelligence software, support and consulting services to the financial services industry.
Its approach is to continuously provide solutions to meet clients' changing requirements. It takes pride in delivering excellent customer service and building lasting partnerships with clients.
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