Challenge: Navigating fluctuating timelines and increasing demand in financial assessments
The FVRA process posed significant challenges for the team. Framework application timings are dependent on a number of government prioritisation factors, which resulted in commencement and closing dates fluctuating at short notice. It is not always possible to predict both volumes of application assessments or completion deadlines.
Meeting these targets can be challenging, especially with the workload often involving large batches of assessments.
Solution: Streamlining Financial Viability Risk Assessments with AI-powered automation
To address these challenges, the ArvatoConnect Artificial Intelligence Practice were engaged to implement and leverage AI to streamline the FVRA process. Our solution was designed to:
Analyse financial statements: Using a robust set of criteria created by the team, AI processes company accounts to evaluate risks on a scale of one to five.
Generate reports: The solution automatically creates a financial risk evaluation template in Excel, providing assessors with a comprehensive foundation for their work.
Enhance efficiency: By automating repetitive tasks, AI allows assessors to focus on higher-value activities, while qualified accountants (QAs) provide professional oversight to maintain accuracy and quality.
Be highly secure: Rather than using an open large language library, ArvatoConnect achieves security and assurance by utilising a private cloud.
Implementation and integration
The integration of AI into existing workflows marked a significant transition from a manual to an automated process. Key steps included:
Automation development: The Digital Practice team automated the generation of financial risk evaluation templates, drastically reducing time spent on repetitive tasks.
Workflow adaptation: AI was seamlessly incorporated into normal processes, with training sessions helping employees transition to the new system.
Change management: The implementation team focused on how AI could complement employees’ roles, removing functional processes and enabling upskilling, delivering more value to the client.
Success: Achieving enhanced efficiency, accuracy, and scalability with AI integration
The results of the implementation were significant:
Reduction in handling times: While improvements are ongoing, initial reductions in average handling times have already been noted, with further gains expected in the coming months.
Accuracy: Recent evaluations achieved an impressive 97% accuracy rate, demonstrating the AI’s reliability in generating risk assessments.
Scalability: ArvatoConnect has enhanced its capacity to manage peak client demand by integrating an AI solution that operates 24/7, efficiently handling labour-intensive processes with speed and precision.
These outcomes underline the tool’s success in meeting operational objectives while ensuring high-quality outputs.
Employee experience and feedback
Initial resistance to adopting AI was mitigated through comprehensive training and iterative improvements:
Training and monitoring: Assessors were trained to interpret AI-generated reports effectively, supported by time trackers and performance comparisons with manual processes.
Iterative enhancements: Feedback from users was continuously incorporated to refine the criteria and outputs, ensuring its functionality aligned with operational needs.
Building trust: Over time, employees saw the benefits of AI, resulting in broader acceptance and smoother integration into daily workflows.
Statistics at a glance
97% accuracy: Achieved in recent evaluations.
Reduced handling times: Early improvements, with more anticipated over six months.
Enhanced employee productivity: Transition from manual to automated processes, enabling value-added tasks.
Increased employee engagement: Our colleagues were proud to play a key role in this project and are thrilled with its success. They look forward to expanding the use of AI even further.
Future plans
ArvatoConnect views the success of the implementation as a stepping stone toward broader AI adoption. Plans include:
Completing the benefits tracking of this initial implementation to fully understand its impact.
Exploring opportunities to use AI in other areas of the business, leveraging lessons learned during this rollout to ensure future implementations are equally successful.
Final thoughts
The implementation of AI has transformed ArvatoConnect’s FVRA process, driving efficiency, reducing handling times, and improving accuracy. By embracing AI to complement human expertise, ArvatoConnect is setting a benchmark for innovation in financial assessments while empowering its team to deliver exceptional outcomes.
