Technology Category
- Platform as a Service (PaaS) - Application Development Platforms
Applicable Industries
- Finance & Insurance
Applicable Functions
- Human Resources
- Procurement
Use Cases
- Inventory Management
- Time Sensitive Networking
About The Customer
Berkshire Bank is a financial institution with over 97 offices in Massachusetts, New York, Connecticut, Vermont, New Jersey, and Pennsylvania. The bank provides a variety of financial services including personal and business banking, insurance, and wealth management. Founded in 1846 in Pittsfield, Massachusetts, Berkshire Bank now manages more than $9.3 billion in assets. The bank's Human Resources department manages more than 1,300 employees and is responsible for producing monthly reports related to short-term incentive plans, compensation and salary, talent management, and internal/external auditing requests.
The Challenge
Berkshire Bank's Human Resources (HR) department was faced with the challenge of creating and sharing monthly reports for short-term incentive plans, compensation and salary, talent management, and internal/external auditing requests. The department, which manages over 1,300 employees, had to spend hours collecting, parsing, and reconciling data before it could be shared with the executive team. The bank's expansion over the years, through organic growth and acquisitions, led to the deployment of several disparate HR systems. This resulted in HR data being 'locked away' in various systems, making it increasingly difficult to access, reconcile, and combine information from multiple vendors and various Excel spreadsheets.
The Solution
To overcome these challenges, the bank turned to Altair's Monarch platform. Monarch was initially employed for the reconciliation of short-term incentive plan reporting. The platform enabled the HR department to quickly access, blend, reconcile, and prepare data. Tasks that previously took four or more hours to complete could now be done in just five minutes. The prepared data could then be easily dropped into a visualization tool for analysis. Over time, the HR department found many more uses for Monarch. The platform was used to create detailed and repeatable turnover, talent management, and compensation reports and dashboards. It also helped ensure the currency and accuracy of data being used by providing a clear picture of the statistical details of datasets.
Operational Impact
Quantitative Benefit
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