Enhancing Financial Data Accuracy with GenAI Automation

Streamlining Financial Data Classification with AI

Financial reporting requires accuracy, speed, and consistency—but for many companies, manual classification processes slow down operations and increase the risk of errors. Our client, a leader in accounting and auditing solutions, faced these challenges due to the high volume and complexity of financial data. To enhance efficiency and accuracy, they partnered with GlobalLogic to implement a GenAI-powered solution that automated financial data classification, significantly reducing manual effort and improving data reliability.

Challenge

The firm relied on manual processes to map financial report columns to headers and categorize assets, liabilities, income, and expenses into the appropriate Chart of Accounts. Due to the unpredictable nature of financial data, this approach was labor-intensive, error-prone, and inefficient. Their team needed an intelligent solution to automate financial data classification, reducing turnaround time and improving accuracy.

Value Created

GlobalLogic leveraged its expertise in GenAI to develop an intelligent automation solution that streamlined the client’s financial reporting process. Key elements of the solution included:

• AI-powered automation to map financial report columns and classify accounts.
• Standardized header suggestions to ensure consistency across financial reports.
• A feedback loop to refine classification accuracy over time.

Impact

With GlobalLogic’s AI-driven solution, our client significantly improved its financial reporting efficiency:

• Reduced manual troubleshooting, minimizing errors and misclassifications.
• Improved efficiency with a 70-80% increase in employee throughput.
• Achieved 90%+ accuracy in expense account mapping.
• Enhanced GenAI-powered suggestions for grouping trial balances and expenditures.

GlobalLogic’s GenAI expertise enabled our client to modernize its financial data processing, reducing manual effort while ensuring high accuracy.

Automated financial data classification with GenAI, reducing turnaround time and improving reporting accuracy.