Against this backdrop, providing the key information on “what drives the bottom-line” is what Armada Solutions along with their software solutions delivers to financial Institutions to help them manage their business more effectively. “Armada’s cost management and profitability solutions amalgamate technology, resources, and experience to help organizations understand which areas of the financial institution including their products, and lines of business are the most profitable,” states Frank McKeon, president and COO of Armada Solutions. Armada’s customers draw on their many years of niche experience and industry expertise to enhance the bank’s internal management information that ultimately improves bank performance.
Armada’s flagship applications, Acumen Cost Analytics and Accord Profitability Analytics, aid organizations in monitoring, reporting, reacting to and predicting business behavior that impact the profitability of customers, products, and organizational units.
For profitability calculations, Armada’s Accord Profitability Analytics integrates the organization’s business information to a single version of the truth to offer clients a multidimensional view of their profitability. Armada helps clients identify their most profitable customers, and opportunities for upselling and more effective pricing. This new information now enables Armada clients to focus on improving customer relationships, reducing costs, and upgrading product features.
One of the success stories of customer profitability to Armada’s credit includes Fifth Third Bank that faced challenges in comprehending the most profitable relationships within their corporate banking business. Armada helped them in understanding the drivers of profitability, derived the profitability for all their corporate banking relationships which led to relationship managers now confirming their intuition on which clients were truly profitable and those that were needing attention.
As a certified IBM solutions partner, Armada supports the deployment of Cognos Analytics solutions. “Our cost management and profitability solutions in collaboration with IBM, help clients calculate and proactively manage their profitability with enhanced insights and knowledge on their KPIs,” remarks McKeon.
Armada envisions enhancing their data quality tools and creating flexible solutions and technology for financial performance management to increase the return on investment for organizations. Elaborating on expansion plans, McKeon states, “Over the next few years, we are planning to collaborate with various domain experts and foray into other sectors with our industry agnostic cost management solutions.”