Financial Process Mining
PAF and Rödl & Partner expand strategic partnership
Darmstadt, Ann Arbor (Michigan, US), May 11, 2021 - The Process Analytics Factory (PAF), a Process Mining startup from Darmstadt, and Rödl & Partner are expanding their strategic partnership around the use of Process Mining in the area of innovative digital audit technologies. The centerpiece of the partnership is “Rödl AIM” (Activity Insights with Mining), an SAP-based financial Process Mining tool based on PAFnow, a Process Mining technology integrated in Microsoft Power BI.
Rödl AIM is used as a managed service in the areas of financial accounting, purchasing and sales. Using data from Rödl & Partner’s clients, the tool visualizes entire process chains of all processes as they actually happened, including all the variants, target process deviations and lead times. This includes, for example, purchase-to-pay or order-to-cash processes in SAP. By using Rödl AIM, additional efficiency potentials around business process-oriented auditing and consulting can be tapped.
Rödl & Partner first integrated Process Mining based on PAFnow in 2018 with Rödl AIM as a building block in the digital Audit Tech Universe for annual audits. With the extension of the partnership around Process Mining as a managed service, Rödl & Partner is further expanding the digital client experience and the intelligent dovetailing of workflows with clients.
In concrete terms, the use of Rödl AIM means that clients can recognize process deviations in the overall context and at the same time identify their causes. This makes it possible, for example, to see which suppliers demand price adjustments after an order has been placed, thereby delaying or increasing the cost of the procurement process. In addition, special risks can be uncovered at the push of a button, such as invoices without purchase order reference or goods receipt. For the implementation-free use of Rödl AIM, all that is required is PAFnow in combination with the widely used and globally leading business intelligence solution Microsoft Power BI. In the past, companies usually had to perform individual queries in SAP or launch larger internal projects for corresponding analyses. This is very time-consuming and offers only a limited view, since the processes cannot be viewed in their overall context.
Tobias Rother, CEO of PAF, emphasizes the innovative character of the project on the occasion of the expanded partnership: “When we started to implement Process Mining as a managed service together with Rödl & Partner three years ago, it was truly uncharted territory. Now Rödl & Partner offers its clients a fully functional and practically unique product in this form, which has gained a foothold in the market as a valuable service. We are very pleased about the expansion of the strategic cooperation and the joint permanent further development of the innovative managed service."
Against the backdrop of ever-increasing data volumes in companies and the growing use of digital technologies such as software robots, Rödl & Partner expects demand for digital solutions for financial accounting and controlling to rise in the future. “Our clients do not want to spend time on the implementation, handling or even development of software. At the same time, Data Science and Co. are now essential, which is why we are hitting the nerve of the target group with products such as Rödl AIM. We are pleased that we identified PAF at an early stage as a suitable innovation leader for the solution we are aiming for. Especially since the underlying platform Microsoft Power BI, which we favor, is becoming more and more established. Our partnership is therefore not a one-way street: We are also a potential partner for PAF’s customers - and vice versa," sums up Martin Wambach, Managing Partner at Rödl & Partner.
Want to learn more about the Rödl AIM?
Register now for the webinar (in German) on June 10, 2021!