Global communications company implemented automation to increase productivity and efficiency
A global communications company implemented Intelligent Automation to cut down on the manual work their accounting team was spending on sifting through data from multiple sources to create journal entries each month. The automation complied with Sarbanes-Oxley regulations and utilized existing enterprise software and technology.
The client had a significant number of manual processes due to outdated technology and disparate systems. This delayed the financial close process as accountants spent excess time collecting data, reformatting this data, and creating manual monthly entries. This not only contributed to an inefficient month end, but the process was prone to errors and took valuable time away from reviewing and analyzing financial data.
Prior to implementing the automation:
RevGen sought to identify a simple solution to improve efficiency while saving costs. In addition, support from hesitant business users was needed as implementing Intelligent Automation can sound like a scary proposition – collaboration was key. Using automation, or “bots”, was new to the accounting organization, and there was resistance to use it for critical financial processes.
The approach included:
The solution was built using an existing organizational automation software package, so that any developed automations could be easily supported by client resources. RevGen developed an automation to open files, enrich data in those files, and create the journal entry in the client ERP system. The solution included a control flow and focused on low-code development. This unassisted bot was implemented to run on a schedule without human intervention.
The implementation of this solution demonstrated the value of automation – minimizing low-value manual work to streamline a critical organizational financial process. In addition to reducing a task that typically took a full business day to minutes, the solution also resulted in:
Our client needed to make data-driven decisions on reducing operating expenses while protecting revenue and client satisfaction. RevGen created a methodology that found a 32% reduction in OpEx while unlocking a new revenue stream.
The RevGen Data Quality Engine gave our client the visibility and control they needed to ensure high quality reporting
Buried under false positives and time-consuming, costly research processes, our client needed a modern, automated method of Revenue Assurance. RevGen brought our data expertise and married it to business processes to recover millions in revenue.
Get the latest updates and Insights from RevGen delivered straight to your inbox.