The paradigm shift towards digital transformation was accelerated by COVID-19, a pandemic that does not give us a break and that day by day makes us become more flexible to face the challenges represented by each new scenario that we are going through.
Daily contact with colleagues and clients at cafes, having meals…. Being side by side in the physical world was part of the ritual of business. But the pandemic came to break these habits and led us to suddenly change the way not only of doing business, but of living and working. Contact channels became digital, more ephemeral, and faster, and companies had to continue operating with the minimum number of employees in the office.
Both e-commerce and digital channels became the stars of this new scenario, allowing companies to continue operating remotely and adapt to new consumer needs and health regulations.
It is a great challenge for all areas of a company to assume a remote and digital operation, including the exponential growth in the volumes of transactions with digital means of payments. This new scenario largely puts the companies’ Administration areas in check.
As a reference, globally, transactions through e-commerce increased by 26% during 2020, reaching outstanding cases such as Argentina, where a growth of 124% was experienced (according to a CACE report). By 2021, the growth expectation of transactions through the web at a global level is around 17% (source eMarketer).
These new marketing channels led companies to diversify their forms and means of payment, generating an increase in the records to be reconciled and making control difficult due to the various formats and structures of the documents provided by financial institutions, channels of payment and/or e-commerce platforms.
The challenge becomes immense:
- Limited resources
- Exponential growth
- Thousands of data to cross
- Different formats and totally different structures.
A challenge that is almost impossible to carry out with traditional methods such as spreadsheets.
Thanks to tools such as Conciliac EDM, performing these processes can become a simple automated task. Conciliac has the flexibility to work with various data sources, allowing to process formats such as CSV, TXT, PDF and XLS, standardize and consolidate them, allowing them to be reconciled and validated quickly and safely.
Find out how Conciliac can help your business in data management. Book a Demo and find out more.
Author: Germán Brovelli