Case study: NAATI transforms its financial capabilities

The National Accreditation Authority for Translators and Interpreters (NAATI) upgraded its financial capabilities as the institute faced exponential growth.

Ashwini Shankar, finance manager at NAATI explained to Digital Nation how its transactions doubled which led to the need for a new finance management platform.

She said, “We are a medium sized business in terms of revenue, but a large volume of small transactions form our revenue base, which made that when we had this exponential growth, our financial system could not accommodate the increase in the number of transactions.”

Shankar explained that NAATI exceeded all the thresholds set for the financial system.

“For example, the financial system could accommodate up to 10,000 customer contacts, and we had over 80,000 customer contacts. It could accommodate up to 2000 bank transactions per month and we had around 4000 bank transactions per month.

“We had clearly overgrown a finance system that was meant for small and medium sized businesses.”

They were looking for a platform that could scale with NAATI.

“In addition to the technology partner [KPMG], which was the main reason why we chose Wiise, there were also many benefits that we saw in the product itself and scalability.”

Through Wiise, NAATI has been able to automate its financial processes.

“We have automated around 90 percent of our sales invoice, they are interfaced with the payment gateways. Which means that most of the sales invoices and the payments are done without any manual intervention,” she said.

“That saves the resource time and I can use that time for towards financial planning and analysis rather than processing.”

Shankar also highlighted the improvement in system performance.

“We can now generate large reports with in one go pretty much with no issues. So that has again, improved our productivity and reduced our resource cost,” Shankar added.

She explained they have consolidation plans for the business as they continue their digital transformation journey.

“What we are planning to do at the moment is consolidate everything that we have done. We want to sit back and reap the benefits of all the digital transformation that we have made,” she ended.