The Client

Business Drivers

• The client wants its F&A processes to achieve the following business objectives: 1) Enhance efficiencies through productivity and process improvements, 2) Scalability and growth enablement -  overcoming retiring/ageing workforce and 3) Cost savings
• Decentralized operations and disparate technologies: Client wanted to leverage technology to adapt to business & operating environment changes. Use technology to increase monitoring controls and reduce inherent risks
• Need for streamlining operations:
• Creating operational models capable of handling business growth
• Improving Productivity, TAT and Quality
• Enhancing quality of service delivery
• Managing the role of the intermediaries
• Revenue enhancement in a competitive market. Increase market penetration. Enhance customer loyalty.

iGATE Solution and Involvement

• iTOPS solution to integrate discrete systems
• Creation of an “Asset Protection Team” to resolve and recover debit balances
• Implementation of a real time process governance tool
• Process automation through technology transformation. The processes were reengineered and automated to reduce processing time. A centralized processing team was setup to process all transactions and provide faster support
• Developed a robust image capability
• Activities performed include:
• Invoice trend analysis
• Exceptions reporting
• Payment trend analysis
• Vendor Query management
• Vendor Investigations
• Cash collections & disbursements reconciliation & investigation
• ATM Reconciliations
• Inter - Branch reconciliations
• Remittance and payments investigations
• Investments reconciliation & investigation
• Analysis of write-offs impacting gross margin
• Thorough analysis of all transactions for authenticity
• Tax collections / remittance advice & investigation
• Loans and Mortgage reconciliations
• Asset Creation
• Lease record maintenance
• Asset disposal
• Lease record reporting

The Benefits

• Reduced Finance function costs close to CA$ 11 Million per annum
• Processing cycle time reduced to 1 day resulting in same day transaction updates
• Achieved  25% reduction in audit fees
• Automated over 50% of key controls and brought deficiencies down to less than 1%
• Automation and process improvements brought down the number of errors in processing the transactions