Over the last few decades, the proliferation of robots has become a norm in the market. From auto-manufacturing to banking sector, robots have taken up a lot of tasks. IT has been on the forefront of this movement, with companies automating tasks in operations, delivery, and marketing departments. Robotics process automation has mimicked the human interface to many financial processes that are repetitive, consistent and have large number of transactions to give increased efficiency and accuracy.
At Zensar, we have been on this transformational journey for some time and in fact today are celebrated as a 100% Living Digital organization. Our finance division is spearheading this digital transformation journey under the flagship of HONEYCOMB project, wherein the objective is to reduce any manual intervention by re-engineering the processes and deploying new products/ technology.
Automation has been one such technological driver for this success. Our latest explorations in this continuous improvement journey come in the form of two niche finance bots that work closely with CFOs to assist them in their day-to-day operations.
One such use case is that our finance team monitors key dynamic statistics of the company daily. These metrics are then benchmarked against competitors which is a continuous process to keep a track of key financial and non-financial data points of peer companies and the market. Considering this must be done daily, it requires someone to keep a note of all the changes, build a comparative analysis, and visualize in a structured report, which is then made available to all the key stakeholders.
Another use-case that was implemented was to manage Foreign Exchange (FX) rates for the treasury team. Zensar being a global conglomerate has a business presence in multiple different countries. This requires us to collect FX exposure information for more than 40 currency combinations daily and update the same in our ERP system. The team currently consolidates this data from multiple sources and makes them available for all FX calculations.
Leveraging our in-house automation expertise, we’ve transformed these processes by training and deploying bots to take over these processes, in a complete un-attended mode, thereby releasing human bandwidth for cognitive work. In addition, we achieved an accuracy of 100% with complete audit trail and timely availability of the reports.
This has enabled our finance team to track front-line market and forex trends to make informed decisions based on insights generated by the bots. It has also empowered them and freed up some valuable time to focus more on tasks higher up in the value chain.
Owing to the success of these un-attended bots, our finance team has identified multiple opportunities within their areas, keeping the mantra of automation first, which are in the various stages of the automation lifecycle.
We believe investment in such edge technology platforms will shift the finance division’s role to being a strategic partner for the business.
To learn more about these bots’ functions, visit the link.