Vibrant Curiosity
- HQ: Malta
- Industry: Superyacht Industry
- Case: Document Processing
- Challenge: iMovo leveraged Robotic Process Automation and AI to automate, digitalise, and securely govern Vibrant Curiosity’s finance process
- iMovo’s implemented solution: Robotic Process Automation and AI
- Value gained: Inefficiencies are reduced, human errors are minimised, audit costs are lowered, and transparency is enhanced.
Efficiency, sustainability, and streamlined operations are key drivers of innovation in the superyacht industry. In a recent collaboration with a major player in the superyacht industry, iMovo used an AI-powered, low-code technical approach to help accelerate project completion.
M/Y Vibrant Curiosity, a 280-foot superyacht owned by the WÜRTH family has long been seen as a strategic business asset that has helped the global enterprise to build fruitful, long-standing, key partnerships in the Wholesale Hardware industry since 1945. The M/Y superyacht is maintained by up to 26 multi-national crew who are all required to liaise and manage hundreds of different suppliers across the globe, while handling their duties accordingly.
Their mostly manual finance process, involving multiple complex processes and suppliers from across the globe, each with multiple touchpoints, created many inefficiencies, opportunities for costly human error and a lack of transparency or traceability. Moreover, as multinational company, the cost of auditing and governance for their old finance process was highly disruptive and counterproductive.
Through the power of Robotic Process Automation and Artificial Intelligence, iMovo proposed a solution to help the firm automate, digitalise, and securely govern the entire finance management process.
In this success story, we showcase how iMovo used Microsoft’s cost-effective, AI-Powered low-code Power Platform to accelerate time-to-value and innovation in a highly complex, dynamic, unstructured environment, The tools used throughout the project included Power Apps, Power Automate, and Copilot.
Key Features & Benefits
- AI-Powered Document Processing
One of the most significant advantages of this entire solution is the rapid documentation processing it enables. Previously, the process of scanning and approving documents took days and weeks to complete, leading to delays, lack of transparency, room for human error, and high disruption to the vessel’s operations. Document Processing is now completed within minutes, greatly improving the efficiency of the process and relieving the crew.
- Security & Governance
Bearing in mind the ever-changing dynamics and unpredictability the comes with maritime operations, which includes a full crew rotation every 2 months, the new system was developed to flexibly support multiple users and user groups, allowing seamless changeover for crews when being replaced. This led to greater security & governance, transparency & accountability in procurement tracking and management process; and a quicker handover process.
- Compliance & Auditability
The finance process, starting from procurement was designed to be highly adaptable, allowing maximum flexibility for employees to easily create and edit order requests, purchase orders (PO), invoices and line items, before final approval for payment. All changes made by employees are fully traceable ensuring transparency, and locked once approved, ensuring integrity and compliance.
- Automated Approval Processing
Oftentimes, one of the most painful and slow-moving parts of the finance management process is the handling and processing of approvals. The solution that was developed enabled automated notifications and approval requests to be sent directly to the key stakeholder, using their own native Communications tools such as Email (Outlook) or Chat (Teams). Furthermore, the solution was developed with complex, dynamic approval policies, which ensured the right stakeholders always receive the correct approval requests.
Key Objectives Achieved
- Seamless Communication. Through this solution, communication between ships and head office teams has seen significant improvements. Real-time data sharing has eliminated delays and reduced instances of miscommunication, resulting in a more synchronised and efficient procurement process.
- Eradication of Paperwork. The digitalisation of document processing has substantially reduced paperwork while enhancing traceability. With all records securely stored and easily accessible, compliance requirements are met efficiently, and manual effort is significantly reduced.
- Efficiency & Cost Savings. By minimising paperwork and optimising procurement processes, the company has successfully cut operational costs while also reducing its environmental footprint. The shift towards digital documentation and automation contributes to sustainability efforts, aligning with modern corporate responsibility goals.
- Less Admin, More Deal-Making. The automation of approval workflows has further streamlined the procurement process. Faster decision-making and efficient approvals ensure that procurement activities move forward without unnecessary delays, increasing overall operational efficiency.
The Power Behind Solution
The success of this procurement automation system is built upon several technological components that work together seamlessly. iMovo’s technology experts evaluated several platforms based on security, quality, future-proofness, interoperability, and finally cost. Microsoft’s AI Power Platform was chosen as the key tool for the job due to the almost limitless potential offered by the solution to enable the building of countless AI-powered applications.
- Power Apps provides a user-friendly interface, ensuring ease of use for all employees involved in the procurement process. The solution allows iMovo to quickly deliver apps embedded with AI to quickly modernise legacy applications and systems.
- Power Automate is integral to enabling workflow automation, ensuring smooth, efficient, and error-free transactions. The highly acclaimed platform allows iMovo to optimise and automate business processes with a low code and AI-enabled environment.
- Dataverse serves as the secure and structured data storage solution, ensuring that all procurement data is safely maintained and easily retrievable. Additionally, robust auditing and security mechanisms are embedded within the system to ensure compliance and safeguard sensitive financial transactions against unauthorised access.
Conclusion
This project, implemented within seven months, has not only met but exceeded expectations by delivering a procurement solution that aligns perfectly with the client’s needs. By harnessing technology and automation, it has empowered this superyacht organisation to enhance efficiency, reduce costs, and drive sustainability. As the final refinements are made, this solution is poised to become an essential tool for procurement and financial planning, setting a new standard for operational excellence in the Superyacht industry.
