TALLAHASSEE, Fla. — Envision Credit Union said it has reduced monthly teller activity reporting from 20-plus manual labor hours to less than 10 minutes in the year because of business intelligence software from Cognos Inc.
Overall, the Cognos TM1 solution has allowed the $193 million CU to improve the quality and timeliness of its financial reporting and its ability to analyze its business performance, the company and credit union said.
Envision (www.envisionc.com) cited the ability to model fee-related income, analyze charge-offs and recoveries, report financing activity trends, and compare income statement and balance sheet accounts with "point and click" ease.
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"Consolidating all the reporting and analysis activities into a single platform enables us to facilitate both internal and external financial reporting and analytical activities and do it much nearer to our ultimate real-time goal," added Dan McGowan senior vice president/chief financial officer at the 32,000-member, 10-branch Envision.
"We've managed to accomplish all of this, and more, in our first year as a Cognos TM1 client, and yet feel we've only scratched the surface as to what we can do in the years ahead," McGowan said.
"In the immediate future, the accounting department will be expanding the scope of services offered to executive management and other departments using TM1′s Web interface," he said.
Cognos is based in Burlington, Mass., and said it provides performance and management solutions and services to more than 23,000 customers in more than 135 countries.
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