Product Marketing Lead
📣 FinOps Solution Spotlight
Enriched and categorized bank data is used by many of our customers across a diverse range of different use-cases and solutions but one we have noticed gaining increasing traction recently is what we call "FinOps".
🗃️ What is FinOps?
FinOps is a term we use for customers building a range of products and tools for CFOs and finance teams. Example of such tools include;
- Cashflow management and forecasting
- Treasury management
- Expense management
- Bookkeeping and accounting
- FP&A tools
- Accounts Receivable/Payable solutions
- Vendor management
The common thread across these platforms is that they take business data from different sources and present it to CFOs and their teams in order to help them make better decisions.
Having accurate data is the foundational element to building any of the above tools.
The challenge of bank data
However when it comes to ingesting bank data and showing that back to CFOs, the raw bank data needs to be enriched and cleaned in order to show something useful.
The example raw bank data above is meaningless to everyone (except our language models!)
🧽 Our Merchant Enrichment product accurately provides clean and consistent counterparty, vendor and merchant information from messy bank data.
We provide a clear, unique merchant name, logo, website and location so that our FinOps customers can build vendor management tools, cashflow forcasts, control employee spend, quickly balance their books and more.
🤖 Additionally our Categorization product provides a category label for every transaction to provide additional context to every transaction.
🕰️ Without Ntropy, teams have to dedicate their own resources to building a solution, distracting them from their core mission. A passable in-house solution with ~60% accuracy will take at least six months to build and cost up to $500,000 in-addition to annual ongoing maintenance.
Would you make important financial decisions about your company using data that is only 60% accuracy?
✔️ At Ntropy, we strive to be accurate 95%+ of the time in our core markets and continually improve our models and accuracy to keep pushing the boundaries of what is possible.
👓 Enriched data from Ntropy means our customers are able focus on building tools that serve their CFOs and Finance teams and not cleaning to categorizing messy bank transactions.
Giving your engineering team resources back to focus on their core competency is the gift that keeps on giving.