A major international stock exchange company set a goal to revamp its outdated systems that were hindering growth. They sought out innovative technology options that could seamlessly integrate with their existing systems and minimize any interruptions to operations. They aimed to decrease the number of repetitive tasks and create opportunities for employees to have more meaningful, strategic roles.

With the help of Cloudseed teams, the Company was able to accomplish its goals. Cloudseed employed an infusion model, which maximized the potential of the client's current innovation lab by integrating automation technology at its foundation. This approach brought numerous advantages and acted as a catalyst for organizational change.

By utilizing automation as a starting point, over 300 innovative initiatives have been identified throughout the Finance industry.

The goal of the project was to position the client as a leader in technology and data innovation, while also building a lasting foundation of technical knowledge and skills within the organization.

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Designing the route to success

The initial phase started with assessing the current work setting where all essential business operations were connected to the client's outdated systems. We identified several shortcomings at these critical points, which were the primary source of inaccurate information, resulting in inefficiencies throughout the company.

Instead of relying on separate methods and tools for processes, we recognized the opportunity to automate all front-, middle-, and back-office processes for immediate and measurable outcomes within weeks and months. By utilizing enterprise robotic process automation (RPA), we were able to redesign processes for our stock exchange client. We also established a collaborative workspace with the stock exchange's innovation center, where we could try the tools and solutions before implementing them on a broader scale.

An effective governance structure is crucial for a company to change its business strategy. Setting up a Center of Excellence for Intelligent Automation (IA) with clear delivery methods, responsibilities, priority processes, and benefits monitoring was essential. Without a strong governing body, scaling and obtaining reliable data for decision-making would become difficult for various business operations. To initiate this new capability, a successful IA pilot project was necessary.

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Transformation in action

By holding daily scrum and stand-up meetings, the team was able to effectively oversee the delivery, testing, and deployment of bots in the production environment. The number of bots was adjusted according to the client's needs, and the implementation of these bots greatly increased the automation of banking reconciliations across 350 bank accounts in the finance department. This resulted in a 25% reduction in resource time during the initial phase of implementation for the client.

In the production phase, the advantages gained were measured against the expenses incurred, which were reflected in terms of employee time, morale, and quicker completion of tasks. Cloudseed assisted in establishing a method for monitoring the benefits after automation as part of the governance framework. This helped the innovation lab to thrive and increase the demand for automation. The success of the pilot project enabled the client to naturally expand the use of automation across different business areas. It was a crucial step as it required a change in the organization's culture towards embracing technology on a large scale.

Making sure that innovation continues to be a part of daily operations.

Cloudseed aimed to not only provide immediate benefits but also a sustainable solution. By working closely with the client throughout various stages, the client was able to continue their tech-driven business transformation journey with long-term support. The IA Centre of Excellence collaborated effectively with different teams through sharing sessions and smooth transitions. The robotics team successfully applied the Process Automation Assessment (PAA) method to determine which processes should be automated across various business units.

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Results

The automation project involved participation from various business units such as Markets, Operations, and the HR Onboarding team. To ensure successful implementation, in-house coaching was provided to train the client on automation and the new processes. This included on-the-job training in agile methodologies and the use of AI.

As the project progressed, Cloudseed's role transitioned to that of a support team, allowing the client to independently manage their automated processes. The end result was a lasting legacy of knowledge and an upskilled workforce that ensured the organization could stay at the forefront of technology and data excellence.

The integration of IA solutions into the client's existing systems successfully achieved efficiency and scalability. This led to a reduction in manual tasks, allowing for more time to be spent on tasks that added value to the business. Automation and acceleration of repetitive tasks also led to increased engagement from business units, resulting in over 300 ideas for innovation.

This approach not only positions the organization as a leader in technology and data but also prioritizes the development and engagement of employees. This is crucial for retaining top talent and driving continued innovation. By redesigning its business, services, and processes, the organization is now well-equipped to continue growing and innovating in the present, future, and beyond.

By merging the expertise of Cloudseed technology solutions and experienced professionals, we have developed a solution that is both reliable and adaptable to the future. This solution enables our clients to stay ahead of the curve and meet the changing needs of their customers.