Reducing Fund Request Errors by 80% & Turnaround Time by 70%

A leading Canadian multinational alternative investment management company faced high coordination costs and lengthy turnaround times associated with fund requests. To optimize its capital investment and approval process, this company sought out an automation solution for the fund request process.

Problem

The client’s existing capital investment approval process was incurring substantial costs, as coordination between investment and financial operations (FinOps) teams occurred manually through complex spreadsheets. Further, compliance with risk and regulatory guidelines required meticulous consideration of numerous complex parameters, significantly increasing the time required to secure capital. In light of these efficiencies, the client engaged Chenoa, a 3Pillar Global Company, to build a solution to streamline and expedite the fund request process.

Solution

Chenoa built a highly synchronized workflow design using the no-code platform Unqork, developing an intuitive user interface, workflow management, rule implementation, and calculation mechanisms. Now, when the investment team triggers a fund request, the system automatically generates a funding request template and sends it to the FinOps and management teams for approval.

To ensure a seamless workflow and prevent data silos, Chenoa integrated legacy data sources and implemented a Single Sign-On (SSO). This integration enabled FinOps, tax, legal, management and investment teams to better collaborate on funding requests with limited manual intervention, fostering improved communication and efficiency across the organization.

Outcomes

Chenoa’s solution, deployed within a mere four months, yielded significant improvements in both efficiency and scalability:

  • Reduced communication overhead. 95% reduction in emails related to funding requests.
  • Enhanced agility. 70% reduction in total turnaround time per funding request.
  • Improved accuracy and reliability. 80% reduction in errors across the fund request process.

In terms of scalability, the new system significantly reduced the downtime associated with manual intervention in the fund request process. The success of the implementation not only resolved the initial challenges, but positioned the client for future scalability and adaptability in the ever-evolving asset management landscape.