PUBLIC SECTOR
A large Chinese state-owned energy enterprise, the company's main business covers coal mining, washing, processing and sales; production and sales of coal chemical products such as coal-to-liquids, coal-based olefins, methanol, and other products; as well as power generation, transportation services and other fields.
With the fast expansion of the energy sector, the workload of the client’s many business units has expanded dramatically, posing a new challenge to business efficiency as large efforts, including time and labour, are required to manage people, assets, and resources. In view of this, the finance department of the Group advocated using Robotic Process Automation (RPA) to automate business operations for accelerating the company’s digitalisation.
After a thorough analysis to the requirements and in-depth market research, the client’s finance department has decided to partner with LPS to implement Alibaba Cloud RPA solutions. RPA allows users to automatically produce monthly financial statements, manage bank reconciliation and create material receipt notes. The system then provides the processing results to designated employees for manual validation, freeing staff from tedious tasks and offering more opportunities in value creation.
With RPA generating financial statements automatically, the total efficiency for preparing monthly financial statements has grown by 30%, while the time for closing month-end balance has been reduced by 4 hours, indicating a considerable improvement in the company's overall financial operations. The efficiency and data accuracy have increased by 93% and 95% respectively. All of these benefits have enhanced the consistency of business and finance while lowering audit and business risks.
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