Independent Oil and Natural Gas Client Case Study
CASE STUDY
Automating reconciliations using BlackLine
Overview
A regional bank faced challenges with manual reconciliations and underutilization of BlackLine's features. They engaged Embark to optimize their processes and enhance efficiency.
The big wins
1 |
Efficiency Boost: Achieved high automatic match rates: 90% for Certified Deposits, 89% for Loan Deposits, and 65% for Daily Deposits. |
2 |
Empowerment: Established teams in BlackLine with automatic daily data imports, transitioning data management from Excel to BlackLine. |
Client challenges
The client, a regional bank, needed to overcome significant operational challenges related to manual reconciliations. Their objectives were clear and focused on leveraging BlackLine for efficiency.
The key challenges included:
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Time-intensive manual reconciliations
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Underutilization of BlackLine’s advanced features
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Lack of efficient settlement automation and secure data access protocols
How Embark helped
Embark stepped in with a strategic approach to address the client’s challenges, providing tailored solutions and guidance:
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Created and assigned individuals to teams with different levels of entity access, ensuring sensitive reconciliations were secure
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Developed a data source and import definition for intraday deposit data, enhancing data management
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Created match sets with pass rules to automate transaction matching, streamlining operations
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Held regular weekly calls to discuss progress and used a Sandbox environment to demonstrate the impact of updates
Results
Achieved high automatic match rates with three separate match sets:
- 90% for Certified Deposits
- 89% for Loan Deposits
- 65% for Daily Deposits
Additional outcomes that position the client for ongoing success:
- Teams are established in BlackLine, with automatic daily data imports enhancing operational efficiency
- Thousands of transactions are automated daily, freeing up staff time and transitioning data management from Excel to BlackLine
Let's talk
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