LATEST MEDIA
.png)
Transforming Expense Management with Automated Data Integration
99%
3
80%
reduction in manual data entry
data sources connected - FMIS, SAE and PAE
accuracy in financial reporting
“We would like to thank Turium for managing the project and delivering the desired outcomes. Especially we would like to acknowledge the professionalism and financial + technical knowledge the entire project team exhibited which made for a seamless transition to a fully automated interface”
Drivers for Change
Victoria University faced significant challenges in integrating their Expense Management Software, SAP Concur, with their Financial Management Information System (FMIS), TechnologyOne. The primary issue was the seamless transfer and reconciliation of financial data, specifically related to Standard Accounting Extract (SAE) and Payment Request Accounting Extract (PRAE). The lack of integration led to manual data entry, increased errors, and inefficiencies in financial reporting. This situation not only increased the administrative burden but also delayed financial decision-making due to inconsistent data availability and accuracy.
Solution
We proposed an AI-driven integration platform, Turium Algoreus tailored to Victoria University's needs, designed to automate and streamline the data flow between SAP Concur and TechnologyOne. The solution involved developing custom APIs to facilitate real-time data transfer, ensuring accurate mapping and transformation of financial data fields between the two systems. We were later reengaged to implement machine learning algorithms to automate data categorisation and validation, reducing manual interventions. An AI-powered anomaly detection system, Turium Algology is now proposed to be integrated to identify discrepancies in expense reports, enhancing compliance and financial oversight.
Impact
The integration solution deployed by Turium revolutionised financial processes at Victoria University. The automated data flows significantly reduced manual data entry by 99%, virtually eliminating human errors and improving the speed of financial reporting. The university reported a significant reduction in processing times for financial transactions and a noticeable improvement in compliance with financial regulations. Moreover, the AI-driven insights enabled by the platform provided university administrators with real-time analytics on financial performance, leading to more informed and timely decision-making. This successful integration has set a benchmark for other educational institutions facing similar challenges.
