GLOBAL BKS INITIATIVES:

“Key considerations that we take into account, during vendor analysis and subsequently awarding a contract, is the vendors alignment to sustainability and green innovation technology.” Explains Baljinder Kaur Sanghera, CEO, BKS Business Consultants

Case I: Contract analysis through AI

BKS Contract Analysis

What was the Challenge?

Our client, one of the largest financial leasing companies, required highly qualified consultants with significant skills and relevant experience to direct and deliver, specific programme of works, which would enable them to obtain more detail from lease contracts than traditional accounting processes, to enforce new accounting regulations. For example, one client had to re-examine 130,000 contracts. Furthermore, all lease agreements, were required to be reported within the balance sheet.

 

What did BKS do?

Our client, requirements were for a range of personnel, requested individually to assist with the delivery of such projects, in roles including Project or Program design, implementation; Business analysis; Risk management; Capability development; and Technological Design and Architectural Services.

 

BKS Business Consultants provided professionals, to assist with the delivery of a range of business improvements and consultancy support. Each consultant is of highly technical expertise to ensure the successful deployment of changes made to our client’s business objectives.

 

Solution provided By BKS Business Consultants:

  • Skilled Business Analyst: To offer guidance to increase market share and growth rate.
  • Expertise to undertake risk analysis and assessment: To assist with, procurement decisions, resource allocation, IPO preparation, risk strategy, target identification, mergers and acquisitions, and identifying strengths. Directing the program management of the Regulatory Supervision Project.
  • Technical skilled resources: Delivering efficiency improvements to both IT Service Delivery and that of the Architecture Design Model.

 

What were the outcomes?

BKS Business Consultants successfully analysed, designed, implemented, and delivered this programme of works, all within the agreed schedule and the constraints associated with the budget.

 

Designed application offered a more efficient and time effective method of extracting data from unstructured documents. It is not meant to replace contract analysts; rather, it is meant to complement this with valuable suggestions. Analysts use it to analyse contracts because it is easy to use.

 

After completion, our client remarked that the specialised expertise of each professional enabled them to deliver their assignments with minimal guidance, thus ensuring the successful and efficient delivery of each major project.

 

Time Saving: Artificial Intelligence-assisted document analysis saves a significant amount of time.

Fast: Analyse documents quickly by using suggestions to skip to related terms. Every second is precious to us.

Accurate: Any document examined by a human expert, feed into a learning loop, allowing it to make improved and more precise recommendations.

Any language or layout: Supports more than 140 languages and is reliable regardless of document form or style.

Reliable at scale: A built-in workflow to streamline processing large volumes of documents. A structured review process so you can really trust the data.

Structured output: Data you get is formatted and structured so; you can directly use it in downstream solutions.

 

This enabled the organisation to lower revenue leakage from 9% to 3% after deploying the solution. They also saved 30% of full-time employee’s hours, equating to 31,250 hours per year at a cost of £1,097,500 for the average accounting team of 50 full-time personnel. The level of precision has risen to 98.99%, with a 50% straight through processing rate. The level of service provided by service level agreements (SLAs) for the client’s business transactions was enhanced by 10%, securing future contracts for our clients.

 

Employee Hours (Yearly) Resource Cost (Yearly) Precision Level Service Level (By SLAs)
Reduced 31,250 £1,097,500
Increased 98.99% 10%

Case II: Combating welfare fraud with machine learning POC

 

What was the Challenge?

A European client, a government organisation had experienced a significant rise in cases of fraud. Hundreds of millions of euros were charged to ineligible people by the organisation in charge of paying allowances to residents. An internal department had discovered that procedures were inefficient, and after negative publicity, it was evident that the fraud-fighting strategy needed to be strengthened.

 

Class Imbalance – Relatively speaking, only a small number of customers are attempting to defraud. As a result, there is an imbalance in the classification of fraud detection models, making it more difficult to develop them. As detecting the fraudsters frequently entails valid transactions being refused and investigated, therefore, the ineffective process, resulting in poor user experience for genuine claimants.

Accuracy and Performance – As the velocity of commerce is increasing, it is very important to have a time efficient solution to detect fraud. Our clients expect results fast with 100% accuracy. Only a stringent Machine Learning Technique would enable you to achieve performance with 100% accuracy.

 

What did BKS do?

BKS Business Consultants collaborated with specialists to analyse the challenge and conduct a comparative analysis of various artificial intelligence technologies to choose the most appropriate and a definitive machine learning algorithm for this proof-of-concept.

 

What were the outcomes?

The results were astounding in cases where alleged fraud was tested by human experts, fraud was discovered in 10% of cases; in the proof of concept, this hit rate increased to 50%.

 

This will enable the organisation to lower revenue leakage from 9% to 3% after deploying the solution. This equates to a saving of 40% associated with full-time employee’s hours, equating to 34,375 hours per year at a cost of £1,207,250 for an on average accounting team consisting of 45 full-time personnel. The level of precision will rise to 99.97%, with a 60% straight through processing rate. The level of service provided by service level agreements (SLAs) for the client’s business transactions was enhanced by 11%, securing future contracts for our clients.

 

Employee Hours (Yearly)

Resource Cost (Yearly)

Precision Level

Service Level (By SLAs)

Reduced 34,375 £1,207,250
Increased 99.97% 11%

Case III: Insurance Automation Bot

Insurance Automation BOT

What was the Challenge?

Established insurance organisations have historically (and considerably) relied upon out-of-date legacy systems (with many moving parts) that do not communicate efficiently.

 

The insurance sector is beset by a glut of time-consuming clerical work, which leads to lower client loyalty and significant wastage associated with time. While managing day-to-day insurance operations such as underwriting, claims management, policy servicing, and so on, insurers are swamped with mundane, monotonous, and operational tasks. Premiums have risen as a result, and the insurance industry’s expansion has been impacted and failed to be realised. In addition, highly paid specialised resources are expected to effectively provide the “bridge” between these disparate systems, which entails long days spent transcribing and reconciling data, such as opening emails, copying and pasting data across previous systems, generating PDFs, and so on.

 

What did BKS do?

Our client required a wide range of resources in positions such as business analysis, risk analysis, capability development, and technological design and implementation services, all of which were requested to aid in the project’s completion.

 

BKS Business Consultants supplied consultants to assist with the business analysis, risk analysis and implementation of a variety of business change initiatives. To ensure the successful deployment of any modifications made to our client’s business operating model, each consultant has a high level of technical skill.

 

The following are some of the primary responsibilities of BKS consultants:

 

Examined the existing procedure: In what format do they get insurance data? What are their options for getting to insurance data? How are they validated and coded? What percentage of information is obtained digitally rather than upon paper? How long does it take to process an insurance claim on average? Per AP FTE, how many insurance claims are processed per year? What is the average insurance policy/claim processing cost?

 

Plan: milestones and activities for the project.

 

Design and Implementation: To streamline and automate the manual healthcare data process, design, and implement a common centralised approach.

 

What were the outcomes?

RPA is generally known in the insurance sector (InsurTech) as a technology that may greatly optimise productivity and client retention. Insurance Bot automated underwriting, claims processing, policy servicing, and other clerical tasks. It accepts data from inputs and feeds it into a legacy ERP system, then performs the action that was previously stated (rule based).

 

All forms of insurance sub-processes were aided by robotic process automation, including:

 

  • Toggle between different programmes and systems by opening, logging in, and switching between them.
  • Data can be copied and pasted from spreadsheets into core systems.
  • Data should be moved from core systems to spreadsheets.
  • Information should be transferred from Core System A to Core System B.
  • Incorporate data from invoices into a central database.
  • Open an email and enter the info into a central database.
  • Files and folders can be transferred from desktops to servers.
  • Information can be accessed or gathered from the internet and websites.
  • Create reports by automatically calculating data.

 

As a result, we have:

  • Quick Process claims
  • Easier policy cancellation
  • Improved data accuracy
  • Standardised processes
  • Easy Transition and Compatibility

 

It increased ROI by offering services round the clock as well as accuracy, policy retention and resource utilisation.

 

It enabled organisation to reduce the number of full-time personnel required in this department from 80 to 40 by integrating RPA procedures with cognitive technology, resulting in a salary budget reduction of more than 55%. The organisation was able to lower revenue leakage from 10% to 3% after deploying RPA. They also saved 45% of a full-time employee’s hours, equating to 35,625 hours per year at a cost of £1,251,150 for an accounting team, consisting of 48 full-time personnel. The level of precision has risen to 97.39%, with a 61% straight through processing rate. The level of service provided by service level agreements (SLAs) for the client’s business transactions was enhanced by 10%, securing future contracts for our clients.

 

Employee Hours (Yearly) Resource Cost (Yearly) Precision Level Service Level (By SLAs)
Reduced 35,625 £1,251,150
Increased 97.39% 10%

Case IV: Cloud based Healthcare System

What was the Challenge?

The client required, a platform that provides a web portal for a provider to present specifics of patient medical records such as allergy, medication, procedure, and digital health integration. The client being a US health care organisation. A mobile application allowing patients to view their medical records, a list of providers with whom they are associated, and the capabilities of linking their digital health devices/applications is also required.

 

What did BKS do?

Project design, implementation, business analysis, risk analysis, and capability development were all sought by our client as individual resources to aid with the project’s delivery.

 

BKS Business Consultants provided skilled consultants to assist the client with a wide range of business adjustments.

 

The following are some of the primary responsibilities of BKS consultants:

 

Examined the existing procedure: What format do they get data in? What are their options for healthcare data? How long does it take to process patient records on average? Per clinic, how many patients are processed per year? What is the average healthcare data management cost?

 

Plan: Milestones and activities for the project.

 

Design and Implementation: To streamline and automate the manual healthcare data process, design and implement a common centralised approach.

 

What were the outcomes?

Centralised cloud-based healthcare system simplified the process of patient management. It freed patients and doctors from having to keep track of paperwork. This software allows clinicians to check the medical history of their patients in only a few clicks. Overall, this application accurately automates the US healthcare management system using FHIR, Fitbit, Google Cloud, Angular.js and Node.js technologies.

 

This enabled organisation to lower revenue leakage from 12% to 4% after deploying the solution. They also saved 45% of a full-time employee’s hours, equating to 36,250 hours per year at a cost of £1,173,100 for an accounting team, on average consisting of 50 full-time personnel. The level of precision has risen to 99.79%, with a 49% straight through processing rate. The level of service provided by service level agreements (SLAs) for the client’s business transactions was enhanced by 12%, securing future contracts for our clients.

 

Employee Hours (Yearly) Resource Cost (Yearly) Precision Level Service Level (By SLAs)
Reduced 36,250 £1,173,100
Increased 99.79% 12%

 

 

Major results include:

 

  • Simple to use
  • Round the clock data availability
  • Centralised data and processes
  • Eliminated human error
  • Lower processing costs
  • Seamless communication between various stakeholders

Case V: Portfolio Strategy for Barclay card

BKS Portfolio Strategy

What was the Challenge?

When one of our clients, Barclay card, chose to cease several of its business divisions, decision-makers had to choose between sinking (retrenchment) or surviving (restructuring). Strategic restructuring of their current portfolio within their business client sector.

 

What did BKS do?

BKS Business Consultants provided consultants to assist with business analysis, risk analysis, and implementation of several business improvement initiatives, in response to a client resource requirement. Each consultant has a high degree of technical skill to assure the successful deployment of any changes made to our client’s business and enabling TOM (Target Operating Models), to be deployed across several functional areas.

 

For which the client requirements resources:

  • Business Analysis
  • Risk Analysis
  • Project design
  • Project Implementation

 

Business Portfolio Strategy consultants evaluate and advise business executives on which market and sector to compete in. They provided advice on resource allocation to maximise market share and growth rate. Assisting with, procurement decisions, IPO preparation, risk strategy, target identification, mergers, and acquisitions, and identifying strengths.

 

Solution provided By BKS Business Consultants:

  • Skilled Business Analyst: To offer guidance to increase market share and growth rate.
  • Expertise to underpin and undertake a structured risk analysis and assessment: To assist with, procurement decisions, resource allocation, IPO preparation, risk strategy, target identification, mergers, and acquisitions, and identifying strengths.
  • Technical skilled resources: for project design, implementation, and support to ensure the successful deployment of any changes made to their business.

 

What were the outcomes?

Value accrues through:

Excellence in customer service: Conversion rates, engagement, and loyalty are all optimised by a simpler, faster, and smoother customer journey.

Experiences of Colleagues: New ways of working and empowered teams facilitate decision-making and create possibilities for staff upskilling, all of which contribute to increased employee engagement. Retention of resource was increased by 20%, and cost associated with hiring resource and training and upskilling decreased by “18%” over the year.

Optimisation of costs: Making processes more efficient lowers implementation costs, allows for faster updates, improves “first time right” rates, and enhances reusability and consistency.

Control the amount of uplift: Controls are placed further upstream with system-driven monitoring, making hazards more evident, improving compliance, and shortening cycle times.

 

This enabled the organisation to lower revenue leakage from 12% to 5% after deploying solution. They also saved 35% of a full-time employee’s hours, equating to 32,450 hours per year at a cost of £1,098,700 for a processing team, consisting of 47 full-time personnel. The level of precision has risen to 91.99%, with a 68% straight through processing rate. The level of service provided by service level agreements (SLAs) for the client’s business transactions was enhanced by 14%, securing future contracts for our clients.

 

Employee Hours (Yearly) Resource Cost (Yearly) Precision Level Service Level (By SLAs)
Reduced 32,450 £1,098,700
Increased 91.99% 14%

 

Case VI: Banking Customer Support AI Chatbot With RPA

 

What was the Challenge?

Banking and financial services are harnessing machine capabilities to improve operations, grow, and decrease costs by implementing AI-driven automation. They are strive to improve client experience by automating routine processes. Proper cloud based AI-driven automation can assist them to save time in the front office and back office by answering questions, sorting documents, and updating systems.

 

What did BKS do?

In response to a client resource demand, BKS Business Consultants provided consultants to assist with business analysis, risk analysis, project or programme design, and implementation of a variety of business change initiatives. To ensure the successful deployment of any modifications made to our client’s business, each consultant, is equipped with a high level of technical skill and relevant knowledge.

 

The following are some of the primary responsibilities of BKS consultants:

 

Examined the existing procedure: What are they received? What is their opinion for chatbot and RPA? How long does it take to process customer query on average? Per FTE, how many queries are processed per year? What is the average customer support cost?

 

Plan: milestones and activities for the project.

 

Design and Implementation: To streamline and automate the manual customer support process, design, and implement a common centralised approach.

 

What were the outcomes?

The suggested system is based on the IBM Watson Assistant and UIPath RPA platforms, which allow for powerful chatbot and back-end automation solutions that leverage narrow AI to carefully analyse user input. It improves client responsiveness by using AI-powered innovations to automate correspondence and back-end processes, reducing human error and TAT (turnaround time) for manual tasks like soliciting customer feedback via automated email campaign, solving and auto-replying low-priority questions, and automating a wide range of reporting tasks like monthly closing, reconciliations, and management reports, among others.

 

By obviating the need for traditional banking, this proposed solution reduces banking wait times by providing round-the-clock customer service.

 

This banking institution was able to reduce the number of full-time personnel required in this department from 100 to 50 by integrating RPA procedures with cognitive technology, resulting in a salary budget reduction of more than 60%. The organisation was able to lower revenue leakage from 11% to 2% after deploying RPA. They also saved 40% of a full-time employee’s hours, equating to 37,300 hours per year at a cost of £1,118,050 for account processing team of 40 full-time personnel. The level of precision has risen to 99.99%, with a 55% straight through processing rate. The level of service provided by service level agreements (SLAs) for the client’s business transactions was enhanced by 13%, securing future contracts for our clients.

 

Employee Hours (Yearly) Resource Cost (Yearly) Precision Level Service Level (By SLAs)
Reduced 37,300 £1,118,050
Increased 99.99% 13%

 

Major results include:

  • Simple to use
  • Round the clock customer service
  • Centralised data and processes
  • Eliminated human error
  • Lower processing costs
  • Less human engagement

Case VII: Invoice Processing BOTs

BKS Invoice Processing BOT

Invoice processing is a business function carried out by the accounts payable department that entails a sequence of actions for managing vendor or supplier bills from receipt through payment and recording them in the general ledger.

 

“Account Payable is also the appropriate arena for cognitive robotics solutions, in which a robot makes its own assessments and initiates interactions,” says Baljinder Kaur Sanghera, Director and Senior consultant in Strategy & Operations at BKS Business Consultants.

 

What was the Challenge?

Almost every financial institution wants to automate the accounts payable process in order to have more control over internal processing and speed up the processing of vendor invoices. Automated invoice processing solutions can assist accounts payable teams to automate the capture, coding, and sending of invoices for approval, as well as assigning approvers and pushing bills into financial systems for payment. This will also improve in terms of speed, accuracy, and return on investment (ROI).

 

This includes automating invoice extraction and payment data from a variety of systems, such as supplier emails, enterprise resource planning (ERP), customer relationship management (CRM), banks, vendors, and logistics companies, and manual resource is usually required because not all of these systems provide simple integration methods.

 

What did BKS do?

In response to a client resource requirement, BKS Business Consultants provided consultants to assist with business analysis, risk analysis, project or programme design, and implementation of a variety of business changes. To ensure the successful deployment of any modifications made to our client’s business, appropriately skilled consultants were allocated.

 

For which the client requirement resources:

  • Business Analysis
  • Risk Analysis
  • Project design
  • Project Implementation

 

The following are some of the primary responsibilities of BKS consultants:

Examined the existing procedure: What have they received? What are their options for getting to AP (Account Payable)? How are they validated and coded (2-way or 3-way matching)? What percentage of information is obtained digitally rather than on paper? How long does it take to process an invoice on average? Per AP FTE, how many invoices are processed per year? What is the average AP transaction cost?

 

Plan: milestones and activities for the project.

 

Design and Implementation: To streamline the manual approval process, design and implement a common centralised approach.

 

Solution provided By BKS Business Consultants:

  • Skilled Business Analyst: To offer guidance to increase market share and growth rate.
  • Expertise to undertake and redefine the risk assessment and analysis approach: To assist with, procurement decisions, resource allocation, IPO preparation, risk strategy, target operating model architecture and deployment, mergers, and acquisitions, and identifying strengths.
  • Technical skilled resources: for project design, implementation, and support to ensure the successful deployment of any changes made to their business.

 

What were the outcomes?

RPA bots were deployed to automate the process and fill integration gaps in all systems, including CRM, ERP, emails, and documents. They can give an easy approach to automate integrations because they work on the front end.

 

Fully automated invoice processing aided businesses in achieving higher processing speeds, accuracy, and higher ROI while also providing a single source for all transactions.

 

The organisation discovered a 10% income leakage by hiring humans to do this repetitious work. They were able to lower this to 4% after deploying RPA. They also saved 35% of a full-time employee’s hours, equating to 38,250 hours per year at a cost of £1,299,050 for a team deployed to undertake, invoice processing, consisting of typically 40 – 45 full-time personnel. The level of precision has risen to 99.99%, with a 69% straight through processing rate. The level of service provided by service level agreements (SLAs) for the client’s business transactions was enhanced by 12%, resulting in securing future contracts for our clients.

 

 

Employee Hours (Yearly) Resource Cost (Yearly) Precision Level Service Level (By SLAs)
Reduced 38,250 £1,299,050
Increased 99.99% 12%

 

 

Major results include:

  • Simple to use
  • Paperless invoice processing
  • Centralised data and processes
  • Less error more accuracy
  • Payment processing in just a few clicks
  • Lower processing costs
  • Anti-fraud measures