Company: WNS, Mumbai, India
Nomination Submitted by: WNS North America Inc.
Company Description: WNS delivers an entire spectrum of BPM solutions including industry-specific offerings, customer experience services, finance and accounting, human resources, procurement, and research and analytics to re-imagine the digital future of businesses.
Nomination Category: Product & Service Categories - Business Technology Solutions
Nomination Sub Category: Emerging Technology
 Nomination Title: WNS Nomination I Emerging Technology I Finance Automation
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the nominated new or new-version product or service, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:
WNS, an NYSE-listed leading Business Process Management (BPM) company, has a global presence spanning 13 countries with 60,125 employees and 65 delivery centers. We co-create innovative, digital-led transformational solutions with over 600 clients across various industries. WNS delivers an entire spectrum of BPM solutions, including industry-specific offerings, customer experience services, finance & accounting (F&A), human resources, procurement, and research and analytics, to re-imagine the digital future of businesses.
In the F&A space, WNS partners with 110+ global CFO offices to co-create differentiation by building a digitally-enabled finance function. We leverage strategic processes fueled by data and analytics, transformation frameworks, ecosystems of intelligent technologies and global delivery models to drive tangible business outcomes. With over two decades of experience in collaborating with global CFOs and marquee brands, we have the understanding and expertise to build a robust, insight-driven, integrated and future-ready finance function.
WNS offers the entire gamut of F&A solutions, including the industry-first Quote-to-Sustain (QtS) offering that re-invents traditional and siloed order-to-cash, Record-to-Report (R2R), Procure-to-Pay (P2P) and more.
- If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 244 words used.
A leading Hospitality & Travel client struggled with overtime to meet SLAs across Finance & Accounting processes. This was largely due to manual processes; use of multiple applications and large data files, causing inefficiencies and increased errors risks.
In 2022, we embarked on the transformation journey with an end-to-end assessment of F&A tower activities to align with the client on 11 projects, resulting in $0.6MN savings.
Strategic imperatives adopted included Robotic Process Automation (RPA) and process standardization & optimization, resulting in 32% productivity and 51% ROI for client investments.
Key elements and achieved business outcomes include:
- Process Standardization & Integration: Standardizing processes and integrating cross-validation checks improved consistency and accuracy across operations.
- Process Reengineering for Journal Entry: Redesigning the journal entry process facilitated pre-approved submissions, streamlining workflows and reduced approval bottlenecks.
- Optimization of Blackline Application: Enhancing capabilities in Blackline improved control and efficiency within financial close processes.
- Establishment of Touchless Journal Processing: Implementing proactive alerts and controls based on historical data reduced manual intervention, improving efficiency and reducing errors.
Identified key opportunities for RPA implementation:
- Automating Invoice Generation: Automation of invoice generation processes minimized manual data entry errors, reduced inaccuracies, and decreased parked invoice backlogs.
- Automating Journal Preparation: RPA to prepare journal outputs with backup in defined templates ensured compliance with accounting policies and audit guidelines, enhancing speed and accuracy, with error risk reduction.
- Automating Late Request Handling: Bots handling late requests from the business helped streamline the process and ensured timely responses.
- If you are providing written answers for your submission, you must provide an answer to this third question: Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Total 239 words used.
Balancing business complexities, which included 32 Business units, 5 PO systems, manual approval processes, and 11 different applications, we managed to deliver tangible results by standardizing processes across all Business Units. We consolidated PO system feeds by establishing in-built controls and auto approval workflows across all major applications.
Key business outcomes delivered included:
- Productivity Improvement: A 32% increase in productivity is indicative that the program significantly streamlined operations, enabling teams to accomplish more with existing resources.
- Cycle Time Reduction: A staggering 95% reduction in cycle time for journal processing demonstrates substantial efficiency gains and faster turnaround times.
- Automation of Journal Categories: Automating approximately 90% of journal categories underscores the effectiveness of RPA in streamlining repetitive tasks.
- General Ledger Close Improvement: Reducing the general ledger close workday from 6 days to 5 days indicates improved efficiency in financial reporting and closing processes.
- Automated Cash Application: Automating cash application from nil to 69% improved cash management efficiency and reduced manual effort.
- Accuracy Improvement: A 3% increase in accuracy for the billing process suggests that automation and process improvements resulted in fewer errors and higher data quality.
- Return on Investment (ROI): A significant ROI of over 51% indicates that the program delivered substantial value compared to the investment made.
Overall, the DN transformation program has successfully delivered on its objectives, driving efficiency, accuracy, compliance, and financial benefits across various F&A processes. These outcomes have contributes to improved business performance and stakeholder satisfaction.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
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