AI-Powered RPA in Grain Trading: Revolutionizing Counterparty Verification | GoodWill Tech

In the grain trading industry, where financial, legal, and operational risks are high, thorough verification of potential partners is crucial. The manual process of collecting and analyzing vast amounts of data from multiple internal and external sources not only slows down the workflow but also increases the risk of errors, potentially jeopardizing business relationships. At GoodWill Tech, we were able to help a leading grain trading company streamline and enhance their counterparty verification process by integrating AI-powered RPA (Robotic Process Automation). Here’s how automation transformed their business.

Context and Challenge: Streamlining Complex Approval Processes

Grain trading companies often deal with large volumes of information when assessing new business counterparts. From legal documents to data on departments and cooperation history, collecting the required information can be an arduous task. Traditionally, this data was manually extracted from various systems such as ERP, CRM, and document management platforms.

The challenge was clear: the manual process was slow, error-prone, and inefficient. On top of that, companies faced rising pressure to increase the speed of counterparty approval while maintaining accuracy and compliance.

Project Objective: Bringing Speed and Intelligence to the Verification Process

The primary objective was to automate the collection, analysis, and consolidation of all relevant counterparty data. By leveraging the power of AI, we aimed to not only expedite the approval process but also improve the quality of decision-making. Our solution sought to:

1. Automate the gathering of required data from internal and external systems.

2. Use intelligent AI to analyze data and select the most relevant responses for the counterparty questionnaire.

3. Significantly reduce approval time and human error while ensuring better control and transparency throughout the process.

Business Process and Solution: Building an Automated Verification System

Input Data
To begin, we identified the essential information needed for counterparty approval, which included:

• Legal documents

• Department data

• Cooperation history
  This data was stored in various internal systems, including ERP, CRM, and document management platforms.

Robotic Data Collection
The automation process began as the robot received a request to approve a new counterparty. With the help of API or RPA integration, the system accessed the relevant internal sources to retrieve documents and data automatically.

In cases where additional verification was required, the robot performed searches and gathered supplementary information from external state registries, such as YouControl and OpenDataBot, ensuring thorough validation.

Intelligent AI-Driven Analysis
Once the data was collected, the next step was to analyze it. The AI model was tasked with interpreting the information in the context of the questionnaire. Using natural language processing (NLP) and machine learning (ML) algorithms, the AI system:

• Identified the most relevant answers from the gathered data

• Generated summarized conclusions for the completion of the form

• Performed an initial risk assessment and ensured compliance with the company’s internal policies

Automated Questionnaire Completion
After the AI analysis, the robot generated the responses to the counterparty questionnaire, filling out the necessary fields. These automated answers were then transferred to the corporate system for further processing.

Validation and Control
To ensure the quality and accuracy of the data, the completed questionnaire was automatically sent to a responsible employee for final review and confirmation. If any discrepancies or gaps were detected, the system would trigger an additional data collection cycle or request clarifications, maintaining continuous oversight and control over the process.

Results and Benefits: Streamlining Operations and Enhancing Decision-Making

By integrating AI-driven RPA, the grain trading company saw remarkable improvements across several key areas:

1. Reduced Approval Time

   The time required to approve a counterparty was drastically reduced, from several days to just a few hours. Automation sped up the process while maintaining high levels of accuracy.

2. Improved Accuracy and Completeness

   Through seamless integration with multiple internal systems and external data sources, the system ensured that all relevant information was collected and analyzed comprehensively. This reduced the risk of missing key details during the approval process.

3. Minimized Human Error

   AI-driven analysis ensured that document review was less dependent on human intervention, minimizing the chances of errors in the assessment and selection process.

4. Enhanced Transparency and Control

   Automated workflows allowed for better oversight, with the ability to track the status of each counterparty approval in real time. This made it easier to manage the process and identify any bottlenecks or issues early on.

5. Scalable Solution

   The system was not only efficient for counterparty verification but also adaptable to other compliance and risk-management processes within the company. The AI-powered automation could be scaled to handle various types of operational workflows, making it a versatile solution.

The Bigger Picture: How Automation is Shaping the Future of Business Efficiency

This case demonstrates how AI-driven RPA is transforming business operations in industries that require stringent compliance and risk management. By automating data collection, analysis, and decision-making, companies are not only improving operational efficiency but also gaining a competitive edge by reducing operational costs and minimizing human errors.

As industries like grain trading continue to scale, automating processes like counterparty verification with AI and RPA will become increasingly essential. The ability to leverage advanced technologies will be key to staying ahead in an ever-evolving business environment.

Ready to Transform Your Business with AI-Driven Automation?

GoodWill Tech helps companies across various sectors automate complex workflows, enhancing efficiency and reducing risks. Whether you’re looking to automate compliance processes, streamline document handling, or improve decision-making, we have the right AI-powered RPA solutions to help your business thrive.

Let’s shape the future of automation together. Contact GoodWill Tech today to get started.