WorldRemit Case Study

WorldRemit

Forecast, Analysis, Business Process and Reporting

Implementing a new business platform for the online money transfer service, with a redesigned and optimised suite of forecasting processes, analysis tools, approval processes and reports.

Freeing up time

We helped WorldRemit move from ‘cranking the handle’ for 90% of the time daily to the same process taking less than 10%

Visibility and control

The Vena platform delivered process controls to separate functions and tasks, and clear data-governance rules through user permissions

Dynamic adaptation

Unforeseen changes in commercial and operational arrangements were managed easily thanks to the flexibility of our Vena + Excel platform

Challenge

WorldRemit’s CFO challenged us to transform the company treasury’s forecasting and other related processes to help them optimise “working capital utilisation” and scale volumes without a linear growth in treasury team headcount. He also wanted to adopt an enhanced control and governance structure to better manage process, people and reputational risks.

WorldRemit Challenge
Solution

We needed to draw clear lines in terms of process, tasks, data ownership and governance, so we ultimately broke the spreadsheet elements into eight separate task-specific forms. This enables the client team to manage and scale the process as the business needs evolve, but always in a controlled and auditable framework.

Results

We reduced forecasting time from 120 minutes to 8 minutes by codifying and automating corporate and task level assumptions to many of the process steps which had previously been applied and input manually.

We created a single version of the truth due to the entire process now having a single data model, with clear governance and ownership and only one defined version of each dataset.

‘Scale as you grow’ we enabled by giving one person the ability to deal with 5-10x the number of correspondents without having a time crunch.

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WorldRemit Case Study

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