AMCORE Financial Selects SRC Software to Deliver Enterprise-Wide Performance Management Solutions.Business Editors PORTLAND, Ore.--(BUSINESS WIRE)--March 2, 2004 SRC (SouRCe) Contrast with DST, which is an abbreviation of "destination." Performance Management Solution to Enhance Budgeting, Reporting, Forecasting and Strategic Planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. SRC Software, the leader in providing flexibility and sophistication so·phis·ti·cate v. so·phis·ti·cat·ed, so·phis·ti·cat·ing, so·phis·ti·cates v.tr. 1. To cause to become less natural, especially to make less naive and more worldly. 2. for enterprise budgeting and financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against , today announced that AMCORE Financial, Inc. (Nasdaq: AMFI AMFI Association of Mutual Funds in India (Mumbai, India) AMFI Association of Mutual Fund Investors AMFI American Messianic Fellowship International ), has selected SRC Software for its corporate performance management (CPM) needs including its strategic planning, budgeting, reporting and financial analysis. SRC Software was chosen to simplify, integrate and consolidate performance management processes across AMCORE's lines of business. AMCORE, which has over $4.5 billion in assets and a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment network in Wisconsin, Illinois and Iowa, needed a comprehensive performance management system that could deliver a single version of financial truth throughout the organization. After careful evaluation of several vendors, AMCORE concluded that SRC's Performance Management Suite, which is specifically designed for financial institutions, was the Company's best choice. AMCORE has experienced rapid growth over the past several years due to the successful opening of 15 new branches as well as the addition of numerous new product offerings. The need for scalable and flexible performance measurement processes had become vital for managing the bank. AMCORE will implement SRC Software to consolidate both its data and its processes into one comprehensive performance measurement platform, remove duplicate efforts and drill down into line of business and branch-level detail, while reducing time spent gathering information and eliminating errors. Adopting a more holistic approach holistic approach A term used in alternative health for a philosophical approach to health care, in which the entire Pt is evaluated and treated. See Alternative medicine, Holistic medicine. to performance management will enable AMCORE to model and monitor corporate performance with greater efficiency and agility. The Company's decision to purchase SRC Software was largely based on SRC's vision and expertise in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry. SRC demonstrated its ability to effectively address industry-specific issues such as de novo [Latin, Anew.] A second time; afresh. A trial or a hearing that is ordered by an appellate court that has reviewed the record of a hearing in a lower court and sent the matter back to the original court for a new trial, as if it had not been previously heard nor decided. branch modeling, initiative based strategic planning and collaborative net interest margin planning, all fully integrated within one system. "To manage $4.5 billion in assets, a growing services line and new branch openings, we needed a solution that would help us quickly deliver accurate forecast and planning results including detailed cost center budgets and summary-level, long range strategic plans," said John Hecht, executive vice president and chief financial officer at AMCORE Financial, Inc. "SRC Software delivers a truly integrated system that eliminates duplicate efforts, saving valuable time. By using SRC Software for detailed and accurate reporting, end users will no longer have to create reports from a variety of sources." "We are delighted to be able to partner with AMCORE on this project. Their vision of integrating the disciplines of strategic planning, budgeting and various management reports wonderfully aligns with our strategic direction," said Peri Pierone, vice president, vertical markets for SRC Software. "SRC Software's extensive work in the financial services industry makes it possible for us to deliver next-generation solutions to institutions like AMCORE. We specifically developed the SRC Performance Management suite for financial institutions based on industry best practices and our outstanding technology infrastructure. We will continue to offer institutions like AMCORE a fully integrated alternative to the stand-alone fragmented applications of the past." AMCORE will implement several modules of SRC Software's suite of Performance Management products, including SRC Budgeting FI, SRC Strategic Planning FI, SRC Payroll Planning FI and Cash Flow Analyzer. The system promotes a best practices approach to key industry-specific budgeting and planning issues such as cash flow forecasting Cash flow forecasting is the modeling of a company’s future financial liquidity. Cash usually refers to the company’s total bank balances, but often what is forecasted is treasury position which is cash plus short-term investments minus short-term debt. , de novo branch modeling, rate/volume analysis reporting, "what if" scenario analysis Scenario analysis The use of horizon analysis to project total returns under different reinvestment rates and future market yields. , capital budgeting and staff planning. About SRC Software SRC Software (www.srcsoftware.com) is the leader in providing flexibility and sophistication for enterprise financial planning and corporate performance management. With nearly 2,000 installations in mid- to high-end enterprises, SRC's highly personalized budgeting, payroll planning and multi-source consolidation/reporting solutions are used by companies such as Washington Mutual “WaMu” redirects here. For the Washington, DC radio station, see WAMU. Washington Mutual (or WaMu; NYSE: WM) is the United States' largest savings and loan association. Finance, Comerica, Caterpillar Logistics Services Inc., and C-SPAN. SRC offers a full complement of financial planning and analysis tools through its unique integration of spreadsheets and industry-leading databases complete with full-scale web deployment. The company is privately held and based in Portland, Oregon; has regional offices in Boston, New York Boston is a town in Erie County, New York, United States. The population was 7,897 at the 2000 census. The town is named after Boston, Massachusetts. The Town of Boston is an interior town of the county and one of the county's "Southtowns. City, Houston, Chicago and Atlanta; and distribution channels in more than 16 countries. For more information, contact SRC Software at 1-800-544-3477 or by e-mail at info@srcsoftware.com. |
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