Leveraging AI-Powered Automation to Drive Efficiency in Professional Services Firms

In today's business landscape, there's a strong incentive for Professional Services firms to find ways to enhance efficiency, improve accuracy, and reduce repetitive manual tasks. With the advent of sophisticated AI and automation tools, many firms are recognising and utilising the vast potential these technologies offer. Conversely, many firms have yet to explore the opportunities and cost savings that such tools can deliver.

This article spotlights a recent case study from BlueRock, a multi-disciplinary professional services firm, to illustrate how AI-assisted automation can transform operations, and outlines additional use cases for these technologies within Professional Services firms.

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Case Study: Streamlining Subscription Data Management with Automation Tools

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Client

BlueRock, Multi-disciplinary Professional Services Firm

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The Challenge

‍BlueRock required a more efficient method to view and manage their numerous subscription invoices. The manual process of accessing and then entering subscription details from invoices into a spreadsheet was both time-consuming and prone to errors. With about 330subscriptions needing detailed entry work — reading each invoice, extracting details such as subscription services, contact information, and costs,converting values to AUD, and inputting this data manually — the process was overwhelming.

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The Objective

By adopting an automation tool with the help of propella.ai, BlueRock aimed to reduce the manual workload, minimise human error, and streamline the data entry process to save time and improve accuracy.

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The Solution

BlueRock implemented the V7 Go automation tool, known for its ability to extract information from multiple sources, compare it against a template, and format data consistently. “V7Go is a work automation platform that uses generative AI to understand how to automate tasks reliably and at scale. Its first areas of focus are back office tasks like data entry and  administrative tasks” (Ref - https://www.v7labs.com/news/v7-launches-v7-go-a-work-automation-platform-for-the-multimodal-ai-era).

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The Implementation

The V7 Go tool was showcased for its capabilities in automating the extraction and entry of invoice data into a spreadsheet. Users simply drop invoices into the system, which then reads and processes the data, producing a uniform, readable format that integrates seamlessly into their existing workflow.

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Outcomes

Labour Savings: Data entry time was significantly reduced. Previously, each entry took approximately five minutes; the automation brought this down to 1-2 minutes per document, amounting to a total time savings of 1,000 - 1,300 minutes across 330 documents — translating to 16-21 hours (2-2.5 days) saved. This is a process that is carried out on a monthly basis to ensure the data is kept up to date, so the labour savings are ongoing. The times savings are therefore 2-2.5 days saved per month!

Increased Accuracy: The automation minimised human errors, ensuring more reliable data handling.

‍Efficiency: Overall workflow was streamlined, enabling employees to focus on more value-added tasks, thus boosting productivity

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Future Applications‍

The success of the V7 Go tool in subscription data management opens possibilities for similar tasks. For instance, BlueRock plans to use the tool for managing user lists, where it can maintain a live document by automatically updating it based on user activity.

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Exploring Further Use Cases for Automation in Professional Services Firms

Following the successful automation of subscription data management, BlueRock is now considering additional areas where they can leverage AI and automation to drive efficiency, including:

- Invoice Processing and Data Entry: Automation tools can extract invoice data, categorise transactions, and update accounting systems automatically, which reduces the need for manual entry and checks.

- Client Onboarding and Document Management: Automating the client onboarding process, including document collection, verification, and data entry, can     significantly reduce the administrative burden and improve client experience.

- Expense Management and Reporting: Automated systems can integrate with company credit cards and bank statements to capture transaction data, categorise   expenses, and generate real-time financial reports.

- Reconciliation Processes: Bank and credit card reconciliations can be streamlined using automation tools that match transactions, flag discrepancies, and     maintain accurate records.

- Regulatory Compliance: Automation can help ensure compliance with tax laws and regulations by maintaining accurate records, calculating tax liabilities, and preparing returns in adherence with the current legal standards.

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Conclusion

The implementation of the V7 Go tool at BlueRock is a prime example of how AI-driven automation can streamline processes, save time, and improve data management accuracy. This case study underscores the significant benefits that innovative automation tools can bring to professional services firms. As professional services firms consider ways to enhance their operations, embracing automation technology emerges as a strategic move to drive productivity and operational efficiency. By leveraging these tools, firms can free up valuable time for more strategic tasks, ultimately fostering growth and client satisfaction.

If you are interested in exploring ways to streamline and automate various aspects of business operations, please reach out to Gus McLennan, Managing Director of propella.ai @ gus.mclennan@propella.ai or you can contact us here through out website.

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