Financial Services Solutions
Our Financial Services team provides guidance and support to organizations looking to modernize the way they do financial business from business modeling to business scaling, and beyond. We bring a fresh perspective and knowledge on rapidly converging issues and drivers shaping the financial industry while anticipating challenges, developing, and implementing strategies helping our clients build a competitive advantage. Through our interaction with various financial organizations, we understand the landscape of their challenges and tackle them with leveraging the power of data, digitization, and disruption.
A few highlights of our Financial Services Solutions:
Financial RPA Solutions - Large Government Independent Advisory Firm
Challenge:
Took the finance team months to process invoices each month as they were falling behind on timely processing.
Solution:
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Accounts Payable Invoice Processing with RPA.
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Automate Cognos Analytics Report Delivery with RPA.
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Markview Invoice Extraction with RPA.
ROI Current Year 1 = 111% ROI Projected Year 3 = 893%
(6-month investment break even with services and software)
Financial RPA Solutions - Large Commercial Restaurant Chain
Challenge:
Their finance team was facing frequent errors and manually processing their accounts payable invoices.
Solution:
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Bots immediately triggered when invoices received.
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RPA Intelligent Document Processing (IDP) of invoice data.
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Invoice validation and payment automation into SAP.
Legacy State = 20min Automated State = 7min
(300% increase in efficiency and 100% accurate)
Financial RPA Solutions - Large Medical Equipment Supplier
Challenge:
The organization was looking to automate the mundane and repetitive task of segregating documents for downstream applications to initiate invoice processing.
Solution:
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Automated 3-way matching (PO/Receipts/Invoice reconciliation) and preparation process.
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Used RPA to automate the entire document management process and the invoice processing operations.
Legacy State = 175min Automated State = 39min
($195K annual savings and 100% accurate)
Financial RPA Solutions - Large Manufacturing Supplier
Challenge:
The company's customer sales orders were manual and inefficiently processed, causing a significant impact to their revenues.
Solution:
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Used RPA and AI to classify documents, extract multi-page, multi-language data from POs, and input into SAP.
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24/7 bots enabled processing of sales orders including weekends and holidays.
Legacy State = 33min Automated State = 8min
(2 FTE annual savings and 33% reduction of manual labor)
QuantaHub Squared Financial Automation Showcase
Finance Transformation is an important initiative in today’s market and automation in finance and accounting is becoming a key metric to business success. Finance and Accounting is often the first business functions to be examined when business goals, objectives, and strategies are evaluated. One of the most effective methods to achieve a highly accurate and error-free consistency of data is by reducing repetitive administrative tasks using automation. Leadership expects their finance divisions to run as efficiently as possible to ensure that payments are processed quickly, debtors are handled, and reports are created on time to share insights and aid decision making.
This showcase will provide you with an overview of finance automation with ideas to help provide you with a competitive advantage to exceed your business goals and objectives.
The Finance Automation Bullseye
We consider these 10 process areas of Finance most critical for automating to achieve your Financial Automation Enterprise goals.
