For any firm, reconciliation is one of the most critical, complex, and mandatory processes. However, problems arise when companies are still performing reconciliation manually, resulting in severe bottlenecks to the overall close process. Specifically, traditional and manual efforts are laborious, error-prone, and costly, increasing the likelihood of risk and poor-quality data. Firms often have to load their data multiple times, with little to no support for streaming data sources. Even today, many of the reconciliation tools on the market lack the key features needed for success. Let’s dive into the top reconciliation tool features your firm needs.
The top reconciliation tool features ensure that your firm has continuous data quality, ultimately improving automation, workflow capabilities, and overall compliance. Regardless of how efficient your team is, firms are left in the dust if they fail to transition to an automated solution that provides the following features:
Ability to Support Stream and Batch Processing
Most solutions have little to no support for streaming data sources, resulting in delayed and slow rules execution.
Multilateral Workflow Matching
Current tools essentially match pairs of records, and data has to be loaded multiple times.
Traceability and Auditability of Source Data
Today’s solutions do not offer traceability and auditability of source data, causing significant limitations and bottlenecks during root-cause analysis.
Automated Root-Cause Analysis
Oftentimes, firms must manually query individual data sources, manually loading and linking to various sources.
Data Quality Metrics
Current tools have limited reconciliation and data quality metrics, making it difficult to prioritize which exceptions to solve first.
Easy Setup and Maintenance
Most reconciliation solutions require significant IT effort to build out and maintain rules and processes, including querying, scripting, programming, etc.
Additionally, you can learn more about why your current reconciliation tool isn’t sufficient.
PeerNova’s Cuneiform® Reconciliation is a zero-code platform that enables firms to efficiently perform multilateral reconciliation, exception management, and root-cause analysis.
The solution has the following top reconciliation tool features that streamlines, automates, and enhances reconciliation, saving both time and money.
Stream Processing, Data Preparation, and Data Enrichment
The platform supports diverse batch and streaming data sources without pre-processing. It processes millions of checks with complex rules in runtimes of mere minutes at a cloud scale.
Multilateral Workflow Matching
The platform supports multilateral matching that is fast and efficient to handle multiple workflows involving a large number of datasets and complex rules. Data is loaded just once, and results are automatically collated to generate a consolidated list of exceptions for the entire workflow.
Business Workflow Lineage
The platform provides real-time Business Workflow Lineage™, with traceability and auditability of source data.
Automated and Streamlined Root-Cause Analysis
The Cuneiform Platform quickly identifies, addresses, and resolves exceptions quickly and efficiently to eliminate manual processes.
Business Value Impact Scorecards for Timely Exception Management
The platform automatically calculates a score and prioritizes each data quality error, in addition to the total business impact of data quality issues across the entire workflow.
Machine-Generated Code
The platform offers self-serve, drag-and-drop interface to dynamically create, configure, and execute reconciliation rules without significant coding knowledge.
When choosing the right solution, make sure it has the top reconciliation tool features. For more information or to receive a demo of Cuneiform Reconciliation, contact us here.
