The Missing Link has helped specialist restructure and advisory firm Mackay Goodwin implement a new robotic process automation (RPA) solution mixed with artificial intelligence (AI).
Delivered within a six-week project, the new virtual employee bots – dubbed Eric and Chloe – have transformed how the firm manages administration tasks.
“Initially, we sought to develop a time and cost-saving solution using RPA to free up our advisors from BAS [business activity statements] and invoicing tasks, allowing our team to have more time to provide strategic advice to clients,” Mackay Goodwin CEO Domenic Calabretta said.
"We approached The Missing Link to develop an RPA solution and they also incorporated AI ... to scan bank statements, which is a manual task we were sending offshore for completion.
"Now, instead of taking a full day to record the information from a 50-page bank statement, Eric and Chloe can complete the job in just minutes and for less money than an offshore human resource.”
Beyond the extensive time and cost savings, the bots reduce the likelihood of errors, increasing efficiency and accuracy.
By automating repetitive tasks, the technology allows advisors to focus on more high-value tasks, such as financial analysis and advice.
"To our knowledge, this is an Australian industry first for insolvency, restructuring and financial advisors and we are certainly reaping the benefits in terms of time and cost," Calabretta said.
"Eric and Chloe work like virtual employees and we don't need to install any additional software to run them. They log in to our systems just like our human team members.
Mackay Goodwin will also be offering the services of both Eric and Chloe to its clients within the accounting and finance sector, where we know they will also benefit from faster and more accurate accounting services.
“Mackay Goodwin is committed to continuously improving its services and staying ahead of the curve in the industry. With the integration of AI and RPA, the firm is well-positioned to provide incredibly accurate and quick services to its clients,” Calabretta added.
Last November, The Missing Link struck up an exclusive services partnership with global accounting firm HLB International across Australia and New Zealand and Fiji, exposing them to more than 38,700 members globally.
Under the agreement, HLB firms and advisers will be able to source infrastructure, cyber security and automation-related services through The Missing Link.
