Client Overview
The treasury department plays a critical role in managing cash flow, liquidity, financial risk, and compliance. However, repetitive manual processes and data entry can hinder performance and introduce errors. Our client sought a solution that could be rapidly deployed with minimal coding expertise while maintaining security and compliance standards. We selected a low-code/no-code platform to streamline processes, automate tasks, and empower treasury employees to manage and optimize monthly workflows independently.
Client Challenges
The client’s treasury team faced multiple challenges that prompted the need for automation:
- High Volume of Manual Tasks: Tasks like reconciliation, reporting, and data validation were consuming valuable time and required manual data entry, which overloaded the already lean team.
- Complexity in Managing Differing Interest Rates: The treasury team had to track and apply a variety of interest rates across different accounts and instruments. These varied rates required manual input and constant monitoring, which increased the risk of errors and inconsistencies.
- Understaffing Constraints: With limited resources and a lean staffing model, the treasury team struggled to keep up with rising operational demands, making automation essential to meeting deadlines without sacrificing accuracy.
- Data Silos Across Multiple Systems: Treasury data was scattered across different systems (ERP, banking platforms, and financial applications), creating inefficiencies in reporting, making reconciliation more complex, and increasing the likelihood of discrepancies when consolidating data. Treasury staff spent significant time reconciling mismatched data, diverting time from more strategic financial tasks.
- Compliance and Audit Requirements: Ensuring compliance required rigorous data management and reporting, placing additional pressure on the team.
Our Solution: Low-Code/No-Code Automation Platform
Low-code/no-code tools enable users to create automated workflows, applications, and data integrations without extensive coding knowledge and need. Mithril Advisory implemented a LCNC solution to address these challenges to deliver the following measurable results:
- Time Savings: Automating routine tasks saved over 1,000 hours annually, allowing the lean treasury team to focus on high-value activities without needing additional headcount.
- Improved Accuracy in Interest Rate Management: Automated calculations and applications of differing interest rates across accounts and instruments reduced errors, ensuring more accurate financial reporting.
- Streamlined Data Reconciliation: Integrated data from ERP and financial systems reduced the manual reconciliation workload, improving data consistency and decreasing the time needed for month-end reporting.
- Enhanced Agility: Treasury staff could modify and scale workflows in response to changing business needs without extensive IT support.
Cost Efficiency: The low-code/no-code platform reduced the need for additional staffing and costly development resources, resulting in significant cost savings.
Mithril Advantages
Choosing the right partner for implementing low-code/no-code technology is critical to ensuring a seamless deployment and achieving tangible benefits. Mithril Advisory offers unique expertise and resources that set us apart in the industry:
- Proven Automation Expertise: With extensive experience in deploying automation solutions for finance and corporate functions, we understand the nuances of deploying automation solutions that align with industry standards and regulatory compliance.
- Client-Centric Approach: Our implementation methodology includes a thorough assessment of your specific needs and challenges, allowing us to customize LCNC workflows that maximize impact and efficiency for your strategic requirements.
- Empowering In-House Teams: We do not just implement solutions; we empower your teams to manage and optimize workflows independently. Through targeted training and ongoing support, we enable your staff to adapt workflows as needs evolve, making the system both sustainable and adaptable.
Accelerated Time-to-Value: We know that time is money, which is why our streamlined LCNC deployment process enables rapid go-live timelines. Our teams work collaboratively with team to ensure that solutions are implemented efficiently, minimizing disruption to daily operations and accelerating your path to measurable results
Next Steps
For organizations interested in exploring low-code/no-code solutions, Mithril Advisory recommends:
- Conducting an initial assessment of treasury processes to identify high-impact areas for automation.
- Choosing a reliable platform provider with experience in financial services automation.
- Engaging stakeholders in treasury and IT to ensure smooth integration and adoption.
