The Australian Software Taking the Manual Work Out of Finance
SolveXia | Consensus Award Winner 2013
Spreadsheets are brilliant. Until a business becomes big enough that they aren't. Then come the reconciliations. Files emailed between departments. Manual checks. Copied formulas. Version control. Month-end processes. Someone discovering that one number doesn't match another number — and an entire finance team trying to work out why.
Australian technology company SolveXia saw an opportunity hiding inside all of that repetitive work.
What if finance professionals didn't have to spend their careers manually moving, matching and checking data?
The company built SolveXia Business Process Automator.
In 2013, it won a Consensus Award.
Automating the Work Nobody Wants to Do
SolveXia was built around a deceptively valuable proposition: Take complex, repetitive business processes and automate them.
The technology subsequently became increasingly focused on finance, where accuracy, control, auditability and repeatability aren't simply desirable. They're essential. Reconciliations became a particularly powerful use case.
Instead of teams manually pulling information from different systems and attempting to match enormous volumes of transactions, SolveXia could bring data together, apply rules, identify exceptions and create an audit trail around the process.
As the volume of digital transactions exploded, so did the scale of the problem. And SolveXia grew with it.
From Business Process Automation to Billions of Transactions
Today, SolveXia says its platform processes approximately 15 billion transactions each month across more than 250 applications.
That's a long way from simply making a spreadsheet slightly quicker.
Its customer stories demonstrate what those numbers mean inside actual businesses.
At 7-Eleven, reconciliation previously involved payment gateways, point-of-sale information and bank records across more than 3,400 stores.
After automating the process with SolveXia, reconciliations that could take days were reduced to minutes — making the process up to 100 times faster.
Other organisations use the platform for everything from payment and custody reconciliations to regulatory reporting, commissions and financial close processes.
The technology recognised by Consensus in 2013 didn't disappear.
It found an increasingly valuable problem to own.
Automation Isn't About Replacing Expertise
There's a useful business lesson in SolveXia's story.
The best automation doesn't necessarily replace the person doing the work. It removes the work that stops that person doing something more valuable. A finance professional manually comparing thousands of transactions isn't using years of experience to make better commercial decisions. They're matching numbers. Automate that work and their expertise becomes available for analysis, investigation and decision-making instead. That's the opportunity SolveXia recognised.
And as businesses generate more data, process more transactions and face greater demands around accuracy and governance, the value of removing repetitive financial work only increases.
More than a decade after its Consensus Award, SolveXia is still doing what its original technology promised. Just at a vastly greater scale.