Transformation is good
Adopting ReconArt’s solution is often transformative. We strive to enhance and mature your existing processes and to give teams the benefit of best practice approaches with our solution.
Many ReconArt customers are first-time solution implementors. They come to us motivated to replace manual or spreadsheet-based processes. ReconArt has vast experience replacing older reconciliation solutions in different scenarios.
We have helped our Clients replace externally sourced, older reconciliation systems or home-grown proprietary tools they have built internally. Often these systems no longer meet the needs of the growing business, stuck in time without continuing to evolve as business needs evolve. We have also helped Clients limit expense related to expanding use (no of users, transactions, or accounts) while looking for a more scalable solution with out-of-the-box functionality that does not require the heavy ongoing customization and professional services price tag. In some cases, the change comes as part of a larger enterprise-wide transformation initiative.
Methodology
Based on our experience, successful reconciliation technology replacement requires thorough discovery, careful planning, and result-driven project management. We love partnering with our clients and supporting their initiative to mature their reconciliation capabilities and modernize their underlying solutions.
During transformation and adoption, it is critical to support a testing process that guarantees minimal disturbance to existing operations. We typically begin with a full discovery of the current scope of use. Naturally this includes a complete analysis and mapping of all existing reconciliation inputs and outputs, and all the logical steps, workflows, and requirements in between.
During our analysis, we go beyond the functional pieces to really understand the entire business process, identifying along the way any possible opportunities for further improvement, both on the automation/efficiency front and on the best practice/control enhancement front. All short and long-term results are agreed ahead of time and tracked with collaborative project management tools.
Return on Investment
If you have already invested in a solution previously, you know that the cost of the technology itself is not the only pricing factor. For instance, do you have to keep going back to the vendor for professional services for every small support need or enhancement request? Do you have to make another big investment every time there is a new version available? How self-sufficient is your team? Is it difficult to train new employees on how to use the technology? All these have cost implications and should factor into the full cost of change. ReconArt’s straightforward and comprehensive and transparent pricing model will allow your team to complete your own ROI analysis and make the best decision for your organization’s future.
Case Study
First National Bankers Bank
| Industry: | Banking |
| Focus: | Fed and Correspondent Bank Recs |
First National Bankers Bank (FNBB), headquartered in Baton Rouge, Louisiana, was chartered as the first national Bankers Bank in the United States in 1984.
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