3PL Predictive Modelling Accelerator: Mailbox & Document Automation for Data-Driven Demand Planning and Empty Container Management

Use Case

3PL Predictive Modelling Accelerator: Mailbox & Document Automation for Data-Driven Demand Planning and Empty Container Management

Overview

Predictive modelling and Data-Driven Demand Planning systems are essential for ‘Empty Container Management’. Global Repositioning Teams use them to reduce logistics costs associated with empty container handling and relocation. However, the ability to predict demand and reposition depends on accuracy and speed of data capture.

What 3PL business therefore need is a solution that can overcome challenges of manual extraction of data from emails, attachments, invoices, shipping labels, delivery notes, CMR Consignment Notes, etc. And while the ever dependable excel spreadsheet is not going anywhere, we can optimize workflows around it.

However, it is largely dependent on the availability of real-time cargo tracking data and how it is used to give the complete picture –

How shipping container dimensions’ data is input into the system

How data is standardized when collaborating with external shipping lines

How data is used to arrive at Projected vs Accrued container storage cost

How data being used to generate a plan for empty load and discharge

What process is followed to create a summary of cargo to be discharged at each port

What process is followed to capture Information location, capacity, and heavy lifts

What type of format you follow for storing data about arrival timestamps

What process is followed to calculate optimal storage figures, and peak periods

Completely manual processes of data extraction, data inputs and maintaining excel-based records pose a big challenge for prediction and visibility. Hence you need system integration that can continuously share the latest data to provide consistency across departments and global divisions.

Our Solution: Award-Winning Mailbox Automation and No-Code Adoption for 3PL Business Users

Sun Technologies is a top-tier implementation partner for some the world’s leading No-Code, Low-Code platforms for Automation. Our experts can implement end-to-end automation of your mailbox operations using OCR (Optical Character Recognition) to streamline processes and improve efficiencies.

  1. Mailbox Automation: Automated email processing systems can automatically sort and categorize emails based on predefined rules, extract relevant information, and route them to the appropriate departments or systems for further processing.
  2. OCR for Document Processing: Automate the extraction of data from various documents, such as shipping labels, invoices, and receipts. OCR software can scan and convert paper-based or electronic documents into machine-readable text, extracting relevant information like product names, quantities, addresses, and tracking numbers.
  3. Order and Inventory Management: Automated OCR operations can be integrated with the order and inventory management systems. When new orders are received, OCR technology can extract essential information from shipping instructions, such as item details, quantities, customer addresses, and delivery requirements and feed it into your order management systems.
  4. Improved Accuracy and Cost Savings: By automating these operations with OCR technology, the risk of human errors is significantly reduced, leading to higher accuracy and improved overall quality. Furthermore, automated mailbox and OCR operations can save costs by reducing expenses associated with manual processing.
  5. Scalability and Flexibility: Handle a growing volume of emails and documents without the need for additional manpower. As the business expands, this scalability ensures consistent and timely processing of incoming information. Additionally, OCR technology can be customized to meet the specific needs and requirements of different 3PL tasks and processes.

Challenge: Unregulated data coming from various sources, including sales and purchase forms, invoices, delivery notes, CMRs, customs documents, etc.

  • What 3PL Leaders Aspire to Achieve:

    • Building an application that gives visibility needed to determine which of the ships are underutilized, or even wasteful
    • Giving all concerned stakeholders the ability to prepare scenario-based models based on repositioning of empty containers
    • Integrating anticipatory shipping data that accurately reports or shows availability of products in a nearby hub or warehouse
    • Integrating trend analysis into a common application interface that will show various patterns of demand trends
    • Placing event-based triggers in the Transport Management System (TMS) to raise alerts on future disruptions and plan accordingly
    • Automating data input to show how many last-mile delivery drivers are required at a given time based on shipment status information

How We Can Help: Implement Our Predictive Modelling Accelerators

  1. Auto-populate data: Use of technologies such as OCR creates more robust processes for tracking of inventory levels by scanning barcodes or QR codes on incoming/outgoing shipments, enabling real-time visibility and better inventory control.
  2. Forecast Demand: Once, data related processes are automated, Predictive models can then be used to analyze historical data and other relevant factors to determine the future demand for empty containers. This can help shipping companies and container providers to proactively manage their inventory and ensure optimization of empty containers usage as well as available at the right time.
  3. Optimize Allocation: Our Predictive Modelling acceleration can help in determining the optimal allocation of empty containers to different locations or ports based on predicted demand. This can minimize the need for repositioning containers and reduce costs associated with empty container management.
  4. Optimize Route Planning: Build you customized predictive-modelling-based enterprise application that can analyze historical shipping patterns, trade routes, and other factors to optimize the routing of empty containers. By identifying the most efficient routes for repositioning empty containers, companies can reduce the time and cost required for managing their container inventory.
  5. Plan Maintenance Effectively: Analyze data related to the maintenance history of containers, environmental conditions, and other factors to predict when a container is likely to require maintenance or repairs. This can enable proactive maintenance planning, ensuring that containers are in optimal condition and reducing the likelihood of unexpected.

The Possible Impact

  • Reduce cost of maintaining manual processes by 50%
  • Automate 80% of all Transport Management System data input tasks
  • Automate 90% tasks related to empty container repositioning
  • Forecast demand for full containers and predict empty containers
  • Gain visibility into the future container shortages at locations
3PL Transformation

 

Download More Case Studies

Get inspired by some real-world examples of complex data migration and modernization undertaken by our cloud experts for highly regulated industries.

Contact Your Solutions Consultant!

How DevOps-As-A-Service Powered 500+ Application Feature Releases for a US-Based Credit Union

Case Study

How DevOps-As-A-Service Powered 500+ App Feature Releases for a Top US-Based Credit Union

Overview

Our dedicated DevOps support has enabled 500+ error-free feature releases for an application modernization project using our tried-and-tested code libraries and re-suable frameworks. Instead of having a siloed team of developers, database administrators, and operations teams, our DevOps orchestration has helped the client to accelerate innovation. Their IT teams and business users are now able to contribute more towards shaping new digital experiences rather than spending weeks on re-writing codes and testing of the apps before they go live.

Your DevOps consultant must be adept at creating two separate sets of hosts, a Live Side and a Deployment Testing Side. The deployment team needs to ensure that each side is scaled and able to serve traffic. The Deployment Testing Side is where changes are tested traffic is continually served to the Live Side. Sun Technologies’ DevOps Practice ensures creating a suitable environment where changes are tested manually before sending production traffic to it.

Based on the stage of the DevOps pipeline, our experts helped the client’s technical team to get trained and on-board automation tooling to achieve the following:

Continuous Development | Continuous Testing | Continuous Integration

Continuous Delivery | Continuous Monitoring

Our Solution: A Proven CI/CD Framework

Testing Prior to Going Live: Get a secure place to test and prepare major software updates and infrastructural changes. 

Creating New Live Side: Before going all in, we will first make room to test changes on small amounts of production traffic

Gradual Deployments at Scale: By rolling deployment out to production by gradually increasing the percentage served to the new live side

DevOps Challenges

  • Siloed teams of Developers, Database Administrators, and Operations Team
  • Frequent file changes, inconsistencies in deployments
  • Lack of knowledge and expertise in maintaining capacity for Testing requirements
  • Inept deployment strategy for a gradual rollout for a new version of the older applications
  • Inability to ensure all search services only ever talked to other search services of the same version
  • Prior to DevOps support, client required three developer engineers, one operation engineer, and a production engineer on standby

How Our DevOps Practice Ensures Zero Errors

During the Test Phase 

  • Dedicated Testing Team: Prior to promoting changes to production, the product goes through a series of automated vulnerability assessments and manual tests
  • Proven QA Frameworks: Ensures architectural and component level modifications don’t expose the underlying platform to security weaknesses
  • Focus on Security: Design requirements stated during the Security Architecture Review are validated against what was built

In the Deployment Phase

  • User-Acceptance Environments: All releases first pushed into user-acceptance environments and then, when it’s ready, into production
  • No-Code Release Management: Supports quick deployment of applications by enabling non-technical Creators and business users
  • No-Code platform orientation and training: Helps release multiple deploys together, increasing productivity while reducing errors

The Impact

  • Close to $40,000 saved in development and testing of APIs
  • APIs enabling close to 80 million USD transactions per month
  • Automated Clearing House and Guarantee management Systems delivered in record time.
  • 100% uptime in 50+ apps rolled out in 12 months

 

BFSI Case Studies: Made possible by INTELLISWAUT Test Automation Tool, Automated Refactoring, and Coding Specialists from Sun Technologies

Discover the Key Benefits Unlocked by Global BFSI Leaders.

Contact Your Solutions Consultant!

Data-Compliant & Data Secure No-Code App Development with Legacy Migration for Federal Companies

Case Study

Data-Compliant & Data Secure No-Code App Development with Legacy Migration for Federal Companies

Overview

For Federal Agencies and Federal Contractors, Data Security is of paramount importance especially when it comes to doing business on the cloud. Also, companies that fall in the category of highly regulated industries such as – Insurance, Financial Services, Public Sector, and Healthcare need to pay special attention to Data Security.

Our data security experts are helping some of the largest US Federal Banks to stay compliant with Federal Information Processing Standards (FIPS) while migrating legacy applications or building new Codeless Applications.

While delivering Microservices Applications, our Federal customers want us to rapidly build, design, and test new API services that help connect with legacy data sources. To fulfill Federal Data Compliance requirements, our data security specialists use SaaS products and platforms that are AICPA-certified. Essentially, these are platforms that are certified by third-party auditors to maintain security compliance with SOC 2 Type II and mandated standards like HIPAA.

These platforms that are also listed on the Federal Risk & Authorization Management Program (FedRAMP®) are once again evaluated based on the suitability based on the different regional requirements.

Our Solution: Process Optimization Consulting and Data Security Evaluation

Solution to the above discussed problem lies in finding the best route to make use of existing process knowledge while using AI to optimize human efficiencies.

Process Optimization Consulting Practice: It helps identify the checks and balances that can be placed using a mix of human intervention and Automation tools.

Set Rules and Permissions: When integrating legacy systems with external APIs, customer integrations, or a third-party product, our expert guidance helps set access control rules and permissions.

RBAC-based swimlanes: Our data security specialists possess hands-on experience in orchestrating RBAC workflows across internal teams, clients, and service providers.

Enhanced Authentication: Our proven framework authenticates integrations through a multitude of methods while providing the means to apply TLS to further enhance security.

Applying Transport Layer Security (TLS): These encryption safeguards ensure eavesdroppers/hackers are unable to see the data that is transmitted over the internet.

Challenges of AI in industries Such as Banking and Insurance

Concerns of Federal CTOs: Federal Agency CTOs have voiced their concerns about the risks and losses that can occur due to data outages or data loss caused by Generative AI.

Data Poisoning: The use of AI and ML in banking transactions can go wrong when a mistaken context or understanding is fed into the system.

Chances of Bias: While AI scans millions of documents, it can also lead to forming erroneous and biased classifications that inconveniences customers.

Failed or Declined Transactions: When results delivered based on biased judgement of data, it can lead to customers getting blocked or declined services.

How we Helped

  • Our codeless practice makes it easy to migrate logic and data to a Migration factory from where it is extended using our recommended No-Code platform
  • It can successfully connect with legacy systems like ServiceNow, PEGA, APPWAY, AWD, etc., to build applications in a drag-and-drop interface
  • Queries are created from our expert-recommended No-Code platform that is used to get data feeds from legacy platforms
  • This data is used to create No-Code applications which can query with simple HTTP requests.
  • The recommended No-Code platform deployment ensures accurate extraction of business rules from legacy platform
  • CX, data model, and integrations are successfully extended to a modern frontend with significant improvements in application uptime and performance

The Impact

  • 100% accuracy in extraction of business rules
  • 600x Increase in developer productivity for client
  • 80% reduction in maintaining legacy applications
  • 500x reduced time spent on bug fixing
  • Reduced TCOs by close to 60%

 

BFSI Case Studies: Made possible by INTELLISWAUT Test Automation Tool, Automated Refactoring, and Coding Specialists from Sun Technologies

Discover the Key Benefits Unlocked by Global BFSI Leaders.

Contact Your Solutions Consultant!

Automated Testing for Mainframe Modernization: 400% faster refactoring and testing of legacy applications

Case Study

Testing Automation for Mainframe Modernization: 400% faster refactoring and testing of legacy applications

Overview

One of our BFSI clients wanted to migrate components a critical mainframe application to the cloud. It required code refactoring from COBOL and PowerBuilder to modern programming languages like Java and to modern frameworks such as Angular. The key purpose of this modernization move was to enable cloud optimization of IT workloads while activating new-age digital experiences that could not be run on the monolithic mainframe. The Re-Platforming strategy required upgradation of Java applications to the most updated versions.

To execute these deliverables, there are two tools that were used extensively – Our in-house AI-powered Testing Tool ‘IntelliSWAUT’ and ‘AWS Blu Age’.

Almost 50+ applications were modernized using our AI-infused code refactoring and functional testing. The deliverables included the following tasks:

Re-platforming of Applications from PowerBuilder to Phoenix

Migration of Data from Oracle to Snowflake Data

Re-platforming of Applications from JBoss EAP to Phoenix

Crystal Report Upgrades to Enterprise Edition

ETL Upgrades from 3.2 to 4.2

Our Solution

  • Use of ‘IntelliSWAUT’ tool and AWS Blu Age automates conversion of complete legacy applications to new programming languages and frameworks
  • As soon as a developer commits changes to the source code, the automation automatically places it a downstream testing cycle
  • It enables testers to automate the iterations required to check the refactored codes, test sets, and finetune changes
  • Our combination of human testers and AI Testing Tools can quickly address differences in text content, text color, buttons, output data, etc.
  • Test scenarios are automatically created when testers use the application to perform required actions
  • It also automates testing of the visual appearance of any application/product to ensure it meets design specifications

Challenges

  • Legacy mainframe systems often have intricate architectures, making manual testing labor-intensive and error-prone
  • Changes in mainframe applications can cause unforeseen issues and require extensive regression testing
  • Mainframe modernization projects often involve frequent updates and releases to keep pace with evolving business needs
  • Manual testing often incurs data migration and in those cases validating data accuracy becomes cumbersome if performed manually
  • Mainframe modernization may involve transitioning to hybrid or multi-cloud environments which requires specialized cloud talent
  • Manual testing may overlook many test scenarios due to an over-dependency on human efforts
  • Integrating mainframe changes into the CI/CD pipeline for continuous testing becomes challenging with manual processes

How we Helped

  • We deployed a team of code specialist with our automated testing tools and unique frameworks
  • Our codeless tool creates resilient testing scripts that don’t break when objects such as icons, text, and other elements are moved on the user interface
  • Codeless test automation frameworks and scripts are used to check test quality, intent and integrity of applications
  • Our daily cyclical frameworks include converting the code and the data, running the tests, checking if it works, and finetuning when required

The Impact

  • Conversion and testing application with millions of lines of code take a few hours
  • We cut down scripting time from six hours per test case to just two hours
  • Complex migration processes have been almost entirely automated
  • Minimal turnaround time for workflows with no errors or delays
  • Upgraded 50+ Apps using automated functional testing
Testing Automation

BFSI Case Studies: Made possible by INTELLISWAUT Test Automation Tool, Automated Refactoring, and Coding Specialists from Sun Technologies

Discover the Key Benefits Unlocked by Global BFSI Leaders.

Contact Your Solutions Consultant!

Mainframe Modernization: Transitioning a Bank’s Monolithic COBOL Mainframe Driven Services to Java Enabled Experiences

Case Study

Mainframe Modernization: Transitioning a Bank’s Monolithic COBOL Mainframe Driven Services to Java Enabled Experiences

Overview

COBOL programmers are retiring fast while customers expecting fast delivery of new omnichannel services. On the application agility side, banks want to break down slow mainframe monoliths into leaner services and microservices while using the valuable mainframe data.

By using Amazon EC2, our Mainframe Modernization Experts can provide the required application agility with DevOps best practices. Code refactoring performed by our CI/CD teams can help optimize high Read-Intensive Workloads using AWS to cut down costs significantly.  

By leveraging our extensive knowledge of industry domain specific CI/CD practices and pipelines, our experts can help deploy customer engagement applications implemented in Java®, either classically or as microservices. These new-age digital experiences can be hosted on x86 Linux® systems on the Red Hat® OpenShift® container platform.

Our Solution

  • By transforming many of the older programs written in COBOL to Java we enabled new digital experiences for mobile as well as web
  • Our code refactoring has accelerated query workloads while reducing mainframe CPU consumption
  • For relational databases, read replicas have been created to offload read traffic from the primary database
  • This ensures the cached data is quickly served to users, reducing the number of actual database reads and its cost
  • We enabled generic Java services that can be exposed as APIs to developers of front-end applications
  • Developers deployed API to call up the loan applicant details to be displayed on multiple screens
  • Our Java Refactoring has made it easier to present new services based on the bank’s existing functionality
  • Many new service and app functionalities have unique REST APIs available and deployed
  • We enabled remote call capability for both business logic services and data access services

Challenges

  • Managing the refactoring without impacting existing application functions.
  • Refactoring codes without impacting 2 Million+ core banking transactions annually
  • Maintaining IMS performance with peaks of 12,000 transactions per second
  • Bringing the latest version of Java into the existing IMS/COBOL runtime
  • To Rewrite the 50000 plus COBOL lines into a new programming platform
  • Re-hosting application environment to updated platforms
  • Automating testing of applications with new features being added iteratively

How we Helped

  • Instead of a lift and shift framework, we started writing RESTFUL services in Java codes alongside the COBOL Mainframe
  • By re-factoring codes, we built new functionality and digital experiences for the bank’s customers
  • We helped the bank replace close to 90% of their backend with a modern java powered experiences
  • It has improved performance of workloads on the mainframe by 3X with new-age functionalities
  • We include automated testing in your CI/CD pipeline with AWS CodeBuild and our in-house tool IntelliSWAUT
  • Our knowledge of testing frameworks ensured the changes do not introduce regressions in read-intensive functionality
  • We implement load balancing with services like Amazon Elastic Load Balancing (ELB) to distribute read traffic across multiple instances

The Impact

  • Transitioned 50 application programs, half online and half batch
  • 85% of its loan processing transitioned to RESTful service apps
  • Migration enables 80 Million USD transactions per month
  • API calls can manage 12,000 transactions per second
  • Capacity for 200 million instructions per processor second (MIPS) support

BFSI Case Studies: Discover the Top Applications of Contract AI in Banking and Insurance Companies

Discover the Key Benefits Unlocked by Global BFSI Leaders.

Contact Your Solutions Consultant!

Blockchain API Loyalty Program: Empowering a Restaurant Chain to Launch Group Discount

Case Study

Blockchain API Loyalty Program: Empowering a Restaurant Chain to Launch Group Discount

Overview

We built a Cross-Border Payment and Remittance Network that helped customers as well as merchants to get cash from international transactions instantaneously. Our private Blockchain has helped many restaurants launch – Group Loyalty Points and Payment Redemption. It makes it possible to provide nearly instant verification of credentials for quick and easy cash transfers.

Key features of the group discounts activation:

We helped the client launch cross-border customer loyalty program for a restaurant chain

As a part of the program, customers and corporates were able join a group-discounts offer plan

Merchants/Restaurants could also give away eGiftcards that can be redeemed by customers

eGiftcards’ receivers could redeem it over luncheon, dine out and breakfast outings 

Encourages customers to form groups centred around a sales-goal milestone.

Gamifies the whole experience and push the entire group towards achieving the sales milestone.

Launches a front-end that give the customer a collective experience of reaching the group target.

Enables sharing for the participants to promote the group deal to everyone in their network.

Empowers the participants to invite and enlarge their social circle of participant peers.

Makes sure every participant gets the deal once the milestone is completed.

Our Solution

  • Instant payments were enabled by APIs that connected to an international smart chain
  • It enables merchants to easily launch their own QR Codes to accept payments
  • All that the end-customers had to do was scan the QR code and begin their rewards journey
  • Provides easy tools that allows the merchant to create, sell & track your eGiftCards
  • Enables a quick and easy scan and redemption of the eGiftCards with a QR code
  • Allows sending and receiving money with competitive rates for merchants and customers
  • Enables customers to create QR codes of loyalty points to be redeemed at the POS
  • Empowers the merchant to launch exclusive app that can be used by customers to scan QR codes at stores

Challenges

  • Restaurants/Merchants wanted instant cash flow experiences
  • Customer wanted to have a real-time view of their engagement scores
  • Having real-time data on the group participants as a ledger folio was required
  • Customers wanted to send gift cards to family & friends with a few clicks
  • Merchants required a platform to launch new eGiftcards easily
  • Merchants and customers both needed a platform that allows to pay and receive cash

How we Helped

  • Blockchain Developers created data-syncs to enable reward point entry in customers’ ledgers
  • Blockchains were deployed to ensure quick customer points validation and cash-back settlements
  • These Blockchains enabled real-time, cross-border settlements for highly-engaged customers
  • We helped tokenize rewards for consumers and merchants to access the value in them
  • We built a system that helps the merchant set transaction milestones and milestones
  • For every customer ledger the system shows how and when they can redeem physical goods
  • The system provided real-time view of the engagement scorecards and the value they hold
  • Transaction fees was lowered by connecting to an instant settlement network of issuers
  • The Network of issuers formed a private Blockchain to which the Payment Wallet and QR scanning was connected
  • A Blockchain API enabled easy exchange of data across the private Blockchain to easily verify customer credentials and rewards eligibility
  • As per the currency settlement requirements, API auto-routes payment requests to a pre-defined set of issuers

The Impact

  • 300% uptick in new users from referrals in 45 days
  • eGiftcards referral launch enabled in 3 months
  • Integration with multiple third-party applications, websites, mobile applications, and POS solutions
  • API ability to handle 5,000+ concurrent API calls with response time under 1 second
  • Payment request in multiple currencies made possible by the private Blockchain

BFSI Case Studies: Discover the Top Applications of Contract AI in Banking and Insurance Companies

Discover the Key Benefits Unlocked by Global BFSI Leaders.

Contact Your Solutions Consultant!

Multi-Blockchain Network that Enables Instant Cross-Border Payments

Case Study

Multi-Blockchain Network that Enables Instant Cross-Border Payments

Overview

Traditional payment methods involve multiple intermediaries with each one taking a cut and adding its layer of time and complexity. These traditional mechanisms involve an issuer, a clearing house, an acquirer organization, a wallet, a merchant website and more of such nodes through which money would pass through in a Bi-directional manner.

It can take anywhere between 24 to 72 hours to process payments and it would also involve a charge of 3% or more as transaction fees. This is on account of currency transfer procedures which can stall the transfer of funds in transit. That is where our Blockchain API expertise steps in to show financial institutions and Banks how to reinvent their settlement mechanisms by creating a network of interconnected network of Fintech companies and Banks to moves money, manages foreign exchange, and mitigate fraud.

By creating Blockchain API that connects with multiple networks, our experts are making it easy to send and receive funds in real-time. Our innovative solution is enabling our Financial Services Client to help their customers mitigate the barriers of currency, time, and geography. By building a unique Instant Settlement Network, we are delivering financial value that can move more reliably and much faster at much lower costs anywhere in the world. We are facilitating these transactions while screening all the payments as per all the regulations.

Our Blockchain API integrations also make it very easy to access data on transactions, create or share smart contracts, update account balances, transact using Crypto currency, etc. In other cases, our Blochchain APIs also allow users to interact with Decentralized Financial Networks as well as traditional Banks in new and innovative ways. Using our expertise, you too can build a network that can connect to multiple Blockchain Data from one place – NFTs, tokens, Crypto, Wallets, NFT, GameFi, DeFi, and more.

Our Solution

  • Instant Cross-Border Payment App is built and deployed as a world-class Web3 Explorer Product using Blockchain APIs
  • We enabled it by building a multi-chain, interconnected network of banks, financial institutions, businesses, and consumers
  • The Global Interconnected Network was built by Converging APIs of Different Financial Organizations, Banks, and Fintech Products
  • Instant Settlements are helping customers and merchants connect to multiple financial networks at once
  • The solution involves the use of smart contracts that are deployed for automating payment and transfer value processes
  • It supports multiple currencies while eliminating fees charged by Banks and Intermediaries
  • Caters to overseas customers by supporting remittances in their local currency
  • Enables instant payment gateway using our expertise in building payment platforms that support multiple local currencies for international trade
  • Ensures flawless integrations with multiple Blockchains using our API marketplace and finance domain expertise

Challenges

  • End-users demand payments in a matter of seconds and not days or weeks
  • Cross-border payments can take days or even weeks to clear, and the fees can be exorbitant
  • Payments go through multiple banks/ intermediaries, each adding a new costs and complexities
  • Payment recipients wanted to easily receive cash, whether in dollars, euros, or any local currency
  • Foreign exchange fees are costly and it increases the time taken for funds to reach their destination
  • Building a network requires connecting multiple banks, intermediaries, and nodes
  • Developers need to have working knowledge and hands-on experience in deploying DeFi Blockchain

How we Helped

  • We deployed an expert team of Financial domain Blockchain API Developers
  • Expertise spans DeFi APIs, NFT APIs, Wallet APIs, Fungible Token APIs, Transaction Receipt APIs, and Transaction Pool
  • With our expertise, we build and deployed several Payment Acquiring APIs and Transaction Service APIs
  • We also deployed an Instant Settlement Network Messaging API for alerts and updates
  • Our developers are hands-on with Powerful Node Infrastructures, RESTFUL APIs, SOAP Protocols
  • Our Developers enabled multiple Web3 dApps features with our enterprise-grade APIs
  • These APIs helped to connect with multiple financial partners and DeFi networks
  • APIs were built to help users securely access their funds, swap funds, and perform instant cross-border transactions
  • The API provides faster transaction confirmations while ensuring security.
  • It is further allowing developers to launch specialized services for merchants
  • A new platform was built to use the payment gateway to activate eGiftcards

The Impact

  • 99%+ uptime to serve tens of thousands of transactions every minute
  • 2 Million+ API Requests handled flawlessly every week
  • 24/7 support provided by a dedicated Developer team
  • Trusted by multiple financial institutional partners and banks

BFSI Case Studies: Discover the Top Applications of Contract AI in Banking and Insurance Companies

Discover the Key Benefits Unlocked by Global BFSI Leaders.

Contact Your Solutions Consultant!

Demand Forecasting for Manufacturing with Real-Time Demand Visibility

Case Study

Demand Forecasting for Manufacturing with Real-Time Demand Visibility

Overview

For manufacturers, the ability to fulfill demand into the future is one of the top priorities for the operations managers. However, it still remains a challenge to see the future demand in a manner that aids the manufacturing process. Using Salesforce, manufacturers can only document or identify details of any specific order in the pipeline.

Ideally, manufacturers also need to see the material that goes into an order and the status of their procumbent to execute the order. A typical Salesforce-based system would not help look into the concerns of production demand. It would only consider the items included on a completed Sales Order, which does not give an accurate picture of the cycle time. An accurate view of the cycle time is, therefore, essential to predict the amount of time required for a process to produce one unit.

 

Our Solution

  • A cloud-driven self-service feature makes it very easy for employees to upload data remotely
  • Managers can see the gaps in the supply chain in advance to make timely adjustments
  • A unified view of the supply chain brings the ability to anticipate shifts in demand and adjust production and inventory levels accordingly
  • Material forecasting based on the demand helps identify potential supply disruptions or quality issues early
  • It helps managers to make alternative sourcing or contingency plans for sourcing of raw materials
  • A forecasting dashboard makes it easy to analyze lead times of raw materials and components ordered to fulfill the production demand
  • Forecasts on lead time variability and potential delays helps managers plan production schedules and buffer inventory levels
  • Forecasts on labor requirements can be made using historical data and project-based estimations fed into the system by managers
  • Based on past supplier experience and logistical experience managers can rate vendors
  • Easily create models to analyze this historical data and detect patterns that indicate future supply chain gaps
  • Feed real-time logistical tracking data into the system to monitor shipments and address any transportation-related gaps

Challenges

  • It was a challenge to determine how many labor hours would be required to fulfill each SKU in the demand pipeline
  • to The Standalone Salesforce dashboards are unable to provide forecasts at the account, product, or territory level
  • The decision-makers in the organization were unable to see data relevant to their objectives
  • Forecasts of parameters such as quotes, orders, account opportunities, contracts, etc., were not available
  • Legacy systems are unable to fetch external data into Salesforce to create comprehensive forecasts
  • Some SKUs have short lead times, making it crucial to have real-time or near-real-time demand forecasting
  • Existing systems were unable to flag unreliable suppliers or any other disruptions in the supply chain
  • Capturing data related to regulations, customs, and market conditions in different regions was not possible

How we Can Help

  • We can build and implement a Machine Learning Prediction Model based on historical data, supply chain data, and other 3rd party data
  • Build models to predict demand based on calculations on the lead times of the suppliers and logistics partners
  • Create different tables and tranches to store data for each SKU separately and capturing the entire production cycle
  • Integrate Machine Learning Models to use each SKU production-cycle data for building multiple forecasts
  • Capture data by monthly and weekly inventory demand by individual products, raw materials, suppliers, etc.

The Impact

  • Operations Managers can save 30 hours of production data entry tasks
  • Automated data processing saves 200 man-hours of effort in reporting
  • Data-grounded predictive analytics on inventory requirement into the future
  • Automated Inventory optimization helps prevent unnecessary overstocking
  • SKU-wise and location-wise pricing optimization can be done in a few clicks

BFSI Case Studies: Discover the Top Applications of Contract AI in Banking and Insurance Companies

Discover the Key Benefits Unlocked by Global BFSI Leaders.

Contact Your Solutions Consultant!

Automate Manual Trade Finance and Commercial Banking Processes

Case Study

Automate Manual Trade Finance and Commercial Banking Processes

Overview

When you think of international trade, it is mostly underpinned by transactions that takes place between importers and exporters of goods. The banking system plays a key role here as an arbitration channel that helps manage both the parties to conduct business within acceptable terms. It therefore involves international trade regulations, foreign exchange rates, and more.

This requires procedures such as opening an account and securing Letters of Credit (LOC) whereby the buyer’s bank provides the seller a guarantee to make the agreed payment on behalf of the buyer. The Bank therefore needs to assess Contract Documents, KYC Documents, Mortgage Documents, etc., to evaluate the creditworthiness liquidity/guarantee seekers. Timely evaluation of the risks can help the bank’s treasury management team to perform their tasks faster.

New-age Banks therefore need Contract AI assistants and digital worker bots to help their time-deficient Treasury Management teams. It will help them capture data accurately from multiple documents and input them accurately in tranches where they need to be. 

Our Solution

  • Build a ranking engine using Machine Learning to rank and analyze large volumes of trade transactions
  • Get a unified view of risks involving – Outstanding Advances, CLP Commitments, Collateral Availability, Unsecured Credits, etc.
  • Automate document processing, text analytics, and third-party data
  • Automate ingesting ID & income verification documents
  • Automate data extraction from unstructured texts like mortgage papers, bonds, security guarantees
  • Built a centralized interface can save 20 working days worth of man hours per month
  • Automate amortization of borrowing costs, amortization schedules
  • Automate the posting of treasury accounting data entry
  • Automate review of +100000 transactions every month via ML models
  • Cover regional and country-specific compliance requirements

Challenges

  • Missing or incorrectly prepared documents pose risk for both buyers and sellers
  • Manual data extraction and validation can cause shipment delays and ultimately delayed payments
  • Manual Treasury Management may require 20+ accountants a day, per month to extract data manually.
  • More team members are required to process Bank Guarantees and Letters of Credits for multiple fund categories (can go up to 25 for large banks)
  • Treasury calculations such as accruals on debt, derivatives, and fees, and amortization can be erroneous
  • The manual process can require producing of over 5,000 lines of GL journals per month

How we Can Helped

  • Integrates a document parser solution within the Bank’s workflows
  • Creates a pulling trigger to fetch parsed data from new documents
  • Triggers automation to start a workflow anytime a new document is parsed e.g., a collateral bond
  • Triggers automation of all processes which are expecting data from e.g., a PDF document
  • Fetches parsed data from and adds new rows in Google Sheets or in any System used by employees
  • Enables automation to fetch documents from a shared DropBox or a Google Drive
  • Automates selecting parsing rules to process the document and search for the required information

The Impact

  • Gain a 500% Increase in Contract Scanning Speed
  • Enable accurate data capture with 95%+ Straight-Through Processing (STP)
  • Ensure the Treasury Team does not have to look at risk assessment documents 95 out of 100 times

BFSI Case Studies: Discover the Top Applications of Contract AI in Banking and Insurance Companies

Discover the Key Benefits Unlocked by Global BFSI Leaders.

Contact Your Solutions Consultant!

New Application Interface to Automate Letter of Credit (LOC) Issuing Processes

Case Study

New Application Interface to Automate Letter of Credit (LOC) Issuing Processes

Overview

A large financial institution from the US wanted to streamline the process of issuing Letter of Credits (LOCs) to its member banks. These banks were its partners who were depending on its support for liquidity, asset/liability management, and housing, community, and economic development activities. An L/C acts as a promise made by the Bank on behalf of the member to make payments to a third-party beneficiary in the event of a default of performance.  

The daily tasks for the Bank’s employees involved generating several reports: Daily Reports, General Ledger Reconcilement Reports, Daily Transaction Journal Repot, Amortization of Fees, Commitment listing Report, Commitment Summary Report, etc. The older legacy platform made it difficult for the Bank’s employees to perform reconciliations at the end of the day by matching the member bank’s commitment request details, tracing the changes, and finally tallying it with the commitment. The commitment amount mentioned in the LOC is issued after multiple credit check processes. 

The legacy application interface was build using PowerBuilder and migration to Java brought the flexibility required to add new automation capabilities. The migration makes it easy for the bank to make rapid changes in its framework while supporting an open, flexible platform development environment. Using Sun Technologies’ automated migration tools, our Solution Architects completed the project in rapid sprints to successfully launch the new application. It has helped convert all PowerBuilder app functionalities to a Java-supported modern web architecture and interface. 

Our Solution

  • The newly deployed interface allows batch processing for issuing multiple LOCs in one click 
  • The process of notifying the customer closer to the data of renewal has been automated 
  • Digital Bots are helping the Bank’s auditors fetch the required information easily 
  • Auditors can now generate daily and monthly commitment summaries with a simple click 
  • Users can view Renewed Commitments, Commitments to be Renewed and Changes to Renewal Amount, Amortization Fees, etc. 
  • Approval dashboards give administrators the ability to get Pending/Approved/Rejected/Failed commitments in one-click 
  • Approvers get a single dashboard view of all the information needed: Commitment Type, Original Balance, and Status 
  • Auditors can easily view Outstanding Advances, Collateral Availability, Financial Guarantees, Interest Rate Swaps, and Unsecured Credits 
  • The new application streamlines complex processes involving generation of reports such as Transaction Enquiry Report, Transaction Journey Report, Transaction Journal Reports, Financial Guarantee Reports
  • Automation helps to automatically re-calculate fees based on modifications made to the contract
  • The system automatically calculates the credit rate and maturity date
  • Easy Credit Assessment and Analysis feature gives a single pane view of – Collateral, Outstanding Advances, Unsecured Credit, Guarantees, and more.

Challenges

  • Errors in data inputs of credit rates, maturity dates, renewal fees, and related changes.
  • Errors caused by frequent screen changes and switching to new folders in a clunky User Interface
  • Audit reports required double-checks before a Letter of Credit is issued.
  • Auditors had to look through multiple folders to get the required information.
  • Processing large volumes of Letter of Credit (LOC) request documents and collateral pledges caused delays
  • Processing large volumes of Commitment Linkage Changes required more resources
  • Amending large amounts of Commitment Linkage Details required more manual time and effort
  • Error-prone processes to in linking multiple LOCs with Member bank deposits 
  • Monitoring/Adjusting multiple Letter of Credit requests from a Member Bank was a tedious task

How we Helped

  • Our solution architects helped retire the legacy interface used by the Bank’s employee 
  • Smooth transition was made to a new application portal for all PowerBuilder functionalities 
  • Enhanced the security and auditing functionality aligned with user roles and permissions 
  • Manual processes involving queries and generating reports were automated using a RPA Bot 

The Impact

  • 80% faster turnarounds in issuing LOCs
  • 95% tasks related to data retrieval and calculations are automated
  • 75% savings in Auditor’s time spent on manual data collation from multiple systems

BFSI Case Studies: Discover the Top Applications of Contract AI in Banking and Insurance Companies

Discover the Key Benefits Unlocked by Global BFSI Leaders.

Contact Your Solutions Consultant!