Client is a financial technology company that offers its customers payment options. This business has numerous divisions. The Lockbox Team is one of these departments among all of these others. Lockbox Team's manual handling of batch data extraction and entry poses challenges in terms of efficiency, accuracy, and scalability. Addressing these issues through technological solutions is crucial for optimizing operations and maintaining a high standard of service in the dynamic landscape of financial technology.
High Workload: Description: The Lockbox Team handles over 500 batches daily.
Inefficiency & Time Constraints: The overwhelming volume of batches requires extensive manual effort, leading to operational inefficiencies. Manual execution of batch tasks takes more than 2 minutes per batch. Cumbersome and time-consuming processes hinder operational speed and efficiency.
Accuracy Concerns: Human intervention in data entry introduces the risk of errors. Inaccuracies in transaction data may result in financial discrepancies and potential customer dissatisfaction.
Scalability Limitations: Manual processing becomes a bottleneck as the batch volume consistently exceeds 500.Scalability issues lead to delays in serving customers and hinder the department's ability to cope with increased demand.
Dependency on Manual Resources: Heavy reliance on manual processes makes the department vulnerable to staff shortages or workload fluctuations. Inconsistencies in processing times and increased susceptibility to errors due to dependency on human resources.
Lack of Automation: Absence of automated tools or systems for batch processing. Missed opportunities for efficiency gains, cost savings, and error reduction through the implementation of automation.
The implemented solution for automating the batch data extraction and data entry process in Lockbox Team is comprehensive and leverages a variety of technologies.
The division of the automated process into 17 different bots allows for easier maintenance, debugging, and scalability.
Overall, the solution integrates multiple technologies to address the challenges faced by the Lockbox Team, introducing efficiency, accuracy, and automation to the data extraction and entry workflow.
Accuracy: The utilization of Computer Vision for image data extraction minimizes the risk of errors associated with manual data entry.
Time and Cost Savings: Automation streamlines the process, reducing the time required for data extraction and entry. The reduction in manual effort translates into cost savings, as fewer resources are needed to accomplish the same volume of work, contributing to improved cost-effectiveness.
User Notification & Communication: Automated email notifications keep users informed about the status and results of batch processing. Timely communication ensures transparency and allows users to stay updated on the outcomes of the automated processes, fostering collaboration and accountability.
Scalability Improvement: The division of the automated process into 17 different bots allows for better scalability. The Lockbox Team can handle a higher volume of batches without compromising efficiency, addressing scalability challenges and ensuring consistent performance.