Sotex partnered with Scotiabank to modernize its Project Budget Forecasting Module, enabling more accurate planning and real-time financial oversight across internal projects. The upgraded system introduced dynamic forecasting, automated forecast-versus-actual tracking, and advanced executive dashboards. As a result, the bank improved budgeting accuracy, accelerated reporting cycles, and strengthened financial control and transparency for project leaders and executives.
Overview
To support more accurate financial oversight across its internal projects, Scotiabank, one of Canada’s leading financial institutions, partnered with Sotex Solutions to upgrade and expand its Project Budget Forecasting Module (PBFM). This system empowers project managers to create detailed budget forecasts, track actual expenditures in real time, and generate actionable financial insights for executive decision-making.
Challenges
Before the upgrade, Scotiabank’s forecasting module lacked scalability and modern tracking capabilities. The bank needed to address several operational challenges:
- Limited Forecasting Accuracy – Manual inputs and static projections reduced confidence in budget planning.
- Outdated Reporting Tools – Legacy systems lacked advanced analytics or executive-level reporting views.
- Inflexible Architecture – The existing module was difficult to expand as financial reporting needs evolved.
Our Solution & Key Features
Sotex Solutions delivered a comprehensive upgrade to the Project Budget Forecasting Module, introducing key enhancements:
- Dynamic Budget Forecasting Tools – Empowered managers to create, adjust, and project budgets over time, based on real-time variables.
- Forecast vs. Actual Tracking – Built-in tracking engine to monitor and compare actual spending with projected budgets, highlighting variances instantly.
- Advanced Reporting Dashboards – Delivered multi-dimensional reports and visualizations for use by Scotiabank's leadership and finance teams.
- Performance Optimization – Modernized the system backend to improve processing speed, data handling, and integration with internal systems.
Key Achievements
Improved Budgeting Accuracy – Enhanced forecasting logic increased accuracy and reduced unexpected variances.
Accelerated Reporting – Report generation time reduced significantly, enabling quicker decision-making cycles.
Better Financial Oversight – Real-time visibility into budget status helped project leaders stay aligned with financial goals.
Technology Stack
- Backend: ASP.NET
- Database: SQL Server
- ETL & Reporting: SQL Server Integration Services (SSIS)
Conclusion
With the enhanced Project Budget Forecasting Module, Scotiabank strengthened its financial planning capabilities and empowered project managers with the tools needed for greater accountability and performance. Sotex Solutions’ modernized platform now serves as a strategic asset for ensuring financial alignment and operational transparency across internal projects.
