Organizations across industry verticals globally are embracing digital transformation. Among various prominent sectors, the banking industry has undergone a noticeable change by incorporating advanced technologies and bringing about end-to-end automation in daily tasks. Hyperautomation is one such technology highly beneficial for organizations to safeguard customers’ interests.
Hyperautomation encompasses Robotic Process Automation (RPA), Artificial Intelligence (AI), and Machine Learning (ML) enabling organizations to automate routine tasks and eliminate human-induced errors resulting in improved productivity and efficiency.
Intercompany Reconciliation (ICR) is defined as the process of matching transactions between two legal entities belonging to the same organization.
The importance of ICR lies in eliminating subsidiary company transactions from the balance sheet of the parent company. This simplifies the identification of external transactions between subsidiary companies.
Here are the key reasons why organizations are leveraging Hyperautomation to automate their ICR process:
and provide intelligent dashboards on different types of transactions that have been cleared or aborted with valid reasons. This provides actionable insights enabling faster decision-making.
Compiling and validating complex data from unstructured sources manually is error-prone, and even a minute error ends up costing companies dearly. It is also time-consuming to accumulate data from disparate sources and forward it in an advanced structured format.
But with RPA tools, transactional data is extracted seamlessly without any errors. This is further customized to streamline the ICR process and improve overall operational efficiency.
identifying the removable transactions. But via Machine Learning and RPA software, banks easily identify and eliminate recurring and periodic transactions rapidly.
Conclusion
To efficiently resolve issues while creating a compliant accounting process across all their entities, companies are automating their Intercompany Reconciliation process. By removing human intervention, thereby potential for errors in intercompany reconciliation equations, Hyperautomation effectively standardizes a critical aspect of companies’ overall accounting processes.
How can Neebal help?
Neebal’s Hyperautomation capabilities enabled a leading Bank to automate business processes, eliminate human-induced errors and facilitate digital transformation. To increase efficiency and productivity, Neebal's RPA solution automated manual business processes with BOT execution. This helped in mitigating tedious processes and eliminating human errors while streamlining trade operations. Read the full case study here.
Are you ready to implement Hyperautomation for your business? Schedule a call with our experts to get your digital transformation journey started!