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:
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.
• 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
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