January 21, 2020

10 Reasons Why The Largest Financial Institutions Use SolveXia

Finance Leadership
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When it comes to running a successful business, your people and processes are at the heart of everything you do. This means that having the right technological tools can make or break how efficient your business and its processes can be. 

As a CFO, you know the importance of data and accessibility. You want to be able to ensure that processes are running smoothly, but you don’t have all the time in the world to micromanage. As such, it pays to have a system that can act as your ally in business to ensure operations are running smoothly and that everyone who needs access to data can freely and securely use it. 

This is why some of the largest financial institutions in the world are using SolveXia. The human analytical automation software helps to eliminate manual processes, protect data and provide easy-to-read reports and dashboards for constant monitoring. 

As a CFO or business leader, let’s take a look at some of the ways SolveXia can help to enhance your business, your oversight and your compliance. 

10 Reasons Why You Should Use SolveXia 

1. To eliminate high-cost errors: 

There’s no doubt that manual processes are inefficient. Not only are they slower than automated solutions, but they are also rife with human mistakes which can result in significant financial losses. 

For example, consider that your team is entering data across various spreadsheets. This could be for Accounts Receivable or even your General Ledger. These necessary documents are imperative for your business to have right because they are the basis for your financial health’s benchmarking. However, manually managing them means that errors are easy to make. 

SolveXia’s system automatically matches any file or system in seconds, with an advanced data mapping system, SolveXia eliminates disconnected data by streamlining processes so that work can be completed 10x faster than if it were manually managed. This removes errors and enables and possible discrepancies in source data to be identified immediately and automatically.

2. To ensure consistency: 

Most of your financial processes require the same action to take place over and over. When using data for analysis, you want to ensure that the process is as efficient as possible and that the same steps take place each time, so the data is consistent, error-free and accurate. This also means that you want approvals also to remain consistent. An automation tool helps to ensure consistency in process workflow in each step. 

SolveXia’s system allows you to do just this enabling you to run simple and more complex tasks, from those that are sequential to those that require if-then-else logic. The data automation library exists for you to choose your need or create your own with a simple drag and drop user interface, making the process simple and keeps the data consistent at all times.

3. To mitigate key-person dependency: 

Whether you work in a business that is small or large, you rely on specific people for specific tasks. However, this can often mean there is a bottleneck when the person responsible for a particular task is out of the office on vacation or sick. But, a business doesn’t wait for anyone. 

SolveXia can store processes mitigating the risk of key-person dependency. If you have to transfer a process to another team member for a day or permanently (if someone leaves your company), then they can easily pick up where the other person left off and run the process.

The system also shows each step of the process, so that training and understanding are readily available. The new person managing the process can see exactly which step the person is currently at, and how to do the next step. SolveXia enables this as its system is designed to show the exact process step-by-step and alert if anything is wrong when it happens or doesn’t happen in the correct flow. 

4. For its robust audit:

Working in finance means that regulations are always at the top of your mind. As regulations change and become more demanding, and the growing need from shareholders to have more detailed audits, higher needs for internal controls and compliance to keep the company away from costly fines and mistakes. It can be a huge and time-consuming challenge not just to have the resources and time left to run the businesses. 

With SolveXia, you can produce audit trails at any time. Every change to a process and every user action is stored and secured in the system. Once a user takes action or uploads data, it is locked so it cannot be altered without a record being made. SolveXia also makes it easy to review audit trails and share them with auditors. You can also lock out individuals from performing specific tasks or accessing certain data, and split up functions into simplified processes.

This enables greater oversight and therefore, reduces your compliance risk. One of your biggest concerns running a team, especially one with so many people and moving pieces, is making sure that tasks are being done correctly. With a system that manages this automatically, you can rest assured that you will always know who and what data is being used at any given time and track any changes in real-time and even set up alerts.

5. For its high degree of governance: 

Across your organisation, many different stakeholders need to be in the loop of the financials at any given time. While your team spends time managing data and analysing what it means, you need to share the results with those stakeholders both internally and externally. Imagine a system that can give you a bird’s eye view at any given time and also allows you to choose who has access to any given information. This is what SolveXia can do. 

SolveXia provides a high degree of governance, including controls, security, validations, alerts (on errors) and user access. You can opt to receive up-to-date documentation for all the processes that take place in SolveXia. Also, you can set the system up to email or SMS text you any alerts and communication. The system is designed so that all those who need access to report and visualisation can quickly receive them automatically. 

Therefore, anyone who needs to know what’s happening financially can do so hassle-free and with easy-to-read and understand reports. 

6. To focus on high-level tasks: 

It’s all too common that human resources get bogged down with manual and repetitive tasks. Not only is this not a good use for their time, but it also can result in higher errors, dull busy work and therefore unproductive and demotivated staff. But, automation can resolve these hurdles by managing low-level tasks on behalf of your team. When you delegate these types of tasks to automated software, you are in turn freeing up your most valuable assets, your people, to work on high-level, high-value tasks like analysis and insights. 

Robotic process automation (RPA) is best used for tedious and repetitive tasks. When it comes to financial procedures, many low-level data entry and transformation tasks must be managed appropriately. 

SolveXia takes this a step further by enabling you to manage processes and thereby reduce manual effort. This means that your team can use SolveXia to be analytical problem-solvers effortlessly, so they are available to provide data-driven insights for decision-making. For example, with SolveXia, you can carry out tasks like automated data mapping and live to report. In this way, your team can use the system to their benefit and then take the information to make informed decisions. 

7. Scalable and easy to maintain: 

Businesses are always changing. To incorporate a new process or technology tool into your business, you’ll first need buy-in. But, one of an organisation’s primary fear when making such an investment is what will happen when the business grows and scales? Will the tool still be useful? Will the tool work with legacy systems, will there be a big staff learning curve? Is it worth investing time, energy and money into learning something new at this time in the business’ lifecycle? 

When it comes to SolveXia, the answer is yes. This is because the solutions are scalable and designed for data growth. The software is easy to set up without the need for IT departments; it connects with all existing data systems, including legacy systems, its easy to maintain and designed to be intuitive. This means that whatever tool stack you currently use or will want to use in the future, it can function well with SolveXia. 

8. It is easy to learn: 

There are many solutions in the market that require a lot of training and have steep learning curves. As such, you’ll need to rely on dedicated tech teams and complex integrations to reap their benefits. Even if you set it up correctly, it could then rely on dedicated or expensive data analytics teams to use it. This contradicts one of the main reasons why you’d opt to integrate data automation in your workplace in the first place, namely to make things easier for everyone and allow everyone to get the insights they need so the business can make more informed decisions. 

Technology software should be user-friendly, first and foremost. SolveXia is designed so that anyone can learn the software, not just technically-savvy users. This translates to smaller and more powerful teams, thereby reducing the need for a dedicated tech team or data analysts to make use of information. Instead, the whole team from marketing, to sales and finance can reap the benefits. 

How do we make sure this can happen? It’s easy - SolveXia has pre-built functions and templates to choose from, as well as a variety of resources to use to learn online continuously. So, a new SolveXia user can become proficient in automation very quickly and effortlessly. 

9. It is a perfect test environment: 

Before implementing a system-wide procedure or change within a business, you will likely want to test its functionality and success. SolveXia can be used as a sandbox to prove, build and test ideas quickly. You can run various models and pull reports to see how your changes will affect processes. For example:

  • Testing changes to the format and structure of your input data
  • Testing different calculations within the process itself
  • Testing new types of outputs such as reports, charts and graphs
  • Testing new or different types of validations and checks that can be performed on the data

Only then, when you have shown proof of concept, can you feel confident to roll out a new process. 

10. Because of its support: 

SolveXia’s team is here to help you, any time. SolveXia’s best in class 24/7 onshore support will help you solve any issues and show you how to get the most out of SolveXia. We have automated thousands of processes and can create process design for your business or even assist with project management. 

At SolveXia you have dedicated customer support, you can reach out on email or phone. We also have a dedicated microsite with a lot of information to help you accomplish any task you need If you can’t find what you are looking for online, you can call us or email us directly.

There is also a variety of online resources, including whitepapers, videos, webinars, and FAQs to support teams around the world; we are readily available to teach and troubleshoot. 

The Bottom Line 

Business leaders across industries use SolveXia so that they can run their organisations as effectively as possible. With a wide array of capabilities, excellent support, accuracy, security, and scalability, SolveXia is a human analytical automation tool that has proven to optimise business functions by up to 10x. 

With file-based reports and online dashboards, you can rest assured knowing that an overall view of your business’ financial health is readily available. Governance is managed by the system’s audit trails and process history, and all data is secured up to the industry standards. 

Are you looking to elevate your business and optimise your workflows? Try SolveXia today! 

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