Optimising O2C Process for a Leading Recruitment Giant through Bank Download Automation
The client is one of the biggest recruitment specialists in the world, comprising of a network of 40+ brands grown through mergers and acquisitions. Focusing on consolidating recruitment businesses serving different industries, the client is one of the fastest growing companies in this segment.
As a part of the outsourced accounts receivable services offered to the client, the QX team would manually download payments from the bank portals, filter out payment information in the client’s standard template, and upload the same on their portal. Performing this activity manually for more than 40 brands led to the following challenges:
The team spent a significant amount of time and effort in downloading more than 4,000 payments on a monthly basis.
Performing this task manually for different brands also increased chances of errors in the form of missed downloads and duplicate downloads.
The team had to pay extra attention to ensure that each payment was downloaded, processed and uploaded with due diligence in specified formats on client portal.
Because of high payment volume, the team would also find it difficult to segregate IDF and current payments, further opening up the door for manual errors.
How QX Helped
Looking at these day-to-day challenges, the QX team developed a highly customisable tool that automates the process of downloading payments from bank portals and storing them in a designated folder. As a part of our solution, we performed the following activities:
Developed and implemented a Bank Download tool that automatically downloads all incoming payments from bank portals and stores them in a designated folder.
Deployed the tool successfully to initially automate bank downloads for 20 companies and graduated to doing the same across the board.
Improved team efficiency and accuracy of download process through automation, thereby eliminating any scope of manual errors.
Set up a seamless communication channel between cross-functional teams to bring down suspense balance significantly.
Implemented a highly customisable solution that can adapt to any change in the bank portal with ease.
100% accuracy achieved in bank download process
66% reduction in download time
Zero instances of multiple or missed downloads since tool implementation
Infinite scalability enabled for the client, allowing them to add and configure newly acquired brands seamlessly