Ernst & Young Global Limited, commonly known as Ernst & Young or simply EY is a multinational professional services network, one of what is commonly known as the Big Four such companies. It primarily provides assurance (which includes financial audit), tax, consulting and advisory services to its clients. Like many of the larger accounting firms in recent years, EY has expanded into markets adjacent to accounting, including strategy, operations, HR, technology, and financial services consulting.
“Even huge professional services companies like EY still need and appreciate high quality specialist services from digital technology experts like Avenir. We couldn’t have done it without them.” Suraj Pandey - Director Financial Transformation, Ernst and Young.
EY wanted to enhance the functionalities of their client accounting tool for financial reporting. They needed the tool to enable clients to manage their financial information seamlessly while simultaneously integrating various spreadsheets, tasks and accounting data into a single platform. The overall goal was to make financial transactions actions transparent and trackable.
Avenir used Robotic Process Automation(RPA) to design the enhanced system in accordance with EY’s required norms, making financial transactions actions transparent and trackable. In addition, Avenir added custom built functionalities – for example creating tasks and approving them as per workflow, uploading and downloading Excel files while still keeping component macros intact. Avenir also helped EY clients by providing them support services on behalf of EY and customising the tool within parameters agreed between EY and Avenir.
Before the enhancements, the EY financial report hub application took on average 4 hours to load each client’s data for analysis to generate reports. To accommodate all their clients, this in turn needed 8 Full Time Employees(FTEs) on a daily basis. Avenir’s RPA bots now automate all the report hub manual processes and generate reports in less than 30 mins for each client. This in turn freed up the 8 FTE’s time for other less mundane tasks and generated cost savings and efficiency gains for the company. The new system also eliminated human error and delivered huge increases in operational efficiency and customer satisfaction.