Overview
A market-leading designer and manufacturer of innovative optical and photonic products, enabling optical networking and laser applications worldwide, was looking for ways to improve efficiency and reduce risk in their ERP systems.
Problem
The client faced challenges with their manual period close processes for the Financial Sub-ledgers, including Payables, Purchasing, Inventory, Assets, Receivables and Projects in their Oracle ERP system. These processes were time-consuming, error-prone and demanded extensive overtime, hampering financial analysis and decision-making.
- Manual period close across Payables, Purchasing, Inventory, Assets, Receivables and Projects
- Time-consuming and error-prone, demanding extensive overtime
- Delays to financial analysis and decision-making
The burden of extended hours at each close limited the team’s capacity for financial analysis, and the manual effort involved introduced risk into financial reporting.
Approach
In response to the client’s period close problems, Winfo presented WinfoBots as the ideal option. The implementation would substantially reduce the time and effort required for the Fixed Asset Module’s period close.
- Automation of all manual steps in the transactional system
- Optimised finance period close for the Fixed Asset Module
- Automated Asset Retirement and Supplier Batch payments
WinfoBots effectively automated all the manual steps involved with the transactional system, resulting in a faster period close for the Fixed Asset Module. The solution was designed to optimise the finance period close, eliminating the necessity for employees to work extended hours.
Outcome
By automating over 270 monthly steps and closing 19 books, the team saved time and could focus on other critical tasks and projects. Automation saved 44 days of human effort by automating Asset Retirement and Supplier Batch payments.
With a 70% reduction in process duration, financial analysis became more efficient and decision-making improved, while the accuracy of financial reporting notably increased.
Before vs After
The Difference Automation Makes
Manual Process
- Manual period close across six sub-ledgers
- Extensive overtime at every close
- Error-prone financial reporting
- Limited time for financial analysis
Automated Workflow
- Over 270 monthly steps automated
- 19 books closed automatically
- 44 days of effort saved
- 70% shorter process duration