Automation is not a new phenomenon, and concerns about its potential and consequences have long followed its advancement. The financial divisions have extensively used Robotic Process Automation (RPA) to increase efficiency and reduce expenses. However, they must still assess the advantages of current RPAs. This article will examine how the financial divisions widely utilize RPA and what the limitations are.
How is RPA used in finance?
Due to the complexities of the job, finance departments frequently demand a vast collection of software solutions. Because of the separation of systems, RPA can automate many repetitive tasks. Below are the most common tasks in finance that RPA has utilized.
Purchase Order Processing: Employees have historically spent a substantial amount of time processing purchase orders that require approval. Now, businesses use bots are to scan documents for crucial information, sort data into the proper system, and initiate an approval request.
Invoice Processing: Like purchase orders, back-office employees can often get frustrated with invoices arriving in vastly different formats. Bots can handle invoices just like with purchase orders. Furthermore, it can fill the invoice details in SAP and sending email notifications. When there is a potential error with data, bots can send a red flag to employees for review during the process. This way, they only require employees’ attention when needed.
Accounts Reconciliation: Comparing two sets of data on essential business accounts to ensure that they are consistent, precise, and comprehensive takes a long time and accuracy from accountants. Bots can handle the basic elements of these tasks and only required human input when needed.
Financial Reporting: RPA enables staff to configure and automate a wide range of manual processes. Finance experts will be able to focus on more strategic tasks as a result. Employees may personalize templates for periodic financial reports, which bots can create automatically.
How does RPA fit in the complexity or multi-step process?
While RPA may excel at the aforementioned financial tasks, some businesses think it has not fully grasped the complexities and multi-step procedures. “I often heard from our clients that RPA can work very well on simple tasks, but they still need supervision from employees to carry on,” Martijn Steffers, Be Informed’s Commercial Director, said. “RPA bots must work together to establish an effective hybrid workforce that includes both robots and people. That is the key to realizing the full potential of bots and realizing the most significant cost reductions.”
RPA runs separately from applications and systems
RPA operates independently of the finance department’s existing systems and is generally simple to deploy and modify1. Quality control and maintenance, on the other hand, necessitate human intervention. For example, if the ERP system requires updating, bots may need to be changed to guarantee that the process or job it is executing is working correctly.
RPA is not a “set and forgets” technology
The number of human tasks that RPA can automate is limitless. They operate best, however, with processes that are defined and rule-based. This implies that anytime a business logic or rule changes, all bots involved must also be updated. That isn’t a big hassle if a few bots are active, but larger organizations utilizing ten or more bots are experiencing the downside.
They do not work together
RPA can perform smoothly on the purchase order process or invoicing process. However, they do not follow up on each other. Therefore, they still need supervision from employees to carry on.
Are you looking for a solution?
Due to the limitations above , we developed the Robo Orchestrator, an end-to-end process-based RPA and AI/ML solution that automates tasks from start to finish. Manages, automates, and orchestrates business processes from beginning to end with the help of the solution. Process Assessment, Process Intelligence, RPA, and End-to-End Process Management are all part of this solution. The Robo Orchestrator may be the key to unlocking the door to overcoming financial constraints.
Learn more about Robo Orchestrator in our whitepaper. Download here.
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