8x Faster Report Generation
Reports that took 4 hours per client now take less than 30 minutes.
Case Study
- Client: Ernst & Young (EY)
- Industry: Professional Services, Financial Consulting
- Challenge: Inefficiencies in Financial Report Generation
- Solution: Robotic Process Automation (RPA)-Powered System by Avenir Digital
- Outcome: 8x Faster Reports, Cost Savings, Increased Accuracy
Digital Transformation of EY’s Financial Reporting System
Background
Ernst & Young (EY), one of the Big Four accounting firms, provides assurance, tax, consulting, and advisory services to global clients. Financial reporting is a crucial function for EY’s clients, requiring real-time, error-free data processing. However, EY’s legacy financial report hub faced several inefficiencies that impacted both operational efficiency and client satisfaction.
Challenges & BusinessProblems
Inefficient Report Processing
• The existing Financial Report Hub took 4 hours per client to process financial data and generate reports.
• With a large client base, this resulted in significant delays.
High Resource Dependence
• 8 Full-Time Employees (FTEs) were required daily to handle manual report processing.
• Human intervention led to delays, errors, and increased operational costs.
Lack of Automation & Integration
• Manual data entry increased the risk of inconsistencies and errors in financial reports.
• The system did not efficiently integrate multiple data sources, spreadsheets, and accounting tasks.
Transparency & Compliance Challenges
• EY required a system that could provide real-time tracking, audit trails, and compliance assurance.
• Data accuracy and governance were critical for financial regulations.
Avenir Digital’s Solution
Key Enhancements & Implementation Steps
To overcome these challenges, Avenir Digital leveraged Robotic Process Automation (RPA) and intelligent automation to transform EY’s financial reporting system.
RPA-Powered Report Processing
• Automated the entire financial report generation process, reducing processing time from 4 hours to under 30 minutes per client.
• Eliminated manual effort by automating data extraction, validation, and report compilation.
Seamless Data Integration & Workflow Automation
• Built a unified platform integrating multiple data sources, spreadsheets, and accounting systems.
• Maintained Excel file macros and complex financial models to ensure continuity.
Intelligent Task Management & Approval System
• Developed a custom task creation and approval workflow, allowing teams to collaborate efficiently.
• Enhanced real-time monitoring and workflow tracking to improve operational efficiency.
Real-Time Transparency & Compliance Tracking
• Implemented audit trails for financial transactions, making data transparent and easily trackable.
• Ensured regulatory compliance by standardizing report generation processes.
Real-Time Transparency & Compliance Tracking
• Implemented audit trails for financial transactions, making data transparent and easily trackable.
• Ensured regulatory compliance by standardizing report generation processes.
Business Impact & Measurable Benefits
| Benefit Category | Before Automation | After Avenir’s RPA Solution | Impact |
|---|---|---|---|
|
Report Processing Time |
4 hours per client |
< 30 minutes per client |
8x faster reporting |
|
FTEs Required |
8 full-time employees |
0 manual effort needed |
100% automation |
|
Operational Costs |
High due to manual labor |
Reduced significantly |
Cost savings & efficiency |
|
Error Rate |
High risk of human errors |
Near zero errors |
Improved accuracy & compliance |
|
Decision-Making Speed |
Delayed due to slow reports |
Real-time insights |
Better financial planning |
|
Client Satisfaction |
Frustration with delays |
Faster, seamless experience |
Higher customer retention |
Key Outcomes & Achievements
Significant Cost Savings
Reduction in manual labor costs with 100% automation of financial reporting.
Error-Free and Compliant Reporting
Standardized workflows ensured data integrity and compliance with financial regulations.
Improved Workforce Productivity
Freed up 8 FTEs to focus on strategic and analytical tasks instead of repetitive processes.
Enhanced Client Experience
Faster and more transparent financial reporting led to higher client satisfaction and retention.
8x Faster Report Generation
Reports that took 4 hours per client now take less than 30 minutes.
Significant Cost Savings
Reduction in manual labor costs with 100% automation of financial reporting.
Error-Free and Compliant Reporting
Standardized workflows ensured data integrity and compliance with financial regulations.
Improved Workforce Productivity
Freed up 8 FTEs to focus on strategic and analytical tasks instead of repetitive processes.
Enhanced Client Experience
Faster and more transparent financial reporting led to higher client satisfaction and retention.
Conclusion: EY’s Digital Transformation Success
Through Avenir Digital’s expertise in RPA and automation, EY successfully transformed its financial reporting hub into a scalable, transparent, and efficient system. The new system not only reduced operational costs and improved efficiency but also ensured real-time financial insights, making EY’s financial services more agile, data-driven, and customer-centric. By adopting cutting-edge automation, EY positioned itself as an industry leader in digital finance transformation, setting new benchmarks for operational excellence and innovation.
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