RPA Implementation for USA Based Health Care Company Bank Reconciliation Automation Process to Achieve Speed & Accuracy.
1. About Customer
The client is a renowned biopharmaceutical business that invests much in research and is dedicated to the discovery, development, production, and marketing of prescription drugs.
2. Business Obstacles
The client found it challenging to control the bank reconciliation process. The obstacles were:
- manual bank reconciliation processing.
- Manually comparing and comparing transactions, then compiling and posting journals to finish the reconciliation, are time-consuming tasks.
- Reconciliation matching is challenging because of the very complex process and the many account kinds, institutions, payment types, time zones, and payment complexity changes.
- Additionally, there are difficulties with duplicate entries, date/time inconsistencies, human-generated data errors, and manual data cleansing.
- As a result, the client looked for a quicker and better method of performing bank reconciliation.
3. Solution Offered
- To complete repetitive operations fast, accurately, and successfully, RPA Unicorn provides the RPA solution.
- The solution made it simple to analyze and evaluate a large amount of data.
- RPA BOTs retrieved pertinent documents and data from the bank statement, discovered any discrepancies, and found data matches at the transaction level.
- The BOTs reviewed and reconciled the items, corrected mistakes, updated the entries, and obtained approvals.
- The BOTs closed updates and completed entries once they had been authorized.
4. Benefits
Massive business benefits from the RPA system include:
- 90% of tasks are automated.
- shortened processing time while saving 70%.
- An efficient reaction time to internal staff.
5. Technology
- Automation Anywhere
- Outlook
- Oracle
- SQL
- SAP
6. Architecture
