Cost Savings of 40% in Under 2 Weeks – Really Possible?
Recently I was in the office and overheard a call between one of our senior consultants and the Director of Accounting Operations at one of our newer clients in the Insurance industry. They were just in the process of going live on the ReconArt™ reconciliation platform. With a large number of franchise stores across the United States and growing, their first priority was to automate multiple trust accounts.
I clearly recall him asking how much effort was expended by our client in deploying ReconArt™ to automate their trust account recs. After the call I asked him what the response had been to that question. “Under a couple of weeks” is what he was told. “Wow. Deployment of an enterprise reconciliation platform that quickly?” I asked. “Yes, that’s what she said” he replied.
So I called their CFO to check in and see how the project is going. We talked about his desire to kick off phase 2 as early as the following week to automate a whole lot of operational recs. Naturally I asked how the initial go live had gone. “Well, we got a 40% increase in productivity right off the bat” was roughly what he said.
Now I may have got his exact words transcribed incorrectly, but what I heard unambiguously was an initial 40% productivity gain before any tuning or optimization is carried out. 40%. And it was at that point when I remembered the statement from the same client a week earlier that talked about deploying our solution in less than a fortnight (sorry 2 weeks!). I have been in the reconciliation solution space since 2002, and working with ERP systems for 14 years before that, and this is the first time I have heard of a 40% improvement with only two weeks’ effort from an enterprise-class tool. Despite my age I am pretty impressed!