Six weeks to transform business operations using intelligent automation? Game on.
After a disappointing and frustrating experience with another provider, specialist restructure, turnaround and insolvency advisors Mackay Goodwin were more determined than ever to leverage automation to its fullest potential. The first step? Engaging a partner to help upgrade and improve their existing solution.
Six weeks was all it took to turn things around for the better.
“After struggling with disappointing customer service, an outdated interface and ongoing instability with our automated solution from a previous provider, The Missing Link stepped in. They were able to fix all the system problems we were experiencing, and we’ve never looked back.” says Rachel Brown, Manager at Mackay Goodwin.
How we transformed three critical processes and ultimately improved cash flow
The first port of call was to review Mackay Goodwin’s existing workflows and identify how to bring each in line with best practice.
“We're heavy on admin work and wanted to reduce that workload and increase the efficiency of our current solution. After exploring our automation options with The Missing Link, we focused on three processes: running our business activity statements, processing invoices and reconciling,” explains Rachel.
Then, we remediated any gaps to ensure they had a robust solution that will keep working for them into the future. With our improvements, Mackay Goodwin staff don't need to go in and fix any errors caused by the original automation anymore, and they get more bills out more quickly, so invoices are paid sooner than was previously possible.
“Automation has saved us 70 hours of work every month and improved cash flow. So, we're making more money as a direct result of the solution. It's also made our processes more efficient and brought our debtor days forward,” says Rachel.
Boosting staff engagement and perceptions of automation
Initially, the team at Mackay Goodwin approached automation with some trepidation, but that quickly changed once they began to experience the impact it’s made on their professional lives.
"The success of our automation so far has led to discussions at board level about what else can be automated. At first, there was some pushback against automation, but since people have seen the benefits, the discussions have shifted to exploring what else it can do.”
Catering to the unique needs of the financial services industry
The financial services industry has a limited number of solutions available to choose from due to compliance constraints – and it’s fair to say they all have their shortcomings. Our focus for this project was using intelligent automation to extend the functionality of, rather than replace, Mackay Goodwin’s existing systems to suit their regulated workflows. A key consideration was ensuring the maintenance of an accurate audit trail of all billing and disbursements.
Our thriving partnership
With plans for significantly expanding their automation partnership, The Missing Link and Mackay Goodwin enjoy a close working relationship and open lines of communication. From breakfast meetings to group Teams chats, responsiveness and client service are a central driving force behind the powerful results we’ve achieved together.
“Mackay Goodwin has a great relationship with The Missing Link, and our partnership is only growing. In fact, we're trying to package everything together to sell our automated solutions to others who could benefit in the financial services industry and spread the word about the power of technology. We are all excited to continue work with The Missing Link and grow together in a symbiotic relationship.”
“The team at The Missing Link was quick to understand our needs and great at going above and beyond, communicating with our software provider to get the most out of our automated solution. The extra layer of service provided has changed our perception of automation and has made it clear how we'll grow as a business.”
– Rachel Brown | Manager at Mackay Goodwin
“The Missing Link has exceeded our expectations and provided a 10 out of 10 service."
Reach out to The Missing Link today to engage automation experts committed to delivering efficiency for your organisation, as we've done for Mackay Goodwin.
