SAASVAT TECH LABS PRIVATE LIMITED

In their own words

Project SaaSvat Pitch Document- Framework About the Opportunity ResultLane.ai using the latest technologies provides ‘Integrated close & reporting’ solutions to finance teams of early and large enterprises across the globe. The integrated close & reporting solution provides a smart workflow, automation and analytics over laid on the existing ERPs which can be implemented in a few days, delivering instantaneous results. Problem statement Before I dive into the problem statement, it may be helpful to understand the context and trends surrounding the problem statement. ● Pace of change in the world is demanding Business & Finance leaders to react and respond faster to the changing environment ● Disruptive & global competition forcing business to be more efficient ● Technological advancements (like AI) is questioning the archaic process and business models ● Regulations tightens the responsibility of board and management towards robust governance with more expectation on reporting covering financials to sustainability and controls & risk management across the organization With these trends at play, CFO organisation focuses & answers on 5 key questions every day: ● Are we on plan with respect to business & financial performance? (efficiency & performance) ● Are we positioned well with respect to competition today and future? (benchmarking) ● Are we having sufficient funds for immediate liquidity, growth and repayment of debt? ● Are we on track to reporting financial performance? ● Are we compliant to internal policies, risk management and regulatory requirements? All Finance organizations cannot be fitted in the same box. For the purpose of our discussion, we can define the Finance organisation in 4 groups.Solution It is difficult to solve all the problems in the CFO organisation space. Therefore it is important to narrow the ‘problem area’. To narrow this down, we choose the following criteria: (i)Market size (ii)Intensity of the pain area (iii)Current customer adoption trend (Pull factor from customer)(iv)Time to develop and difficulty to develop (v)Impactful Use of Technology to solve the problem (2x & above improvement) (vi)Competition intensityNarrowed Problem Statement We see significant pain points in delivering Financial reporting and Governance process (including SOX), by the Controller team. Based on the insights we derived from the surveys with CFO, Finance controllers, GCC heads and finance transformation experts in India, Singapore and the Middle East, we see the financial controllers and their team a) Use ERPs (e.g SAP, Oracle financials) as Systems of Entry b) Continue to Prepare financial statements in Excel Spreadsheet c) Manage closing process of 30 to 80 steps in adhoc manner using email, spreadsheets and collaboration tools like (Teams/slack). d) Lack control checks as part of process and rely heavily on manual controls & reviews e) Does not have updated Documentation (SOP) and rely on the people to complete the activity and face challenges during Attrition f) Special audits or exercise undertaken to meet the IFC-FR/SOX requirements g) Spend most time on preparation of financial statements instead of acting on the information h) Implementation of any new tool is either expensive or implementation heavy (time consuming and management bandwidth to implement) or both i) Reconciliation is a big problem for all accounting functions. This happens due to poor integration between different systems (subsidiary ledger to General ledger) or business moving faster than system development or Poor Design. Much of the reconciliation happens in excel, spending costly resources.We are going to build Product suite called ‘Controller Lite’as our first MVP which will include fundamentally3modules:1. FinPASS2. Digital finance close3. Strategic FinOps productsFirst product is expected to go live by March 2023 and currently under development

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