Financial Intelligence-in-a-Box FIAB Financial Intelligence-in-a-Box FIAB
Finance & Accounting

Financial Intelligence-in-a-Box (FIAB)

Harness Advanced Analytics to Enhance Insights, Improve Control and Unlock Efficiencies

Financial Intelligence-in-a-Box (FIAB) is a comprehensive and future-ready suite of advanced analytics-led techniques, applications, methodologies and dashboards powered by Artificial Intelligence (AI), Machine Learning (ML) and Natural Language Processing (NLP). It enables a rigorous and pragmatic analysis of accounting and financial data to help finance organizations improve control, unlock working capital, optimize utilization, plug leakages, identify outliers and abnormalities, and strengthen risk and compliance, among other direct benefits.

 

Designed to empower CFOs and Controllers, FIAB encompasses:

  • Analytical assets to enable monitoring and enhance controllership
  • Exhaustive set of tools and techniques to prevent financial leakages
  • Technology accelerators to improve efficiency and effectiveness leading to monetary gains, including direct bottom-line impact
  • Investigative reports that uncover opportunities such as working capital enhancement across receivables and payables
  • Practical and risk-free designs to tap into unexplored opportunities. WNS’ industry-first Journal Entry Analytics is a prime example
 

Some potential outcomes that FIAB enables include:

$30-50 Mn

Incremental Free Cash Flow

$5-10 Mn

Cost-saving Opportunity

$20 Mn

Identified Annualized Value of Early Payments

50%

Reduction in Top Dispute Types

~5-7

Days of Optimization in Days Sales Outstanding (DSO) and Days Payable Outstanding (DPO)

 

Core Features

  • Digit Distribution Analytics: Enables forensics to detect potential frauds, data irregularities and process design flaws as well as minimize abuse
  • Advanced Econometric Modeling: Calibrates cause and effect to optimize resource use
  • NLP-powered Text Analytics: Traces uncommon cause, abnormal claimant behavior and uncommon spends
  • Fuzzy Matching Algorithm: Eliminates root cause of duplicate payments; soundex algorithm helps prevent duplication in third-party names
  • ML and Predictive Model: Improves accuracy of predictions constantly
  • Advanced Time Series Model: Learns from the past and creates risk management scenarios; detects and optimizes spend / revenue trends
 

Led by Smart Applications and Tools

Risk and Audit Analytics Powered by WNS Fintinel

Unlike conventional risk audits, which are based on random sampling techniques and that fail to detect numerous blind spots – WNS Fintinel enables the user to triangulate potential leakages from abnormal, risky and fraudulent payments (within the ambit of Accounts Payable (AP) / Procure-to-Pay (P2P) or claims (travel and expense)).

WNS Fintinel uses a combination of advanced analytics, ML, visualization, fuzzy logic and NLP to identify audit targets.

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Journal Entry Analytics

This application helps penetrate through information embedded in journal entries with intelligent and grounded analytics while addressing the challenges of lack of automation and standardization, broken approval processes, and absence of control and visibility. It is designed to help glean information to enhance process efficiencies. Some of the key benefits include:

  • Triangulation of abnormal transactions
  • Simplification / standardization / automation
  • Rationalization of entity and Chart of Accounts (CoA) structure
  • Flattening of peak load
  • Minimization of risks
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Cash Flow Forecasting

This application is an easy point-and-click tool designed to help accountants (even without any data science background) make accurate projections or forecasts. Depending on the data fed, it can forecast and project cash outflows based on payment data, inflows based on revenue data and net operating cash flows based on journal entry data. Besides the easy-to-use interface, the application provides a comprehensible summary of the different models applied to the data (for the user to choose the best-fit scenario).

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Working Capital Analytics

Backed by advanced statistical algorithms, this unlocks a significant amount of cash from the AP process. It encompasses payment cycle analysis, pay-term rationalization, pay-run optimization, discount analysis and more, leading to a substantial rise in incremental free cash flow and improvement in DPO and vendor satisfaction scores.

Duplicate Invoice Detection

DoppelSkanner is a universal duplicate detection tool, which leverages advanced fuzzy match to detect duplicates from any data feed and can be used across AP to identify duplicate invoices or payments. It can be used to rationalize master data across vendors, customers and products.

A lightweight app that requires minimal setup efforts (from two weeks to under six weeks), DoppelSkanner is highly scalable to adapt to specific business requirements.

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WNS Advantage

Easy to Deploy: The FIAB suite has been built with a lightweight design principle in mind, enabling businesses to quickly deploy and operate. The implementation time typically ranges anywhere from two weeks to under six weeks.

Flexible and Scalable: FIAB can be hosted both on-premise and on cloud (AWS or Azure), driving considerable flexibility and scalability for clients.

Industry-first Offerings: Many FIAB applications / tools, including Journal Entry Analytics and Reconciliation Analytics are industry-first offerings, thus giving our clients the first-mover advantage.

Strategic Use of Data as a Fuel: FIAB has been designed to serve as a flexible and easy bolt-on solution, thereby enabling immediate gleaning of data right from the source.

Customized to Business Needs: WNS offers clients access to these analytical innovations and Centers of Excellence (CoEs) for a Proof of Concept (PoC) project as well as a multi-phased roadmap-led engagement.