How Automated Reconciliation Facilitates Seamless and Proactive Task Management for Businesses Automated Reconciliation

Auhored by Mr. Jayendra Desai, Managing Director, Unistanz Software Private Limited

A report predicts that the global account reconciliation market will grow at a CAGR of 14.6% between the period 2022-27. The market value is likely to become more than double by 2026 compared to its value of USD 2.1 billion in 2020. Today, robotic process automation for data reconciliation has become critical to finserv and insurance operations. But, with businesses still depending upon manual processes, the adoption of automated reconciliation remains a widespread challenge. The automated process not only minimizes the reconciliation cost by multiple times but also offers precision and speed to the business.

The complexity due to the large volume and multiple sources, types, and formats of data makes manual handling prone to error. Audits frequently reveal these resultant inaccuracies.

For this reason, RPA-based reconciliation has become a need of the hour. Automating the repetitive tasks in reconciliation minimizes the data complexities related to manual intervention. Besides, data becomes transparent and more compliant with the regulations.

Seamless and proactive task management with the help of automated reconciliation.

Numbers are the main game in business, whether in the form of data, time, or money. Automated reconciliation by offering data accuracy helps in avoiding debacles while making strategic decisions based on business-related data. The improved financial governance thus contributes to effective financial risk management.

There are operational, performance and regulatory losses associated with manual reconciliation. Non-standardized procedures, unreliable reports or reports lacking details and improper use of resources are some of them. Manual reconciliation lacks accountability and time management because it involves multiple steps and people. As a result, missed deadlines and miscommunication occur. Businesses incur the opportunity cost of this missed time. To avoid this cost, companies like Unistanz provide IT solutions such as the QuickReco Tool to eliminate manual intervention by 100% while carrying out lookup, calculation or reconciliation. Such tools effectively eliminate human errors.

The automated reconciliation process is standardized, where steps are easily optimized, with enhanced internal controls. It reduces errors, accelerates the financial close, saves time and increases data reliability. The saved time allows for prompt detection of fraud, resulting in less damage to the organisation. Also, the wide access to the account reconciliation process keeps things transparent for all the stakeholders and provides a full overview of who’s done what, when, how, and why. Eventually, it defines the milestones and the procedures to achieve them. In a way, this optimizes costs as well.

When direct payment entries to or from the business are unclear, through automation they are attached to the right account. Statements from multiple vendors in various formats can also be easily recognized and processed by software platforms, eliminating errors and delays related to the manual process. Therefore, automation allows for visibility, consistency, and auditability even in the most complex reconciliation scenarios.

Time is an important resource in business, losing it or its mismanagement costs dearly. Besides, if a successful business looks forward to expanding business, relying upon or fretting over manual reconciliation of financial statements would not be feasible. Instead, the adoption of automation will give a competitive advantage.

Similarly, financial health is vital to keep important stakeholders and investors interested. The hassle-free process of automated reconciliation helps the finance department to be more efficient. With the saved time, finance professionals can execute advisory roles or can even act as strategic business allies.

The processed data can be used for forecasting and modeling. Careful planning based on forecasts will clarify the cash requirements based on actual cash flows. Such financial accuracy will allow for proactive decision-making related to all the business stakeholders and operations. Error-free reconciliation will also contribute to efficient asset management while frequently prepared reconciliation statements will further minimize the complexity of the process. It will altogether ensure seamless management of business operations.

Agility and resilience are what we look forward to achieving from technology. Automation of the reconciliation process is just another tech solution to make one’s business future-ready.

Rezo.AI brings ‘Email Automation’ to Enable Brands Transform Customer Experience

Rezo.AI, an AI-driven platform disrupting the customer services segment in India with its pioneering technology has announced its key product offering - Email Automation. Leveraging the benefits of email, Rezo.AI’s Conversational AI engine is helping brands build personalised relationships with customers without the need for human intervention.

For years, brands have been engaging with customers through email. In order to make the most out of the powerful tool, there is a need to automate repetitive functions. Banking upon the machine learning algorithms that Rezo.AI has built over the past 2 years, it is able to easily transform the customer experience by automating workflows and providing real-time assistance to customers.

[caption id="attachment_132868" align="aligncenter" width="1024"] AI-powered suggestive responses are made to every new message that arrives via Email, Social Media or Live Chat. (Image - Rezo.ai/co-assist/)[/caption]

Today, customer demands seamless services across all channels based on their real-time behaviors and interactions with the brand. They expect to have personalized, frictionless, on-demand and data-driven experience helping them to make a better decision. Rezo.AI helps brands with AI automated responses to engage with customers. It has successfully enabled pre-sales as well as post-sales queries over email for multiple enterprises, by handling up to 90% of conversational traffic with personalised responses.

Commenting on the same, Rashi Gupta (PhD), Co-founder & Chief Data Scientist at Rezo.AI says, “Customer experience (CX) is taking center-stage in an era where superior products and services alone are no longer sufficient to attract and retain customers. Therefore, integrating emerging technologies to automate the ways in which an enterprise interacts with its customers has become a necessity. With Rezo.AI’s email automation solution, brands will be able to understand their customers at a deeper level, and predict what they really want, helping them craft relevant campaigns and product experiences at an effective cost.”

India is witnessing a significant digital and technological transformation hence, changing the way customers perceive and interact with organizations. Rezo.AI enables businesses to respond to these changes quickly and use emerging technologies to transform their business operations. Recently, a first in the industry, Rezo.AI also introduced WhatsApp Automation that is currently being leveraged by various brands including CarDekho.

Zendesk Introduces Sales Force Automation Tool Zendesk Sell

Zendesk, Inc. today launched Zendesk Sell, a sales force automation (SFA) tool to enhance productivity, processes, and pipeline visibility for sales teams. Sell stems from Zendesk’s acquisition of FutureSimple Inc., the company behind Base, in September 2018 and marks the first step in integrating the sales force automation software into the Zendesk family of products.

In addition to a new name and logo, Sell is launching with new core SFA capabilities added since the acquisition, including simplified collaboration via at-mentions, and customizable performance dashboards.

Sell is also launching with a new integration for Zendesk Support, giving support agents more context from the sales process and allowing them to notify sales of opportunities surfaced during a support conversation. Sell now offers the deepest SFA integration on the Zendesk Marketplace.

This new product launch from Zemdesk comes within a month after the company launched Sunshine, an open and flexible customer relationship management (CRM platform that enables businesses to connect and understand all their customer data, wherever it lives.

According to Forrester Vice President and Principal Analyst Kate Leggett on the Forrester blog post Sales And Service Tech: Two Sides Of The Same Coin? from September 17, 2018, "Customer service spans both pre-purchase and post-purchase activities. Sales activities target new and existing customers. There is not much difference between the conversations that customer service agents and inside sales reps have prior to a customer purchase — explaining the details of a product or helping properly onboard a customer. In addition, the technology capabilities that these roles use to interact with customers are similar."

“Delivering a great customer experience is a team effort, requiring integrated tools,” said Matt Price, senior vice president and general manager for Zendesk Sell. “But salespeople won’t use tools they hate. Zendesk Sell is a tool that salespeople love to use, which means better data and better decisions so the whole team hits their targets. And with the new integration with Support, every conversation with a customer is visible across the organization."

“I find information from my sales reps in Zendesk Sell, and information from my support agents in Zendesk Support—those two solutions hold the keys to everything around here,” said Dave Savage, CEO of Mortgage Coach, which offers an online and mobile mortgage experience. “Now both teams have a holistic view of the customer from the solution they primarily work in."

Sell will be the first SFA to integrate with Sunshine, publishing key events from the sales timeline into Sunshine’s customer interaction history. With Sunshine, Sell gives businesses the benefit of information that flows seamlessly between support, sales, and other functions, resulting in a single conversation with customers and better alignment between teams.

Sell is available in a new set of simplified pricing packages, now starting at $19 per user per month. For more information go to zendesk.com/sell .

Europe's AI-based Cloud Startup Synerise AI & Automation Forays into Indian Cloud Space

Synerise, a tech company from Europe developing "AI Growth Cloud", a platform based on Artificial Intelligence (AI) that automates business processes, increases customer loyalty and boosts revenues, has signed a partnership agreement with Indian company M/s Hagen Impex Pvt. Ltd and with this the Poland-based company has officially entered India's cloud market.

Synerise’s new partner in India- Hagen Impex is accelerating digital transformations by optimizing customer journeys and creating the best customer experiences with the use of advanced technologies like Artificial Intelligence, Machine Learning, Big Data and marketing automation. Their activities cover various markets including retail, finance, FMCG and industrial.

We believe that India will shortly join the leaders of the upcoming AI revolution. With a national AI strategy and incredible economic potential, the country is ready to become the AI hub for the developing world. Many Indian companies are aware of the advantages of digital transformations powered by AI and together with Hagen Impex we will help them to achieve best results from it, with the help of Synerise AI Growth Cloud – said Krzysztof Blusz, Global Expansion Director, Synerise.

As a marketer, today collecting data isn’t a problem. You’ve got plenty of sources. Data that tells you, how your customers engage your brand, what they buy and what devices they are using when they buy it. Your customers are conveying exactly who they are; you have all the data you need to craft perfect customer experiences. But with your data fragmented across systems all over your organization its nothing but noise. Syneriseand its platform helps you take complete control of your data and find the signal in the noise. Having the Right Data at the Right Time in the Right Context empowers you to build brand loyalty by giving aconsistent, highly personalized engagement across any channel. We at Hagen are delighted to partner with Synerise and join in the rapidly growing AI &Blockchain industry in India – said DilipBedi, Country Partner & MD Hagen Impex Pvt. Ltd.

Synerise is a platform for using data and Artificial Intelligence to help brands better respond to the needs of their customers. These tools include automation and personalization of communication as well as price management in real time and at scale. Synerise continues to invest in intellectual property, data storage capacity and AI team expansion. Synerise was recently chosen by EY to take part in the Accelerating Entrepreneurs 2018 program for the top 30 global technology firms with greatest potential for growth and won the Microsoft 2018 Country Partner of the Year Award.

Synerise is quickly scaling its business globally with a focus on Asia, the Middle East and Western Europe this year. The company has recently signed several agreements with digital agencies and system integrators in various local markets.

Our foreign partner network is growing very fast, as digital experts around the world see the incredible potential of our scalable AI Growth platform. We invest a lot in training for our Partners and new business activities. The goal is to have strong representation in every target market – said Sławomir Bugno, Director of Strategic Partnerships.

[Top Featured Image - Twitter.com/Synerise]