Data Transformation to Enable Advanced Analytics and AI
Analytics & Insights
Our client needed a modern, transformative data architecture to reach the next level of analytics, including AI.
Success Stories
Automating Accounting Tasks
Global communications company implemented automation to increase productivity and efficiency
Project Overview
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.
Client Challenge
The client had a significant number of manual processes due to outdated technology and disparate systems.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:
- The accounting department was spending a significant number of hours during their monthly financial close process on manual, repetitive tasks involving multiple systems
- The existing swivel chair processes contributed to data quality concerns
Approach
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:
- Identifying potential areas to optimize, specifically around repeating journal entries determined to be inefficient
- Stepping through several examples of how repeating journal entries were booked to capture all possible scenarios
- Identifying critical users to the process, including auditors and approvers
- Determining needed controls to ensure accuracy and completeness of any automations implemented, including all necessary variables for input and output
Solution
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.
Results
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:
- Higher accuracy of journal entry data
- Freeing up valuable accounting time to focus on higher value close activities
- Establishing the necessary auditability for regulatory compliance
Success Stories
The Power of Frontline Data Quality Controls
Execution as a Service
Improving data quality was key to ensuring our financial services client retained data integrity and accuracy while also reducing time and money spent on after-hours issues.
Automating for Efficiency: Turning Marketing Leads into Sales Contacts
Technology ServicesAnalytics & Insights
The transfer of marketing leads to sales teams is critical for customer acquisition, however, our client’s process was time consuming and heavily manual. RevGen built a solution that automated the entire handoff.
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