Jemena Improves Month-End Efficiency with Innovative Finance Automation System
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Quick Overview
- With BlackLine, Jemena automates its month-end financial processes, cutting over 24 hours from manual work.
- There are 10 use cases in place, with an additional 25 under development.
- The automation emphasizes journal entries that are complex and labor-intensive.
- Jemena partners with Deloitte and BlackLine to advance automation efforts.
- Finance teams are motivated to explore more automation possibilities.
Revolution in Finance Automation at Jemena
Optimizing Month-End Operations
Jemena, the owner of the electricity network assets, has made significant progress in modernizing its financial operations. By leveraging BlackLine’s software, Jemena has achieved the automation of crucial month-end finance workflows, greatly enhancing efficiency and reducing manual workload by more than 24 hours. This development signifies a crucial transition toward adopting technology for managing intricate and time-consuming tasks.
Widening Automation Applications
After effectively implementing 10 initial automation use cases, Jemena is now working on launching an additional 25 use cases. This growth aims to further optimize the management of complex journal entries, minimizing human error and freeing essential time for finance teams to concentrate on strategic pursuits.
BlackLine’s Contribution to Finance Automation
Since 2015, Jemena has been utilizing BlackLine, primarily for account reconciliations to ensure the integrity of reporting. The recent extension to cover month-end journals signifies a strategic refinement of their current system, enabling automatic data matching from different sources and effective classification of work-in-progress (WIP) items.
Partnership with Deloitte and BlackLine
This initiative is a joint venture with Deloitte and BlackLine, aiming to discover and apply additional automation possibilities across Jemena’s financial operations. The incorporation of these modern technologies represents a proactive stance towards financial management.
Conclusion
Jemena’s move to automate month-end finance operations showcases the increasing trend of utilizing technology for operational efficiency. By collaborating with industry frontrunners like Deloitte and BlackLine, Jemena is setting benchmarks for innovation in financial management within the energy sector.
Q: What is the primary aim of Jemena’s finance automation?
A:
The main objective is to boost efficiency by minimizing manual processing time, particularly for intricate journal entries, thereby enabling finance teams to redirect efforts towards more strategic initiatives.
Q: In what ways has BlackLine’s software been employed by Jemena?
A:
Originally utilized for account reconciliations and ensuring reporting accuracy, BlackLine’s software is now being extended to automate month-end financial processes, including managing complex journal entries.
Q: What are the anticipated results of the expanded automation initiative?
A:
By broadening the range of automation use cases, Jemena aims to further decrease manual workloads, improve data precision, and motivate finance teams to pursue additional automation possibilities.
Q: Who are the primary collaborators in this initiative?
A:
This project is a collaborative effort with Deloitte and BlackLine, both of which are instrumental in pinpointing and executing automation solutions for Jemena’s financial operations.
Q: What technologies are being utilized in Jemena’s automation process?
A:
Jemena employs BlackLine’s software to automate financial processes, supported by data integration and matching functions to efficiently manage journal entries and reconciliations.