For their operations, businesses need to borrow from Banks. This is the cash credit limit as sanctioned by banks. This happens periodically in line with their financial requirements. These funds are mainly used for their working capital requirements during a particular financial year and can be extended with the same or different borrowing limits. All of which will rely on the financial results of this company.
Drawing power (DP) is the limit up to which a borrower can withdraw funds within the Cash Credit limit. Against the sanctioned limit , the drawing power(DP) is arrived at and then the amount is disbursed. Quite often this is done on a monthly basis based on the position of stock, debtors and creditors. The statement reflects the closing position of the previous month.
As thousands of such statements are read , interpreted and calculations done, imagine the drudgery, time taken and the room for human errors- that can prove quite costly! However much banks would like to harness their ERP systems, automated workflows and net banking portals, an optimal solution can come out of cognitive play using AI-ML.
Enter ACE- The Algonox Cognitive Engine.
Our solution is proving to be ‘more than a replacement’ of the current way of working. Removing the tedious and time consuming non value-adding activities with cognitive automation that weaves itself into existing workflows comes with a distinct add on.
It provides the much needed relief by releasing key resources to devoting their time and energies to more important and urgent issues and thereby enhancing the overall customer experience.
When one of the largest banks in India uses ACE to process 5000+ stock statements every month , the ionic extraction and orchestration covers:
As our customers’ take note of the immense benefits and realisations thereof, we see a flurry of interest in such solutions that can be adopted in such or other similar processes.