Automated Reconciliation Services – Why and what for?

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Automated Reconciliation Services – Why and what for?

How to manage information in the digital chaos era? Data Capture and Reconciliation play a key role. In fact, they are perhaps one of the most taken for granted elements of business operations. Information is there in the systems people use. Few know how it gets there, many are frustrated if it isn’t when they want it to be, and many more get really angry if it is there but not the way it should and not ready for action to be taken. Capture is how it gets there. Reconciliation is how it matches with existing data. Both are performed at the entry point to guarantee that only accurate and validated data enters the core systems and is considered for decision-making and strategic/operational tasks.

The entry point may be for instance during the registration process when someone enters the building, or during a sales initiative on the field, or online for a mortgage application, or at a disaster site for an insurance claim. The key is to connect the information with the process, identify the type of information and where that information enters that process, and the best method of capture to bring it into the system.

Businesses can significantly improve their operations by designing their capture and reconciliation processes and mapping out how they should be integrating vital business information.

 

Automated Reconciliation Services

Automated Reconciliation is the intelligent capability to capture, recognize, validate and matching data from multiple sources and integrate it with core systems in any step of the workflow. These services are critical to increase operational teams’ productivity and ensure information quality.

They also materialize the great rebalancing and disruption we are seeing in the digital world: knowledge transfer from people to machines, isolated products to integrated platforms, and centralized content to crowds sharing. With this in mind, there’s no doubt that processes must be restructured and optimized to consolidate information, minimize exposure risks, address customer experience and accelerate order to cash.

How does this look like in the real world? Automated reconciliation services use an API (Application Programming Interface) connected to the client’s system to produce a business conclusion. Information is captured from multiple sources, formats and channels (emails, office productivity tools, pdfs, etc), it’s processed, validated, matched and a business conclusion is returned to the client. This business conclusion can be something like “the customer is compliant and can be registered”, “this contract is ok and a commission can be processed”, “this candidate has all the requirements for the specified job description and can be accepted”.

 

Among many others, here is a selection of 10 benefits related to Automated Reconciliation Services:

  1. Cost-savings in specific areas, e.g., AP/invoice processing, HR and Sales
  2. Customer responsiveness improvement
  3. Shortened end-to-end cycle times
  4. Compliance to regulatory requirements
  5. Easy adaptation to mobile/remote workforce
  6. Productivity improvement
  7. Elimination of process bottlenecks and overloads
  8. Accelerating enterprise search and adding value to legacy content
  9. Immediate detection of fraud, crime, policy infringement, unacceptable use, etc.
  10. Reducing unidentified risk in our “dark data”

 

All of this is only possible with accurate information right from the entry point. As mentioned earlier, validation at first touch point is one of the most effective ways to improve business operations and processes. It is a way to eliminate or minimize paper handling, initiate or trigger workflows for action sooner, and introduce information governance controls immediately and automatically when using auto-classification tools.

 

We have the experience, tools, infrastructure and knowledge to help you on Data Reconciliation. Let’s talk? We will be glad to help you succeed.

 


To Dos:
– Position automated reconciliation services at the entry point, not only to ensure that incoming data is complete and accurate but also to reduce fraud risk and bad audit.
Discover our offer in this area and contact us for any question, demonstration or proposal.
Subscribe to our blog to receive valuable insights about paper-free processes.
– Download our ebook “Paper at the gates: Driving digital revolution with modern capture” and learn how data capture is the gateway for inbound and outbound content and the starting line where digital transformation initiatives begin.

Paper at the gates: Driving digital revolution with modern capture

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