Financial firms face extensive reporting requirements, but reports take time and energy to compile—often using a highly routinized approach. If your workforce is struggling to keep pace, you may be eyeing two choices: You can increase your workforce, or … you can automate.
But can automation allow your organization to follow its own processes, incorporating its own custom visualizations and dashboards? Can it produce consistent, high quality results?
Accenture has teamed with software company Narrative Science Inc., tapping its intelligent automation platform, Quill™, to offer a customizable solution that supports large-scale transformation for financial providers. Our Intelligent Report Automation: Insights on Demand paper, provides the details.
Using NLG software, Quill™ can automate repetitive, time-consuming reporting workflows, handling tasks from performing analysis to writing commentary, while improving the speed, consistency and quality of reporting. Our solution does this while still letting enterprises build custom NLG applications.
Can NLG ease your pain points?
We’ve identified three pain points typical to financial and regulatory reporting. An effective NLG approach can address all of them:
One particular area where NLG offers a quick, high return is in reporting that involves repetitive workflow and requires consistency, high quality and speed. Profit and loss reporting is a good example: Some firms spend thousands of hours per year assembling weekly analyses for countries, regions, divisions and branches. A custom NLG engine can perform the same task more quickly and more accurately.
But that’s just the tip of the iceberg. NLG can be useful in any of the following:
- Balance sheet
- Profit and loss
- Cash flow
- Know your customer
- Liquidity reporting
- Enhanced due diligence
- Case management
And much more.
Ready to start with NLG?
Is your financial services firm considering NLG solutions? Data-driven reports based in repeatable logic are good candidates to start with. To build a business case, consider how automation might transform the current state for the chosen reports.
But why stop at one set of reports? In parallel, consider how NLG can become a capability within the organization, making the technology scalable and opening the door for whole function transformation. Benefits from transitioning to NLG can include:
- Time and cost savings
- More consistent, higher quality reports
- Self-service analysis
- More effective business intelligence tools
Overwhelmed? Let us help. Accenture and Narrative Sciences can provide support at any stage, from building out uses cases to creating a transformation road map to implementation.