Leading Retail Organization Gains the Visibility Needed to Efficiently Manage Its Financial Close Process

Case Study

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Finance operations at a leading retail organization consists of approximately 2,000 stores with a combined turnover in excess of $2bn.

Business Drivers to Automate

Following a high growth phase of its retail locations, it struggled with a very manual, fragmented, Excel-based reconciliation process that only became more complex as it expanded into international markets. This created a huge bottleneck at the month end close period because, as the store numbers increased, so did the amount of work needed to be completed. This resulted in a lot of overtime to continue to meet reporting deadlines with a highly manual workload. Additionally, numerous technology platforms existed in different areas of the business which required reconciliation. So, for users to work cross-functionally across departments and locations, they were forced to learn a different process and technology for each of the areas. With a lack of consistency and standardization across the overall reconciliation process, the retail organization experienced extended training periods for staff in new roles. Overall, their financial close process was described as inefficient, time-consuming and error-prone.

Why Trintech?

With an ongoing vision to be a fast growing, innovative, trusted and dynamic company, they were looking for a solution that could automatically reconcile high volumes of data transactions and detect exceptions and missing or inaccurate data. They also identified a need for a solution to improve the month end close process and automate a number of the manual, time-bound and interdependency- bound processes. It was envisaged that this would improve the amount of time it would take to complete the month end process across Finance, therefore improving the service provided to partners and internal stakeholders.

Requirements of the Solution Provider included experienced implementation team, immediate and long-term partner, strong customer references solution that can handle high volumes, exception management, functional demands. They saw a long-term partnership with Trintech and ultimately decided to implement Trintech’s ReconNET™ solution.

Solution in Action

The organization is currently using Trintech’s ReconNET solution for its pensions, legacy store banking and Oracle bank reconciliations. Since deploying Trintech’s solution, they have seen pension benefits including an auto-match rate of 96%, time saving going from 5 hours to one hour and 5 days to half of a day, and a 2 FTE headcount. Their legacy store banking saw an auto-match rate of 84% and a time reduction of 56% to 58%. Their Oracle banking reconciliation auto-match rate also had an UAT of 99%.

Overall, they see a long-term partnership with Trintech, as they continue to expand their global presence. The retail organization sees Trintech’s solutions as being a complete tool set for process improvement and automation. The solution’s Risk Intelligent RPA™ (RI RPA) capabilities allow its employees to focus their time on value-added tasks, rather than manual, menial tasks, making their jobs much more enjoyable.

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