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CASE STUDY MEDIA
THE
Challenge
As the company's business scaled, the scale and complexity of its operations also grew. The client wanted to streamline its operations and create a more nimble and agile organization with scalable processes and digital infrastructure that could withstand the growing needs of the company. A key pain point in its current operations was accounting and reporting. The Finance team was expending much of its valuable human capital on accounting, controlling, and reporting functions including manual creation of reports and inputting data manually from multiple systems in excel sheets. The business process required the team to not only input the data from its own tracking systems but also from the partner dashboards and systems to reconcile the numbers. An oversight or a mistake in these functions was detrimental to the client's finances. The client wanted a complete revamp of its reporting infrastructure as a part of the digital transformation with a focus on automation. Another key focus area for the client was the standardization of the digital infrastructure and technology stacks.
A digital transformation at this scale required a clear vision, an integrated approach, and a focus on creating value.
OUR
Solution
Innovantes worked with the RRM leadership and the finance team to carry out a detailed assessment of their current financial systems, processes & workflows. Innovantes revamped multiple business processes as a part of the digital transformation and used its expertise in technology and business analytics to drive new business reporting, tools, and insights into business performance. We developed and implemented a custom automation platform that consisted of multiple software bots to read data from multiple systems and update the client's new cloud-based platform. The tracking systems of the partners/affiliates were also integrated into the new platform using APIs. A custom email report ingestion was prepared for the partners who had no APIs available. The software bots monitored every system multiple times a day to keep the client's platform up to date at all times.
The platform allowed the finance teams to access historical and real-time performance data from all systems in a single tool and did away with the need to access multiple systems. The reconciliation reports were automated and notified the finance team of any difference in the numbers between the client and the partner system to ensure quicker
With an improved first-time-right rate and a considerable reduction in reconciliation, the cloud-based solution was able to streamline service and free up finance professions to focus on higher-value work.
Digital Enablement
New digital platform with multiple systems integrated into it
Software Bots
Monitor every system multiple times a day to keep systems in sync
Email Ingestion Tool
Scraping tool to read and scrape data from emailed reports
Dynamic Insights
Reports can be viewed in near real-time, are actionable, and support decision-making
OVERALL
Impact
The platform has brought about huge gains in productivity, risk management, compliance, cost, and efficiency.
Reduction in reporting time
Reduction in reconciliation efforts
Transparency into financial operations
FTEs freed from unproductive work
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