Momentum Eliminates the Time Spent on Assembling Information

Momentum is an authorised financial service and credit provider located in Centurion, South Africa. With a history of nearly 50 years, Momentum built its identity as one of the leading services in the areas of financial advising, insurance, investment and health. Despite the company’s long history of providing impeccable financial service, Riaan Verbeek, CFO at Momentum Consult, a subsidiary of Momentum, began struggling with a document workflow that had quickly become inefficient. However, once Momentum adopted Investintech’s PDF solution, Able2Extract, they were able to automate the data extraction process and save 100% of the time spent on assembling digital information.

100% time saved on assembling information

$30,000 saved annually

About Momentum

Momentum Consult is an authorised financial service and credit provider located in Centurion, South Africa. It is a subsidiary company within the Momentum Group. With a history of nearly 50 years, the Momentum Group built its reputation as one of the leading services in the area of financial advising, insurance, investment and health.

Momentum is a division of MMI Holdings Limited, the third largest life insurance group in South Africa, with a 122-year underwriting history. With more than 5000 employees located in South Africa, Momentum offers its services worldwide: The United Kingdom, Botswana, Ghana, Kenya, Lesotho, Malawi, Mauritius, Mozambique, Zambia, Swaziland, Tanzania, and Namibia.


Momentum’s Consult Accounting Department Before Introducing Able2Extract

As one of the leading companies in the area of financial and insurance services, Momentum often deals with a huge number of external PDF files that need to be edited and analyzed. This is especially the case for the Accounting Department. Being often referred to as “the language of Momentum’s business”, accounting is the biggest documentation generator within the company.

While Momentum’s Consult clients have always received impeccable financial service, Riaan Verbeek, CFO at Momentum’s Consult, encountered a problem which could not be ignored. “Our working volumes grew exponentially and then came to a point where the manual process no longer made any sense,” he explains.

He and his colleagues needed a software tool that would minimize the time and resources spent on extracting information from external PDF documents, and then be able to use the saved time for a more productive tasks. They even employed a temporary staff that worked only on retyping hard document copies to Excel spreadsheets, which was a big waste of Momentum’s precious resources: time and money.

“When we receive commission statements, we have to extract information that we need and make a copy of a document in Excel,” Riaan says. “Without applicable software, this whole operation takes much longer time that can be used more effectively elsewhere.”

It was very frustrating and time consuming. We were unable to extract any financial data and had to either retype the information in Excel or make copies of the PDF statements and refer it back to the relevant parties.

Riaan VerbeekCFO at Momentum

Able2Extract Saves Time on Assembling Information

When first introduced to Able2Extract, Riaan was positively surprised by the highly accurate PDF conversion and an interface so simple that no additional training was needed. “Able2Extract is extremely easy. Without any training or help I was able to do my first extraction. And the most powerful feature for me is the customized PDF to Excel conversion.“

The key differentiating feature for Riaan was the customized PDF to Excel, a feature that no other similar product on the market had. This option allowed Riaan and other members of the Accounting Department to manually adjust settings to the spreadsheet’s row and column structure - before even converting it to Excel.

This way, they were able to adjust any discrepancies between tables of different shapes and sizes, and even save a desired structure in the form of a template that could be used on other documents.

We are finally able to extract information received from third parties into Excel, collate all the data and compile meaningful reports and statements in a short amount of time. Able2Extract’s customized PDF to Excel feature is a really powerful solution that every Accountant will appreciate.

Riaan VerbeekCFO at Momentum

Why Able2Extract Benefits your Business

By experiencing all the benefits that Able2Extract has to offer, Riaan and his team were able to reduce the time spent on assembling information by half, and concentrate on providing quicker, and more accurate financial service for their clients. Significant resources employed on retyping hard copies was no longer needed. When transformed to financial benefit, the changes have saved Momentum $30,000 per year, thanks to Able2Extract.

When asked for reasons why Able2Extract was a right choice for streamlining his financial data, Riaan named a couple: “Able2Extract is efficient, quick, accurate, able to save Excel template for reuse, offers customise PDF to Excel feature and multiple export formats.”

“Assets that were spent on manual tasks can now be used for a more productive and meaningful operations,” he concludes. “Able2Extract has saved us great amount of time and resources spent on assembling information.”

Able2Extract is efficient, quick, accurate, able to save Excel template for reuse, offers customise PDF to Excel feature and multiple export formats.

Riaan VerbeekCFO at Momentum