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.
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
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).
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.