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PeerSpot user
Enterprise Architect at a consultancy with 10,001+ employees
Real User
Top 5Leaderboard
Single bot now replaces five associates who previously handled finance processes and eliminates manual errors
Pros and Cons
  • "Redwood has a great feature where it logs every transaction. So, at any point, we can see every step taken for each transaction. It creates an audit trail of the entire process execution. It is a really good feature. This eliminates the need for extra coding or report generation. The audit report is readily available within the tool itself."
  • "would like to see AI integration for automation in future releases. Post-automation, I envision a generative AI model. If I could ask the bot questions like the number of invoices or their current status, it should be able to provide answers directly."

What is our primary use case?

Primarily, it's SAP automation. We use it to automate all our finance processes, including procure-to-pay (P2P) and order-to-cash (O2C). It integrates seamlessly with SAP, making it very efficient.

How has it helped my organization?

Redwood streamlined our financial closing process in two ways. Firstly, we've reduced the number of personnel needed. A single bot now replaces five associates who previously handled finance processes. This freed up those associates to focus on expanding into new markets. 

Secondly, it eliminates manual errors. The bot is programmed to handle everything, so there are no mistakes or missed entries. 

The processing speed has also significantly improved. It used to take much longer for each transaction, but now, we can execute continuous transactions ten times faster. 

Earlier, every transaction used to take up more time. Now it's much less. In one-tenth of the time, we can execute the continuous transactions. Whether we consolidate it or compare the transcations, those kinds of things, they are much faster and better.

Redwood has positively impacted our daily financial operations and reporting tasks. As an example, invoice automation is much easier. Previously, posting a smaller number of invoices involved manual geo-posting and data transfer. Now, I can process 3,000 to 5,000 invoices daily.'

Another improvement is in terms of compliance or audit trails since implementing Redwood.

Redwood has a great feature where it logs every transaction. So, at any point, we can see every step taken for each transaction. It creates an audit trail of the entire process execution. It is a really good feature. This eliminates the need for extra coding or report generation. The audit report is readily available within the tool itself.

What is most valuable?

The seamless integration with SAP is crucial, as it's our primary system.

Reporting is also good. That's one of the product's strengths.

The remediation features are excellent. If an error occurs during posting, it generates an error log. We collect these logs, restart the bot, and process the remediation. So, Redwood's error handling and exception management features helped our automation. 

What needs improvement?

Everything seems to be working well. However, I see value in integrating AI for automation.

So, I would like to see AI integration for automation in future releases. 

Ideally, after I perform postings, I would like to leverage a generative AI model. This would allow me to type a query or question directly to the bot, and it would retrieve the information I need. 

For example, I could ask for the number of invoices, the status of specific invoices, or any other relevant data. 

Currently, we achieve this by building our own Finance model. So, integrating a pre-built finance model with the tool would be much easier and more efficient for reporting purposes.

We're looking at several potential uses for this AI model. It could empower various user groups, including regular finance executives, customers, and even vendors to submit queries. Additionally, our leadership team is interested in using the AI model to generate reports directly on the Redwood dashboard. 

This functionality could potentially replace the need for BSpoke Solutions and the manual generation of BSpoke reports, streamlining the entire reporting process.

For how long have I used the solution?

I have been using this solution since 2016. 

What do I think about the stability of the solution?

I'd rate its stability an eight out of ten.

What do I think about the scalability of the solution?

I would rate the scalability a nine out of ten. It scales very well.

Currently, it's only loaded up for Finance. We've been using it primarily for finance across our Vodafone assets in forty different countries, including Europe, Asia, the Middle East, and to some extent, America. 

We do not have Vodafone stores in very many locations, so we have partnered with other vendors in some areas. However, as a telecom operator, our primary operations are not in trading but are focused on Europe, Middle East, and Asia. 

For HR, we're still analyzing and identifying processes that can be taken up first with Redwood. We're aiming to start with some pilot HR cases in the second quarter of 2024.

How are customer service and support?

The customer service and support are pretty good. They're a small company, but their support is fast and effective. 

They're very fast to respond, fix issues quickly, and even provide permanent fixes. Their service level agreements (SLAs) are much better. 

They have a tiered system based on transaction volume. For example, if your transactions fall under the 10% tier, they respond within a minute and ensure your process is running again within five minutes without loss of any data, guaranteeing 99.99% uptime. 

We haven't needed tier three support yet, which offers 99.95% or 99.0% uptime with resolution within 15-20 minutes, but it's good to know it's there. Overall, their SLAs, response times, and recovery times are pretty good.

While they're good, there's always room for improvement.

How would you rate customer service and support?

Positive

Which solution did I use previously and why did I switch?

We used Blue Prism and UiPath. Tools like Blue Prism and UiPath are generic and not specific to any industry or technology. 

They're not well-suited for specific industries. Whether it's healthcare, pharmaceutical, or aviation, I doubt you can effectively use those tools. They might be better for generic industries like service industries, such as travel, retail, or even e-commerce. I could potentially build bots for handling orders using the UiPath or Blue Prism, and they might be faster. However, it ultimately depends on the applications I use and the number of processes involved, including main and sub-processes. Those generic tools might be better suited for such scenarios.

However, for industries with specific and streamlined processes and applications, like finance, Redwood comes into play. It offers specific applications tailored to industries like pharmaceuticals, telecom, or finance. These pre-built applications align with the streamlined processes and applications used for years in these specific fields, making the tool ideal for such situations.

How was the initial setup?

The deployment process wasn't easy. It requires someone with a good understanding of product installation, configuration, and integration. 

So, I'd rate my experience with the initial setup around six out of ten with ten being easy to set because it requires a good skill set.

What about the implementation team?

Initially, we faced some issues because we were using traditional tools like Blue Prism, Automation Anywhere, and UiPath, which are not technology-agnostic.

Redwood is very specific to SAP. So, we had to consult with Redwood itself in the Netherlands. They sent a technical team member to train our team for two weeks. He trained us on installation, configuration, documentation, and support. This was excellent support provided with the product purchase.

The support is still managed by Redwood itself. The support works based on a per-transaction model. They charge based on the number of transactions processed in production.

What was our ROI?

One metric is the time taken to execute tasks and the number of transactions processed per minute. Previously, processing 1,000 financial records took 12 minutes. Now, it's significantly faster, with the number of transactions processed per minute increasing two to three times, even up to 300 times faster.

Secondly, cost savings. For example, one bot replaced five associates. That's significant resource optimization. The bot's efficiency has improved utilization overall.

What's my experience with pricing, setup cost, and licensing?

The pricing is very client-specific. It's not a one-size-fits-all price. They don't have a single price for everyone. It's based on the client and the number of transactions. As Vodafone, a large company with many transactions, we get a discounted rate.

Initially, it was challenging because few of our processes were ready for automation. But as we stabilized, documented, and automated processes, the value increased significantly. We've reached a break-even point after two years, and it's much better now in terms of value for money.

What other advice do I have?

Overall, I would rate the solution an eight out of ten. 

Which deployment model are you using for this solution?

On-premises
Disclosure: I am a real user, and this review is based on my own experience and opinions.
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Pauli Leppänen - PeerSpot reviewer
Group Controller at Eleda Group
Real User
Top 20Leaderboard
A tool useful for areas like reporting and group consolidation
Pros and Cons
  • "The most valuable feature of the solution stems from the fact that it is a properly working solution... The functionalities and package offered by the product seem to be the right fit for our company."
  • "IFRS 16 functionality is something that is not embedded in IBM Cognos Controller."

What is our primary use case?

I use the solution for reporting and group consolidation.

What is most valuable?

The most valuable feature of the solution stems from the fact that it is a properly working solution. My company has a support partner in Stockholm who has built several additional applications on IBM Cognos Controller. The functionalities and package offered by the product seem to be the right fit for our company.

What needs improvement?

IFRS 16 functionality is something that is not embedded in IBM Cognos Controller. My company uses a good built-in functionality in the tool, which was made by our support partner. IBM Cognos Controller should have inbuilt features to support IFRS 16 functionality. From a long-term requirement perspective, many of the customers who use the product want it to be a web-based solution rather than how it currently is, which is similar to a local installation.

For how long have I used the solution?

I have been using IBM Cognos Controller since 2021 in my current company, but I have also used it before. My company is a customer of the product.

What do I think about the stability of the solution?

Stability-wise, I rate the solution a seven out of ten.

The problem in stability arises from the fact that my company has not only IBM Cognos Controller but also IBM Planning Analytics, and there are some issues when it comes to updating these two databases. IBM Cognos Controller crashes at times, so there is no need to restart the servers. The tool would be much better if my company didn't have to deal with the aforementioned areas.

What do I think about the scalability of the solution?

Scalability-wise, I rate the solution an eight out of ten.

My company hasn't faced any issues regarding scalability, which we can't overcome. Regarding the scalability, there is some work required in the product. A user should also have some knowledge to be able to operate the tool's scalability feature. Sometimes, my company has to contact our support partner to figure out how to do certain things in the product. So far, my company hasn't encountered any issues with the tool where we have to deal with volumes even though we have to deal with a lot of leasing contracts, like over 2,000. My company expects the product to offer more scalability.

My company has around 70 licenses.

How are customer service and support?

My company has contact with the support partner with whom we have a support agreement, so the support is not directly from IBM. Whenever a problem arises, or there is a need to check with IBM, my company's support agreement with our support partner works well for us. My company doesn't have to wait for too long to get a resolution for our issues.

Which solution did I use previously and why did I switch?

Previously, I used to use Excel.

How was the initial setup?

The product's initial setup phase was difficult, but since my company had a support partner who also operated as an implementation partner, we did not experience any additional difficulties as a customer. There are several steps involved in the setup process, and it takes time, but it was not very complicated.

The solution is deployed on an on-premises model.

The technical installations can be completed in half a week to a week's time, but it took my company over a month since we had to build the model.

What was our ROI?

It is difficult to say whether I have seen a return on investment from the use of the solution. That is always a need to have a functional solution. IBM Cognos Controller is a very good system for our company. IBM Cognos Controller is worth the money a user pays for it. There are no alternatives to IBM Cognos Controller to take care of the reporting part. Compared to many other alternative products in the market, IBM Cognos Controller is a direct solution for my company.


Which other solutions did I evaluate?

The product is expensive, but compared to its other alternatives in the market, I feel that IBM Cognos Controller is a reasonably priced tool.

What other advice do I have?

Everything depends on what kind of scale the users are planning to use the solution. The tool is mostly useful for meeting reporting needs, but it could be a better system if it is included in a single package offered by IBM with its other solutions since it would be a very strong package if plans to offer IBM Cognos Controller and IBM Cognos Controller and IBM Planning Analytics together as it would be much better to have everything on a single system. It would be better if the product is available as a web-based solution rather than having to install it on an on-premises model.

I rate the overall tool an eight out of ten.

Which deployment model are you using for this solution?

On-premises
Disclosure: I am a real user, and this review is based on my own experience and opinions.
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