Bank Reconciliation for one of the Big 4 Consulting Firms
Overview
The client is one of the big 4 consulting firms that needed bank reconciliation solution to support the global finance team, dramatically reducing the time required to produce accurate financial reporting. After an approximate 60 days of rapid prototyping, ACL Digital created a data automation and warehousing solution by leveraging.
- RPA Advisory & Consulting
- POC/Rapid Prototyping
- Enterprise wide RPA scaling
- Optimization & Support
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Challenges
Partners in the business were struggling with global finance and corporate IT to deliver on a need to overhaul data, reporting and process
Being over budget and behind for more than 12 months, the company needed to accelerate their business initiative
Solution
Starting with a prototype, ACL Digital automated the incoming flow of data from source files(PDF, website, Excel) and other enterprise systems(SAP). The E2E data automation and warehousing solution ultimately scaled to support the global finance team by:
- Dramatically reducing the time required to produce accurate financial reporting through RPA process execution
- OCR data extraction
- AI/ML powered algorithms to find anomalies and discrepancies in bank statements processing
Outcomes
- Quality and resiliency - improved accuracy
- Additional throughput and scale - ability to process more with less people
- Better customer experience - customer has immediate feedback throughout process
- 300% reduction in reconciliation time
- Increase in speed and efficiency
