The Last Mile is the Hardest Mile
A friend who works in logistics explained to me that when delivering a package the hardest part is from the final courier depot to the recipient, in the industry they call this the final mile. The process, starting with collection from the sender through the various depots, is already honed for efficiency. The reason the last mile is the hardest is that people are not in, or they want it delivered to work and then can’t be located for signature, etc.
That got me thinking about the parallels with e-accounting…
The Ruschlikon initiative has honed the process from broker to MMT, rather like from parcel sender to final depot, but the final mile, in the case of e-accounting, is from MMT to back office PAS or accounting application. Without a straight through process the final mile must be covered by manual processes: validation or entry of TA; validation of FA; cash entry; and the return of acknowledgements, queries or rejections.
Scyllogis has now launched E-ffikacy, a software application that bridges the gap between the MMT and the PAS and to continue with the analogy, helps to cover that last mile. E-ffikacy automates all those manual processes just described, thereby building on the efficiency foundations already laid by the Ruschlikon initiative.
Given that once the TA has been acknowledged the FA should always reconcile, the process of sending the FA acknowledgement, entering cash and matching that cash would be fully automated by E-ffikacy, thereby improving that process efficiency by 100%.
With TAs there is always a higher exception rate, but usually 80% can be processed without intervention. For these TAs E-ffikacy will fully automate their processing thereby improving the TA process efficiency by 80%.
The logistics industry is still working hard on meeting the challenges of the last mile, but in the world of insurance e-accounting Scyllogis has the answer!