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Connect with us to discuss how we can assist you with engineering a document storage and retrieval solution, automation of information extraction, and automation of finance processes.
Business Challenge
Finance processes are manual, paper-based and labour-intensive
The challenge you face
- Finance processes are manual, paper-based, and labour-intensive.
- Papers and documents occasionally or often go missing.
Implications of not addressing the challenge
- Documents go missing or cannot be timeously retrieved when required.
- The business cannot comply with regulations due to missing information or documents.
- Auditors give negative audit opinions due to inability to provide documentation. Relations with auditors are not positive due to the pressures on business to produce what it required.
- The data used to generate management and financial reports is not trusted.
- Period-end procedures are extremely labour-intensive requiring staff overtime, often resulting in burn-out.
- Due to the pressure on finance staff at period ends, mistakes are often made which required correction after period closure.
What does success look like
- Documents are easy to store, catalogue, find and retrieve.
- Mundane and repetitive processes are automated.
- Finance staff spend their time dealing with non-standard events and on advising line business.
- The business has an up-to-date view of regulatory reporting data, and regulatory reporting happens without a lot of manual input and work.
Algonomix solution
- Link document saving to the business process.
- Create and make use of cloud-based object storage for the storage and cataloging of documents.
- Build easy to use front-end applications for the search and retrieval of documents.
- Automate the extraction of information from documents using AI (computer vision) and the capture of that information in the relevant systems using APIs.
- Automate finance business processes and regulatory reporting processes using robotic process automation.