Redwood Software - Finance Automation Edition Room for Improvement

Amarjeet Kamble - PeerSpot reviewer
Senior Manager at a financial services firm with 10,001+ employees

There is room for improvement, considering no tools having everything inside it is right. 

So the room for balancing improvement lies in automation enhancement with respect to the feature areas, considering dealing directly with Excel and reviewing it to do some additional stuff for it in the end system so that reading the right thing, picking up the values, and everything. Right now, you can do it with a little bit of custom scripting in addition to eight. 

But rather than custom scripting, if we can have a direct feature integrated inside this tool, it will be a major achievement. So, it already has that capability, as you can do custom scripting, and you can go ahead with creating your own. But the direct functions are not available. That's where we are lagging behind. 

However, importing the values or importing the service can be achieved. So, that is where I can see the room for improvement. In this particular area, the entire system can be improved.

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RC
Enterprise Architect at a consultancy with 10,001+ employees

Everything seems to be working well. However, I see value in integrating AI for automation.

So, I would like to see AI integration for automation in future releases. 

Ideally, after I perform postings, I would like to leverage a generative AI model. This would allow me to type a query or question directly to the bot, and it would retrieve the information I need. 

For example, I could ask for the number of invoices, the status of specific invoices, or any other relevant data. 

Currently, we achieve this by building our own Finance model. So, integrating a pre-built finance model with the tool would be much easier and more efficient for reporting purposes.

We're looking at several potential uses for this AI model. It could empower various user groups, including regular finance executives, customers, and even vendors to submit queries. Additionally, our leadership team is interested in using the AI model to generate reports directly on the Redwood dashboard. 

This functionality could potentially replace the need for BSpoke Solutions and the manual generation of BSpoke reports, streamlining the entire reporting process.

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RC
Enterprise Architect at a consultancy with 10,001+ employees

This is a tricky question, but certainly, some improvements are definitely needed in the template-based approach and modularity of design. Mapping the process steps to an existing R2R process quickly would be a definite step forward.

Testing, logging, and reporting accurately on a dashboard for any issues during execution will help to identify issues early. As the RUN DATES are only two to five days every month, identifying issues and fixing them should be quick and easy.

Compliance is a major factor, as financial processes are always on compliance audit for issues in processing critical financial data and legal ramifications.

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