The Business Challenge
The Bank of Montreal is one of the largest in North America and Canada's oldest bank. It has more than US $100 billion in assets and 32,000 employees.
Prior to implementing Axceler PowerFlow, the bank had manual workflow processes in place to update its general ledger with balance adjustments for monthly closings and inputting hundreds of journal entry forms. This often resulted in time-consuming exchanges to close the books.
To help streamline these processes, the Bank of Montreal evaluated software tools that could work in conjunction with its Lotus Notes system to automate workflows. It settled upon PowerFlow, a development tool that makes it easy to enhance Lotus Domino/Notes applications with automation capabilities.
According to Charles Carr, systems analyst, "We selected PowerFlow because we saw it as a cost-effective and time-efficient way to automate our paper processes."
For example, in the past, in order to finalize balance adjustments for monthly closings, about 60 employees would fax forms to the individual or individuals required for approval. Once they obtained signatures, they would then send the forms into a central area, where adjustments were keyed in.
The Axceler Solution
Today, using PowerFlow, electronic forms are made available to the appropriate individual through the company's Lotus Notes database. Where before, an individual required for approval had to track down faxed forms that often were barely legible, the new system eliminates both those problems. At a glance, employees can see what electronic forms await approval, when they have been approved and who remains to see and approve them. This has resulted in a 75% or better reduction in turnaround time -- from two to three hours down to about 30 minutes each month. As a result, users can begin the process later and employ the time for other urgent tasks.
The Result
The process for approving journal entries is much the same. Throughout the month, users can distribute entries through a similar workflow pattern. Approximately 400 forms are addressed in this manner. PowerFlow has reduced the load on key journal entry areas and consistently shortened approval times. Now, everyone involved in the process can easily view the status of a given journal entry and ensure that forms are in by the deadline.
"We are extremely satisfied with both the PowerFlow product and support," Carr noted. "In fact, support has been A1; their support team has been very dedicated and responds quickly and accurately to any question we have so that we always get a satisfactory answer."
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