Workflow Management through Data Analysis Programming
Aspiring to digitalize the finance function and to improve upon finance reporting, Micyln Express Offshore commissioned the students to build in-house data analytics capability to help the company achieve its strategic goals.
Micyln Express Offshore previously would rely on manual inputs and tacit business knowledge to make key strategic decisions such as to determine its cashflow collection. The key challenges of these were the tediousness of report preparation which resulted in human error and the lack of accurate cashflow projection on a periodic basis.
Specifically, three issues in relation to their AR reporting process that needed to be streamlined:
1) Preparation of AR Aging report is done manually
2) Static dashboard is presented to management through table
3) Forecasting is being done based on tacit knowledge of experienced staff
Students were able to leverage on open-sourced programming languages, packages and data visualization software to provide valuable improvements to the overall weekly accounts receivable reporting and cashflow forecast. In addition, students were able to provide a more streamlined report generation process to improve workflow. The experience was an invaluable one as students had the chance to convert the knowledge gained from theory into practical business actions for a real client to continue utilizing.
