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Numa Solution: Facilitating the Financial Analytics Processes of Businesses
Driven by a troubled economy, capricious markets, embryonic regulatory landscape and an organizational alteration, the financial sector is jammed in a groundswell of change. Therefore, with businesses mushrooming towards shorter decision-making horizons, financial teams have to deliver greater insights with the available data. Providing better visibility into factors that drive revenues, costs, shareholder values, analysis of financial data for finding out effective solutions for business problems is Kuala Lumpur-based Numa Solution - a financial analytics solution provider. Developed to ease implementation and usage, the firm’s financial analytics solutions ensure the focus is on essential and value-added tasks. “We aim to facilitate and improve the business analytics processes within organizations to provide greater insights into their businesses,” states Azhim Hadi Daud, Founder of Numa Solution.
An IBM Gold Business Partner and a part of the Business Associates Consulting (BAC) group of companies, Numa Solution has been an implementer of the IBM Cognos TM1 and IBM SPSS software since 2003. Leveraging on the capabilities of the IBM software, the firm provides multi-dimensional capabilities, focusing on enterprise analytics, and providing solutions specifically to the finance function of an organization. The software enables Numa Solution to have more predictive capabilities in the solutions they deliver to customers.
The firm’s flagship offerings, Activity Based Costing, is an application which allows organizations to do cost allocation in terms of devising the cost of the product, cost of delivering services to customers, thereby, cutting across multiple segments.
This solution computes the potential default of a loan being given by the bank based on the focus of the micro-economy. Given the amount of credit line granted to customers, it facilitates the end-to-end calculation for the ECL estimates.
The third, Financial Consolidation, supports the extraction of financial data from various sources to perform inter-company elimination, currency conversion and lastly, consolidation for financial reporting. This allows users to perform multi-dimensional analysis on the results of the consolidation, at the same time ensuring a drill down the process to the real data within the solution.
With the advent of new financial reporting standards, be it in the finance or accounting industry, reporting regulations have become more and more complicated. And, with companies devising more product offerings, expenses can be met accordingly in the period or in the respective segmented space required for reporting. “I think this is where financial analytics is becoming more and more important and is being adopted by finance functions across organizations around the globe,” asserts Daud.
Since its inception in 2003, Numa Solution has scaled its services to help their clients grow rampantly. In one such case, the firm helped a company that faced problems with integrating numbers between financial and management reporting, and the flowing of data to the financial consolidation module. And, since they operated across geographies, they lacked the asset that was required to get the work done. Numa Solution combined all four mains solutions - financial reporting capabilities, a financial consolidation application, a management reporting solution and bisecting solution - into one integrated delivery. This was one of the most significant implementations done by the firm.
Currently, Numa Solution is looking to expand its product line, particularly in the financial analytics ecosystem – the IFRS primarily. The firm is working on solutions to address IFRS 15 –‘Revenue’ and IFRS 17–‘Insurance Contracts.’ Besides, they are also enhancing their current product line, upgrading new features and offerings from the product perspective. “We are looking for a geographical expansion as well, particularly in the South East Asian regions and the Middle East,” concludes Hadi Daud.