How Cadency Smart Bots Can Amplify Your Digital Financial Transformation
Trintech provides a comprehensive System of Accounting Intelligence™ (SOAI) platform that helps our customers increase the efficiency and effectiveness while reducing the cost and risk of their Record to Report (R2R) process. With the introduction of Cadency Smart Bots within the System of Automation layer, our customers can now benefit from purpose-built Bot capabilities that allows not only automation of repetitive manual tasks but also complete Record to Report (R2R) use cases while using Cadency as their System of Controls.
Cadency Smart Bots Use Case Examples:
- Posting Journals that require extensive data preparation and back-up documentation leveraging Cadency Journal Entry
- Preparing account reconciliations using date from files or external data repositories and attaching supporting documents leveraging Cadency Certification
- Closing tasks corresponding to Journal Entry postings, account reconciliations, etc. directly in Cadency Close
- Complete R2R use case automation utilizing multiple components within Cadency’s SOAI platform such as ERP Bots, Risk Intelligent RPA, APIs, etc.
- For example, using Smart Bots to create a Journal Entry from an external data source in Cadency Journal Entry, attaching applicable back-up documentation, validating and submitting the JE directly to an ERP system leveraging Cadency ERP connectors, and automating tax calculations on the JE directly within the ERP using Cadency’s ERP Bots
Let’s examine one use case below to understand how Cadency Smart Bots can significantly reduce manual effort leading to reduction in cost and risk.
Here is what the flow for a JE posting would look like without Cadency Smart Bots in place:
Many organizations attempt to build advanced automation workflows themselves but run into numerous challenges such as:
- Implementation Delays
- Many companies rely on a centralized automation COE model or internal IT teams, which may not provide the ideal implementation and deployment speed that the Office of Finance needs. To help with this, Trintech provides a library of out-of-the-box automation readily available for our customers to use and additional use cases can be easily built using configurable components.
- Monitoring and Support Challenges
- To eliminate the fear of automation breaking with upgrades or maintenance, Cadency Smart Bots is a managed service that provides continuous monitoring and ongoing support as customers adopt the latest versions of Cadency.
- Unique Skillset
- Building and maintaining complete R2R automation requires a diverse skillset including ERP functional expertise, core Cadency knowledge, automation experience, ETL, etc. which is not easy to find within many organizations. Trintech brings expertise in these areas making it easier to develop, deploy and maintain end-to-end automation.
- High Cost of Ownership
- Once you factor in the cost of an RPA tool license, implementation, support and monitoring costs, there are numerous cases where it becomes hard to justify the cost of doing in-house automation.
Cadency Smart Bots use proprietary technology and includes a variety of configurable building blocks that are continually expanding based on market needs to automate various R2R processes. It addresses key challenges noted above and provides numerous benefits that include:
- End-to end-automation of repetitive manual tasks including but not limited to; fetching data from multiple repositories, validating, transforming and uploading data, automatically populating JE templates, adding attachments, etc.
- Further reduces the time and effort spent during period-end closing while allowing valuable human resources to focus on value-add activities
- Transparent to Cadency version changes and any UI changes; pre-tested for future Cadency versions
- Significantly faster for our customers to deploy and start benefitting from the automated processes and tasks
- No additional complexity in customer’s IT landscape as this solution is architecturally consistent with Cadency offerings and completely supported, deployed and maintained by Trintech in our infrastructure
- Endless possibilities of automating use cases that span across the Cadency Platform
Here is what the flow for the JE Posting use case referred earlier would look like with Cadency Smart Bots:
To help finance organizations become more strategic to their business, Trintech is continually focused on providing solutions that improve the efficiency and effectiveness while reducing the cost and risk across all aspects of the Record to Report process. With the addition of Cadency Smart Bots, our customers can amplify their automation and digital transformation efforts within their Office of Finance.
Written By: Mantosh Kumar, Technical Product Manager at Trintech