Intelligent SME.tech Issue 13 - Page 13

THE PRACTICE
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ROBOTIC PROCESS AUTOMATION

THE PRACTICE

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A best-in-class financial service provider automates
EXTRACTION OF DATA FROM MULTIPLE SOURCES TO PRESENT CONSOLIDATED FINANCIAL STATEMENTS ON A GROUP LEVEL
The finance team has been doing extraction of financial data from multiple sources to present the consolidated Financial Statements on a group level . In order to avoid the manual efforts in doing so , the management took an initiative to automate this process .
Currently ,
• The team is extracting the financial statements from emails or from company websites and they are then downloading the statements into a folder .
• This data is then manually entered in a pre-defined excel template which they have prepared for reporting purpose & to have an overall performance evaluation at a group level over years .
• The sheet then helps them to do a ratio analysis and trend analysis year on year .
This exercise takes not less than 2 months for a team consisting of 2 people .
The management thus decided to automate this process in order to increase accuracy & elimination of time being utilized on this process . �
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