AI Challenge + End to end automation - Lifecycle of extracting and validating financial statements

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AI Challenge + End to end automation - Lifecycle of extracting and validating financial statements

Use Case Description

Use case overview.

Investment Advisory firms need to automatically extract data from complex tables and unstructured financial reports, that often present in the form of PDF files. This has been a time-consuming effort as companies have different formats of structure in their annual reports/ financial statements.

Benefits of extracting financial statements include:
• Insights and dashboarding on Y-O-Y (year over year) revenue.
• Ability to easily calculate business value drivers and KPIs such as debt to equity, liabilities to equity, return on sales, profitability, total revenue, return on assets, etc.
• business visualization.
• Income/outcome business simulation.

Development cycle (RPA & Document Understanding)

• UiPath RPA ingests financial reports through data scraping, emails, designated folders.
• Financial documents could quite often have various documents attached. Document understanding classification models helps a document to be trimmed to only contain important information to save digitizing (OCR) & extracting time taken per document.
• Document understanding model contains an out of the box ML package to extract data points such as:
Income
Balance sheet tables
Cash flow categories, subcategories, Year 1, Year 2, Year 3.
• Document understanding out of the box ML package extracts designated information to an extraction result output.
• RPA enters extracted output into targeted business output.
• Extracted results used for dashboarding to identify patterns, analytics, and insights.

ROI drivers

• Operational efficiency reducing human hours spent to evaluate and extract financial information from reports.
• Reduce operational cost.
• Adaptability and continuous learning loop through retrainable machine learning model.
• Reduce errors and bias through feedback loop and ML training.
• Capability of extracting in multiple languages.
• Ability to visualize financial report metrices and project them through insights.

AS-IS WORKFLOW, TO-BE WORKFLOW

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Other information about the use case

Industry categories for this use case: Finance, Information Technology and Services, Legal, Operations, Public Sector

Skill level required: Intermediate

UiPath Products that were used: UiPath Studio, UiPath Action Center, UiPath AI Center, UiPath Assistant, UiPath Automation Hub, UiPath Document Understanding, UiPath Insights, UiPath Orchestrator

Other applications that were used: SAP, Excel, Alteryx, Tableau, adobe PDF

Other resources: -

What is the top ROI driver for this use case?: Accelerate growth and operational efficiency

8 Likes
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Good luck @sharon.palawandram

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Thank you!

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Hi @sharon.palawandram thank you for submitting your use case. :wink: Don’t forget to share it on your social media followers to cast their vote for your use case! Votes will be counted till February 23rd, 2023 Stay connected :raised_hands: .

1 Like
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Thank you!

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This is an awesome model to train for! I wonder if it could be provided as a general use out-of-the-box pre-trained ML package for capturing financial reports from other countries.

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@sharon.palawandram, How did you project go? I have a similar use case as you have described.