Upgrading financial forecasting with Legacy data
A major retail chain across Latin America sought to enhance the accuracy of their entities’ financial statements by aligning accounting treatments with their risk management activities. The goal was to streamline operations, ensure data accuracy, and enable data-driven decision-making through an advanced data strategy and engineering framework.
15
countries financial data consolidated in one single process.
8
years of historic dataset
2400%
faster processing of financial datasets
A snapshot of our client's success
The Challenges
Over a million financial credit transaction data processed. | Reduced time of process from weeks to hours. | Process execution and error log and tracking insight of data processed and reconciliation. |
The Solution
Process Documentation and Workflow Development
We created detailed documentation of the entire financial reporting process, including comprehensive step-by-step workflows and clear calculation methodologies. This ensured transparency, uniform understanding across stakeholders, and a strong foundation for scalability.
Streamlining Processes with Data Engineering
By analyzing the existing workflows, our team identified inefficiencies and introduced streamlined methodologies, leveraging advanced data engineering tools and automation. This included upgrading processes to reduce redundancies and improve speed, while maintaining reliability and precision in financial reporting.
Historical Data Analysis and Preparation
We compiled and standardized over eight years of historical financial transaction data, ensuring accuracy, consistency, and completeness. The data was cleansed, transformed, and optimized for seamless analysis, creating a robust foundation for decision-making.
Enhanced Calculation Validation and Precision
Our team conducted an exhaustive review of financial calculations, identifying discrepancies and implementing corrections. We introduced enhanced validation mechanisms to improve precision, consistency, and alignment with international financial reporting standards.
Error Tracking and Reconciliation
We designed a system for detailed logging and error tracking during process execution. This included automated reconciliation workflows to verify data accuracy, consistency, and completeness, enabling effective discrepancy resolution and improved trust in the data.
The Impact: Metrics-Driven Transformation
Efficient Data Processing at Scale
Over 1 million financial credit transaction records were processed seamlessly, showcasing the system’s ability to handle large volumes of data with speed and reliability.
90% Reduction in Process Time
What once required weeks to complete now takes only a few hours, accelerating financial reporting cycles and enabling timely decision-making.
Improved Accuracy and Transparency
Discrepancies in financial calculations were reduced by over 80%, ensuring consistent and accurate financial statements that align with risk management activities.
Enhanced Monitoring and Error Resolution
Automated error tracking and reconciliation enabled a 95% reduction in unaddressed discrepancies, ensuring real-time monitoring and resolution of data inconsistencies.
Future-Ready Data Framework
The implementation of a structured and scalable data strategy empowered the retail chain to adapt easily to evolving financial reporting needs, setting the stage for continuous improvement and innovation.
Why IGT
Our expertise lies in aligning accounting treatments with risk management strategies to reflect these activities more accurately in organization financial statements. Leveraging our deep insights into credit system portfolios, we provided valuable support to professionals in Reporting, Controlling, IT, Internal Audit, Risk, ALM and Account Management. With our strong fintech experience, we integrate innovative solutions that enhance transparency, streamline processes, and deliver actionable intelligence tailored to meet the dynamic needs of the financial industry.