Automating Financial Reporting Process for global manufacturing company making it stress and error free.

Challenges:  

Extracting base reports from ERP was a manual process that involved collating, updating and formatting information in one single excel template  

Time Consuming Compilation process for FP&A which is crucial for month end close reporting due to stringent reporting timelines. Any error in compilation caused to re-perform the activity and stress. 

Manual data entry could lead to errors and consequent rework meant missing the critical deadlines or spending sleepless nights  

Solution:  

Predoole collaborated with the finance team in a Discovery Workshop to establish download sequence and design the most efficient module level download. 

Data downloaded from the ERP system was brought to a consistent data format  

File format was changed to help reduce the file size and ensure quick retrieval 

Outcome: 

Overall redesign of the Financial Reporting Process rather than just repeating what was being done manually so as to take advantage of features of Intelligent automation 

Financial Reporting completion target of 2nd business day achieved freeing up time for review and analysis along with performing other month-end close activities  

Reduction of processing time over 85% handling from approx. 3 hours to 30 minutes  

High accuracy achieved and rework and stress eliminated with seamless integration with reporting template.