Data is the new oil and that’s why it must be managed as a critical asset. But the question remains the same: “How to process, extract value and guarantee accuracy in the digital era chaos?” Not an easy answer, CxOs may think, but they couldn`t be farther from true. Technology is the key and Data Reconciliation As-a-Service a great enabler to simplify and automate the whole thing.
In practical terms, Reconciliation is no more than the machine capability to recognize matching data within two sets of transactions/actions selected for reconciliation. In fact, Reconciliation automates the verification process, turning it into an easy, efficient and quick task. It validates the information in each form and compares it with the existing customer database or content management system, identifying possible errors that must be addressed and guaranteeing that companies don’t integrate wrong data in their corporate systems. This is also critical for regulatory compliance.
The process may be resumed as below:
Forms and data are received in any format and through any channel, then they are captured, digitalized and extracted, and finally, the Reconciliation platform does the match with the data already existing in databases and alerts if there are any differences between them.
If the Reconciliation tasks or process are performed by an external provider or cloud reconciliation platform, we call it Reconciliation As-a-Service meaning that you don’t have to worry about anything. You just know that only accurate data is integrated into your core systems and that the final result is 100% accurate.
Where exactly can you use it?
Data Reconciliation as-a-service might be used in a lot of different situations. It is the right solution to assure automation of reconciliation processes with paper or digital origin, like email, fax, files, apps and online forms. It can assure reconciliation of names, addresses, contacts, orders and invoices, account movements or any other transaction organizations might need. And, last but not least, it also works with fields delivered in multiple ERPs.
What does it do?
Data Reconciliation As-a-Service…
- Utilizes business rules to automatically validate data and deliver correct information into the workflow process;
- Automatically matches form registrations with existing corporate data, virtually eliminating tedious, labor-intensive and prone to error tasks.
- Includes cloud-based storage functionalities to securely and efficiently match, organize, keep, integrate and distribute content based on the rules and legal principles governing each organization. With this approach, the solution provider takes the ownership and the risk of the whole process and is totally committed to the deliverables.
Phone House Spain: a success story
The British mobile phone retailer opened its first store in Madrid back in 1997 has now more than 600 stores in Spain and more than 2500 telco specialists.
With that kind of numbers, there were some business requests that had to be met concerning reconciliation and so they went out to the market in order to find the best partner.
Their challenge was:
- Process 40% of electronic data and, 60% of paper-based data;
- Manage input of +600 branches all over the country;
- Manual reporting to commissions team and loss prevention;
- Frauds and inaccuracies only identified after more than three months;
- Multiple document reconciliation checks such as bank statements, IDs, contract and others.
The answer to these problems was easy: reconciliation as-a-service, an initiative that gave them some huge benefits like:
- Full process automation;
- Streamlined franchise and own store business model;
- Compliant, accurate and auditable customer info.
- Workflow with alerts and action steps on frauds and errors for all branches.
Partnering with Papersoft, it was possible to assure:
- Full paper trail with document tracking system linked with deep storage;
- Online SLA/KPI monitoring;
- Network commissions dashboard report;
- Logged and safe paper shedding of confidential information;
- Integrated business continuity and disaster recovery plan.
Moisés Pérez Chávez, Commissions & Product Setup Manager on Phone House Spain highlights that with this project “all types of documents, including both forms and unstructured data, can now be extracted, validated, classified, routed, and indexed with little if any, manual intervention.”
That is why, at the end of the day, Phone House Spain got these key performance indicators:
- Next business day E2E delivery (email/paper);
- 99,8% accuracy rate;
- Cost reduction.
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 procedures and data validation/matching 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 with 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.
Let’s Talk