Automated Clearing

Industry: Manufacturing
Function: Finance

One of the world’s leading manufacturer of ventilation and air-conditioning systems trades in OTC (over-the-counter) derivatives. OTC derivatives are traded off-exchange directly between the market participants. They are not standardized and typically non-transparent, e.g. regarding to termination clauses or collateral. For a greater transparence and security in the financial market, the EMIR (European Market Infrastructure Regulation) directive requires all derivative transactions to be reported to the TRs (trade repositories).

The company has to report its OTC derivative trades to the DTCC (Depository Trust & Clearing Corporation) on a daily basis, otherwise high fines for compliance violations may be imposed. This task consumes scarce resources in the finance departments.

Servicetrace software robots take care of a large part of the testing and reporting tasks: Every day they scan the trading platform for possible business transactions of the company and compare the data with the information in the treasury management system.

If the data matches, the software robots automatically report it to the DTCC GTR (Global Trade Repository). In the event of discrepancies, they instantly inform the treasury officer, who can intervene immediately.

React more quickly:
software robots check and report reliably and on time

Maximum compliance:
error-free execution and transparent documentation

More employee satisfaction:
and more time for more qualified tasks

Accelerate Audits

Industry: Manufacturing
Function: Finance

As part of its risk management, an internationally active machine manufacturer randomly checks the receipts posted for a specific period. This task is performed by highly qualified employees at regular intervals.

These regular inspections take up about two working days per quarter for each employee. The longest part of this process is selecting relevant data for the sample and obtaining all additional documentation for the selected documents. The well-trained employees thus spend a lot of time on these monotonous and error-prone activities before being able to start with the audit.

Servicetrace software robots automate the preparation for the audit.

In SAP, they determine the sample, select additional documents for the selected data in other systems, prepare the list for auditing, and send all of the prepared information and documents to the responsible auditor.

This person can then start with the actual audit.

Acceleration of the process:
audits are completed faster

Reduction of working time:
by automating the preparation process

Higher employee satisfaction:
reduction of workload for higher qualified employees

Compare Order, Delivery and Invoice

Industry: Manufacturing
Function: Finance

The financial accounting department of a leading German automotive supplier has to check the customer invoices of Chinese customers particularly carefully, because according to Chinese law, the price and quantity of the delivery and the invoice must be identical to those of the purchase order.

The special case of customer invoices for Chinese customers translates into a high time investment. The meticulous comparison of order, delivery documents, and customer invoice costs 150 minutes per transaction – with approximately 70 cases each month. Financial accounting staff work with a legacy-system running on servers in Germany. Previous attempts to automate the process failed due to performance fluctuations in the transfer rate to China.

Servicetrace software robots automate the comparison between order, delivery, and invoice. They extract all the relevant information from an Excel spreadsheet and adjust quantity and price of the delivery documents on the basis of the data found. They then create the preliminary and final invoices.

Error-free execution:
the automated comparison between order and delivery ensures correct prices and quantities in the documents

Faster processing:
faster invoicing to the customer

Satisfied customers:
through faster, error-free order processing

Synchronize Contract Data

Industry: Manufacturing
Function: Finance

An internationally active automobile manufacturer is financing its products through bank loans. The loan contracts only exist on paper, thus the internal treasury management system has to manually record each of them. As soon as the banks confirm the loan contracts, including the general terms and conditions, the employees compare the information in the treasury management system with the conditions set by the bank – around 20,000 times a year.

Despite the high volume, the comparison of the data from the treasury management system with the receipts from the banks must be carried out immediately and carefully, because the timely, correct execution of the redemption payments is immensely important – otherwise, the automobile manufacturer is threatened with serious consequences, including the downgrading of its creditworthiness.

Servicetrace software robots automate data reconciliation between the treasury management system and the credit agreement confirmations: They open contract documents (PDF), select the required information with Optical Character Recognition (OCR) and compare it with the contract data from the
treasury management system. The software-robots check whether all relevant data is available and identical.

The automobile manufacturer saves 5 minutes per comparison, around 1,760 hours of processing time throughout the year.

Only if the software robots detect missing or deviating data do they pass on the corresponding loan agreements to an employee for manual checking.

React faster:
software robots start immediately after receipt of contracts

Avoid errors:
the automated comparison identifies deviating conditions in the treasury management system with 100% reliability

Work with more satisfaction:
employees are freed from the unpleasant inspection work and gain more time for more qualified tasks

Obtain Supplier Quotations

Industry: Manufacturing
Function: Procurement

The procurement department of an internationally leading technology organization checks every day in the internal SAP system whether new materials have to be ordered. Then, in an external system, the employees research suitable technical drawings and attach them to the inquiry to the suppliers. Lastly, they need to monitor the return of the suppliers’ quotations.

This monotonous and administrative task requires more than one hour of work of a qualified procurement employee every day, which could be used for more value-adding tasks.

Servicetrace software robots automate the process of requesting materials and monitoring quotations. They automatically check SAP for needed materials for which prices have to be requested, research the corresponding technical drawings in an external system, create and send the requests to the suppliers, and monitor the return of quotations in SAP.

As soon as all supplier quotations have been received or the deadline for quotations has expired, the procurement staff will be notified to decide how to proceed.

Higher employee satisfaction:
employees are freed from monotonous tasks in favor of higher value tasks

Saving time:
1 hour per day and employee

Efficiency:
error-free and timely requests for suitable quotations

Automated Procure-to-Pay Process: Supplier Contracts at Optimal Conditions

Industry: Manufacturing
Function: Procurement

A steel manufacturer has around 3,500 contracts with suppliers worldwide. These contracts should be checked annually for several parameters such as duration, order volume, or payment conditions and, in the event of sub-optimal evaluation, would then be put out to tender again. This is because, especially
in the raw material-intensive steel industry, low-cost procurement at the best current market conditions is critical to the business.

However, there is a lack of capacity in the purchasing department for the time-consuming task of examining all existing contracts in such great detail. Therefore, they are usually simply extended – and not renegotiated with better conditions. At the same time, the optimization of supplier
contracts holds enormous potential for cost reduction.

Software robots from Servicetrace automate the procure-to-pay process.

They collect data on existing contracts from SAP and the internal CRM system and transfer it to a colleague in procurement as a structured and clear basis for decision-making. The latter reports back to the digital assistant as to whether contracts should be extended or re-tendered. The software robot handles both the extension and the online tendering of supplier contracts.

Following a tender, it checks the incoming offers and forwards the three with the best conditions to the purchasing department.

Cost reduction:
save up to 30% in procurement

Competitive advantage:
purchase at the best conditions on the market

Process optimization:
efficient human-bot cooperation

Entry of Order Confirmations

Industry: Manufacturing
Function: Procurement

An international machine manufacturer receives a yearly amount of approx. 20,000 order confirmations as scanned PDF files. Procurement staff have to record all incoming order confirmations in SAP and check the corresponding order for possible deviations.

Each employee spends an average of ten minutes entering an order confirmation and comparing it with the order. With over 3,000 working hours per year, this process is very time-consuming and costly.

Servicetrace software robots automate the data comparison between the order in SAP and the incoming order confirmation. They enter correct confirmations directly into SAP. If there are discrepancies between an order and its confirmation, they inform the person responsible.

Process acceleration:
fast, immediate processing of all incoming data

Process quality:
consistently error-free comparison between order and order confirmation

Time saving:
procurement staff can devote themselves to more value-adding tasks

Setting up Weaving Machines

Industry: Manufacturing
Function: Production

An international textile manufacturer operates 20 different types of machines for the production of individual orders. For the configuration of each machine type, the textile samples available as CAD drawings have to be converted into machine-interpretable CNC code.

The manual configuration of each single production order with 45,000 different textile patterns currently available for the various types of machines is very labor-intensive and time-consuming.

Servicetrace software robots automate the preparatory set-up of the weaving machines: When they receive an order, they search for the material master records in SAP and extract the corresponding CAD drawings.
They then convert them into the appropriate CNC format for configuring the selected machine type.

More flexible production planning:
all machines can be used at any time

Significant increase of the time-to-market:
due to faster set-up time

Less administration:
more employee satisfaction