Customer stories

Fortune 50 e-commerce company achieves 5X increase in team capacity and 75% reduction in AHT

Overview

A Fortune 50 e-commerce organization had a challenge lowering its average handling time for its reconciliation process within the FinOps business unit. The team leveraged Soroco’s Automation Suite to not only automate 98% of all transactions but increased the number of transactions handled each month by 5x.

Client

Fortune 50 E-commerce Company

Process type

Financial Operations | Reconciliation

Challenge

The reconciliation process is critical for any FinOps team since these statements can represent billions of dollars in financial transactions. This process, however, required high manual intervention and had a high average handling time. As a result, the team could only manage 6,000 statements per month and had to prioritize statements of higher transaction value.

Solution

The team now uses Soroco’s Automation Suite to leverage normalization that uses heuristics to pull in the relevant data corresponding to each transaction invoice number. Soroco also created a more effective exception management system that automatically rectifies any issues or notifies the right stakeholder for further action.

By the numbers

1K+

06

different vendor reconciliation statement formats consolidated

disparate internal company systems parsed for information

Result

This approach removed manual human intervention, so now 98% of all transactions are done with no human touch and the average handling time is reduced by 75%. This has also freed up the FinOps team to increase the number of transactions they handle monthly by 5x.

Impact

75%

reduction in Average Handling Time (AHT)

$1.7B

worth of reconciliation statements processed

5X

increase in statements processed

98%

of transactions require no human intervention

Topics: Financial Operations Reconciliation

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