In this edition we are introducing a new 4 part series commissioned from our good friends at propella.ai. For those readers who attended our BIG DAY IN events during the year, you will be familiar with propella.ai for their valuable contribution to our AI panel discussion. Propella.ai consults to a wide range of businesses however it is their work with professional service firms that we will be focusing on in this 4 part series.
Part 1: Leveraging Automation to Drive Efficiency in Professional Services Firms
In today’s business landscape, there’s a strong incentive for professional service firms to find ways to enhance efficiency, improve accuracy, and reduce repetitive manual tasks. With the advent of sophisticated AI and automation tools, many firms are recognising and utilising the vast potential these technologies offer. Conversely, many firms have yet to explore the opportunities and cost savings that such tools can deliver.
This article spotlights a recent case study from BlueRock, a multi-disciplinary professional services firm, to illustrate how AI-assisted automation can transform operations, and outlines additional use cases for these technologies within Accounting and Advisory firms.
Case Study: Streamlining Subscription Data Management with Automation Tools
Client: BlueRock, Multi-disciplinary Professional Services Firm
Challenge: BlueRock required a more efficient method to view and manage their numerous subscription invoices. The manual process of accessing and then entering subscription details from invoices into a spreadsheet was both time-consuming and prone to errors. With about 330 subscriptions needing detailed entry work — reading each invoice, extracting details such as subscription services, contact information, and costs, converting values to AUD, and inputting this data manually — the process was overwhelming.
Objective: By adopting an automation tool with the help of propella.ai, BlueRock aimed to reduce the manual workload, minimise human error, and streamline the data entry process to save time and improve accuracy.
Solution: BlueRock implemented the V7 Go automation tool, known for its ability to extract information from multiple sources, compare it against a template, and format data consistently. “V7 Go is a work automation platform that uses generative AI to understand how to automate tasks reliably and at scale. Its first areas of focus are back office tasks like data entry and administrative tasks” (Ref – https://www.v7labs.com/news/v7-launches-v7-go-a-work-automation-platform-for-the-multimodal-ai-era).
Implementation: The V7 Go tool was showcased for its capabilities in automating the extraction and entry of invoice data into a spreadsheet. Users simply drop invoices into the system, which then reads and processes the data, producing a uniform, readable format that integrates seamlessly into their existing workflow.
Outcomes:
- Labour Savings: Data entry time was significantly reduced. Previously, each entry took approximately five minutes; the automation brought this down to 1-2 minutes per document, amounting to a total time savings of 1,000 – 1,300 minutes across 330 documents — translating to 16 – 21 hours (2 – 2.5 days) saved. This is a process that is carried out on a monthly basis to ensure the data is kept up to date, so the labour savings are ongoing. The times savings are therefore 2 – 2.5 days saved per month!
- Increased Accuracy: The automation minimised human errors, ensuring more reliable data handling.
- Efficiency: Overall workflow was streamlined, enabling employees to focus on more value-added tasks, thus boosting productivity.
The implementation of the V7 Go tool at BlueRock is a prime example of how AI-driven automation can streamline processes, save time, and improve data management accuracy. This case study underscores the significant benefits that innovative automation tools can bring to professional services firms. As professional services firms consider ways to enhance their operations, embracing automation technology emerges as a strategic move to drive productivity and operational efficiency. By leveraging these tools, firms can free up valuable time for more strategic tasks, ultimately fostering growth and client satisfaction.
If you are interested in exploring ways to streamline and automate various aspects of business operations, please reach out to Gus McLennan, Managing Director of propella.ai @ gus.mclennan@propella.ai or contact us through out website here .
