GUIDEWIRE
From 3 hours to 15 minutes: Streamlining financial close processes with Robotic Automation.
Industry
Fintech
Technologies used
The challenge
In the fast-paced world of financial operations, GUIDEWIRE faced frustrating delays during its monthly financial close. The intricate process, which required meticulous controls, journal entries, data transfers, and report generation, demanded a strenuous 3-hour manual effort from each process owner. This not only caused inefficiencies but also introduced the risk of human error, leading to inaccuracies and potential financial discrepancies.
The solution
Giga IT designed a custom robot that automated each step with precision and speed. This bot seamlessly orchestrated:
- Opening of the general ledger for the next month.
- Transfer of data to the consolidated general ledger.
- Generation of comprehensive multi-period reports.
- Closing of the current general ledger.
The results
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Process time reduction by 91.67%. This represents a significant improvement in process efficiency, reducing the time from 3 hours to 15 minutes.
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Mitigation of errors: The bot’s intervention significantly reduced the time spent and also mitigated the risk of errors caused by rushed general ledger openings or closings.
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Focus on the business: Process owners can now focus on more strategic aspects of financial management, freeing them from the manual burden.
We used to spend a grueling 3 hours manually entering data and generating reports. Now, thanks to their custom bot, it only takes 15 minutes! This not only saves us a ton of time, but also eliminates the risk of human error. Our team can now focus on more strategic work, and we have Giga IT to thank for that.
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