Sydney-based computer consultant The Missing Link has helped restructuring advisory firm Mackay Goodwin to incorporate artificial intelligence (AI) and robotic process automation (RPA) into its day-to-day operations.
THE RPA was deployed in six weeks and includes two new AI bots, dubbed Eric and Chloe, which have significantly improved how Mackay Goodwin manages its administration tasks.
"Initially, we sought to develop a time and cost-saving solution using RPA to free up our advisors from BAS (business activity statements) and invoicing tasks, allowing our team to have more time to provide strategic advice to clients,” Mackay Goodwin chierf executive Domenic Calabretta said.
"We approached IT specialists and robotic automation experts at The Missing Link to develop an RPA solution for boring, repetitious tasks, like BAS, timesheets and invoicing," he added.
"They also incorporated AI into the solution to scan bank statements, which is a manual task we were sending offshore for completion."
"Now, instead of taking a full day to record the information from a 50-page bank statement, Eric and Chloe can complete the job in just minutes and for less money than an offshore human resource," Calabretta said.
The two bots also reduce the occurrence of errors, while increasing efficiency and accuracy.
Automation of repetitive tasks means that Mackay Goodwin advisors can focus on more high-value work, such as financial analysis and advice.
"To our knowledge, this is an Australian industry first for insolvency, restructuring and financial advisors, and we are certainly reaping the benefits in terms of time and cost," Calabretta said.
He explained that the two bots work like virtual employees and log into systems without any additional software.
"We are now offering the services of both Eric and Chloe to our clients within the accounting and finance sector, where we know they will also benefit from faster and more accurate accounting services," Calabretta continued.
-1.jpg&w=100&c=1&s=0)
.png&w=100&c=1&s=0)
