For a large retail conglomerate based out of UAE, downloading and uploading the reconciled bank statement from vendors to their oracle system has become a real burden. The client needs to make the process hassle free by automating the bank statement download and upload process. Alzone had leveraged the perfect solution by implementing RPA technologies with more accuracy and efficiency. The key objective of automating this process was to reduce the reworks due to manual errors and repurposing the skilled force
Each day our client needs to download, upload and reconcile the bank transaction statements from different vendors of different regions with the master statement. In this process employees need to identify the valid email and downloads the bank statement attached to the corresponding vendor mail id. The company’s finance team has login to the portal or email daily for downloading the bank statement, this is a repetitive and time-consuming process, when done manually which takes up to 3 to 4 hours to complete the downloading part. Then this details from bank statement is uploaded to the oracle application in a line by line manner which is a tedious task for the finance team. Software bots deployed by Alzone login to Oracle Apparel Cloud Application and Uploads the bank statement entries line-by-line within 2 to 3 minutes for certain bank statements. Then bot moves to the reconciliation part by verifying the closing balance amount from previous day bank statement with the opening balance amount from current day bank statement. Processing large number of bank transaction statements manually on daily basis is highly error prone and make delays in the financial processes, which can affect other processing areas. After the reconciliation phase bot itself saves the bank statement in a zip format and then import it to Oracle Apparel Cloud Application. Some of the benefits client experienced after collaborating with Alzone is as follows
- Bulk processing with notable time management and cost reduction
- 2 to 3 minutes now spend for downloading and uploading bank statement, which used to take 3 to 4 hours
- Unlimited bank statements can be processed with more efficiency on a daily basis
- No margin for human error and accuracy rate is 99%
- Transactions are fast due to high processing speeds which saves 150+ hours monthly
- Minimized exposure to financial instabilities
By leveraging robotic process automation technology Alzone had replaced the manual operational environment to a digital working space with less number digital workers, optimal ROI, faster execution, 100% accuracy which increases the strength of vendor supplier relationship.