Introduction
Noewe, a major professional service provider in the Baltics, offers a diverse portfolio of services, including financial planning, legal and tax consulting, business advisory, accounting services, and asset and wealth management. Always striving to innovate, Noewe sought a solution to improve its traditional audit processes, which were time-consuming and labour-intensive, in order to enhance efficiency, service quality, and maintain competitive pricing.
The Challenge
Noewe’s traditional audit process required significant manual effort, with auditors spending weeks gathering data, analysing various document formats, and summarising findings into audit reports. This manual approach limited the number of audits the team could handle and created potential bottlenecks as demand for audit services grew. Noewe needed a more scalable, efficient solution that would reduce the time and costs associated with audit processes while ensuring accuracy and regulatory compliance.
The Solution
Moterra developed and implemented a Generative AI-powered Audit Process Assistant that leverages AWS services to automate Noewe’s audit workflows. The GenAI solution was designed to:
- Automate Data Collection: Integrating Noewe’s document management system with the GenAI tool to automatically collect and process audit data from various sources.
- Contextual Analysis and Extraction: Using advanced AI models to interpret the context and intent of the information in documents, extracting the relevant data for audit reports.
- Audit Report Generation: Automatically compiling extracted data into draft audit reports, including references to the original documents for transparency and traceability.
This GenAI-powered system reduced manual intervention, providing Noewe with a more efficient, scalable, and cost-effective audit process.
The Outcome
The implementation of the GenAI Audit Process Assistant resulted in significant benefits for Noewe:
- Audit Processing Time Reduction: The audit process time was reduced by 50-70%, decreasing from 8 weeks to as little as 2-4 weeks.
- Increased Audit Capacity: The audit team’s capacity increased by up to 200-266%. E.g previously, a team of 10 auditors could handle 60 audits annually; with GenAI, the same team can now handle up to 200 audits annually.
- Improved Accuracy and Consistency: By automating data extraction and report generation, the system minimised human error, ensuring highly accurate and consistent audit reports.
- Client Satisfaction: Noewe was able to offer faster audit turnaround times, maintaining competitive pricing while enhancing service quality.
Conclusion
The adoption of Moterra’s Generative AI-powered Audit Process Assistant has transformed Noewe’s audit operations. With reduced audit times, increased capacity, and significant cost savings, Noewe is now well-positioned to handle growing audit demands and deliver higher-quality services to clients at a competitive price. This solution exemplifies how cutting-edge AI technologies can drive operational efficiency and provide a clear competitive advantage in the professional services industry.
