Client
Our client is a leading tax, audit, and advisory accountng firm with a 50,000+ workforce and a global presence in more than 135 countries.
Challenge
The client faced significant inefficiencies in their financial reconciliation process, including:
- Reconciliation involved validating large volumes of forms with multiple line items manually, leading to errors and delays
- High average handling times (AHT) were caused by redundant manual checks
- Errors in vendor payments resulted in financial mismanagement and rework
- Maintaining historical data for audits and future references was increasingly difficult
Solution
Hexaware implemented an intelligent process automation framework tailored to transform the client’s asset reconciliation process and address inefficiencies.
Engagement Scope:
- Support for 50 Bots: Spanning taxation, advisory, client servicing, onboarding, and tax estimation processes.
- Prioritized Rollout: Transitioned the first 8 bots within two weeks, followed by 5 bots per quarter in the first year.
- Real-time Monitoring: Leveraged an AA (Automation Anywhere) control room integrated with BMC Remedy, a tool for bot incident management.
- Scalable Support: Provided L1, L2, and L3 support in an 8×5 model, ramping up to an 18×5 model based on requirements.
Solution Highlights:
- Trigger Automation: Dedicated virtual machines (VMs) automatically initiated processes upon receiving input.
- Robotic Process Automation (RPA): Bots validated, reconciled, and processed fixed asset (FA) data with precision.
- Bot 1: Validated input data, performed process checks, and created forms.
- Bot 2: Completed entries, generated screenshots, created PDFs, and sent updates to end users.
- Seamless Data Integration: Integrated data from user Excel forms to Microsoft Dynamics AX for validation, allocation, and registration of assets.
- End-to-End Automation: Automated reporting and ensured real-time data validation to eliminate errors.
Benefits
The automated reconciliation solution delivered significant results, transforming financial operations through process improvements:
- Time Savings: Over 3,500 human hours saved annually.
- Improved Accuracy: Reduced errors in reconciliation, minimizing financial risks.
- Process Efficiency: Enabled seamless handling of peak periods and reduced manual intervention.
- Enhanced Reporting: Automated reporting provided real-time insights for faster decision-making.
- Cost Reduction: Streamlined processes reduced operational costs while ensuring scalability.
Summary
Hexaware reimagined the asset reconciliation process for a global professional services firm using intelligent process automation. By automating validation, allocation, and reporting workflows, our approach saved over three thousand hours annually, enhanced accuracy, and streamlined operations across 135 countries. This transformation empowered the firm to handle peak workloads seamlessly, improve financial decision-making, and scale processes globally with confidence.
