Financial processes are seeing the transformation, never seen before, due to the impact of RPA
RPA making wonders in Financial sectors
Financial services as a sector have become quite diverse in recent years. Needless to say, that finance and accounting is an inevitable part of any business running out there. When it comes to competing, innovation is the name of the game for businesses trying to take a leap ahead of their competitors. Automating the daily finance and accounting processes with the help of Robotic Process Automation (RPA) helps the businesses not only in saving costs but also boost productivity to give better fit jobs to their employees.
In this article we will explore some of the primary use cases of RPA in the world of Finance and accounting. We will also see how automation helps businesses run more smoothly and efficiently. We will touch upon the challenges that RPA aims to fulfill and much more.
The finance and accounting department in each business has a myriad of transactional processes with the following common factors: Mundane, Repetitive, Time-Consuming. RPA is made just for tasks like these and also adds an advantage of ‘Zero defect’ in these data sensitive tasks with tirelessly working to complete the daily tasks. RPA is also highly scalable throughout branches and departments of any organization.
According to the Taking RPA to the Next Level report by Protivity, 32% of the companies identify themselves as the RPA leader. Some other startling facts from the same report are:
1. Businesses are investing heavily in RPA, averaging about $5 million annually.
2. 67% companies of the Financial services are planning or implementing the RPA bots, while 29% of the companies have already implemented and are now maturing in the process. These figures are going to change to 47% and 53% in next two years!
3. For the Financial services companies, 19% of them think that increased productivity is the biggest benefit of the RPA, while 18% are of opinion that RPA provides them a stronger competitive position in the market.
4. It’s not a surprise that a whooping 88% companies in Financial sector expect productivity growth from RPA in next two years.
What are different use cases of RPA in Finance?
Let us now look at the use cases of RPA in Finance and Accounting.
UiPath, the market leader in RPA technology providers, has come up with an excellent chart for use cases in finance and accounting for RPA.
Ref.: UiPath’s white-paper
Read this case study of an automation developed by us, where the automation is processing weekly 1100 to 1300 Withholding tax claims for a European client.
What is the impact of RPA in Financial businesses?
The results of RPA can be dramatic. Let us now have a look at, how digital transformation with RPA have helped various companies in terms of ROI, accuracy and improving Turn-around time:
Ref.: UiPath’s white-paper
Conclusion
Finance and accounting is an integral part of any running business and EmergeFlow is willing to make difference by automating processes. At EmergeFlow, we believe in delivering what is best for our clients. All the automations mentioned above lie within the capabilities of EmergeFlow. We provide services at every step of automation, be it consulting, coding for bots, deploying bots or providing maintenance services for the bots. In the end what matters to us is sheer value creation for the clients and visibly improved numbers in terms of productivity, ROI and error rate.
