Design thinking, domain knowledge, and Genpact Cora
To address the challenges, Genpact used its Lean DigitalSM approach, which combines design thinking and Lean principles, digital technologies, and domain knowledge. We assessed the back-office environment, mapped manual steps, and identified which processes to automate.
We introduced robotic process automation (RPA), powered by Genpact Cora, an AI-based platform that accelerates digital transformation, to the IJ reconciliation process and automated rule-based activities.
For consistency, we also brought in standard templates for daily IJ reconciliation across all finance operations. This involved aligning finance teams through a reporting center of excellence, which also allowed teams to share ideas and best practices.
Going forward, the company is looking at how a workflow tool can automate the way that it identifies and resolves exceptions when reconciling income journals.