The top three benefits of using RPA in Finance and Accounting cited include improved productivity, improved accuracy and a quicker time to achieving a positive return on investment.
There is broad consensus among industry analyst firms that the RPA market is slated to experience significant growth in the coming years. One estimate puts the compound annual growth rate (CAGR) of the RPA market at 36% over the 2018-2023 period.
As RPA becomes more mainstream, vendors need to be ready with answers to some of the more pressing challenges and questions businesses have about RPA.
Within Finance and Accounting departments the most pressing questions raised include:
“How can RPA benefit my business?”
“Which areas in my organization are best suited for RPA?”
“How best to implement RPA?”
Let’s dive into today’s research reports and whitepapers!
Research & Whitepapers:
The future belongs to organizations with Intelligent Operations: Those that use diverse data driven by applied intelligence and human ingenuity to empower next-generation, real-time decision making, exceptional customer experiences and breakthrough business outcomes.
Growth companies across the world are looking for solutions to lower operating costs and improve employee productivity, accuracy and process execution time across multiple functional areas including Finance. Robotic Process Automation (RPA) can help.
Imagine a customer entering a list of items he wants to purchase using his mobile banking app. He then walks into a store where some of his wish list items are available. Your bank can then digitally send your customer a contextualized credit offering. Based on your customer’s credit history and standing, your bank can offer him an instantaneous line of credit for 12 months and at the lowest interest rate– bypassing the customer’s use of a competing credit card.
For the most part, employees are being proactive about the fear of being replaced by investing in skills training. In today’s Digital Age, employees are looking to stay competitive by seeking programs that teach them about RPA, Data Analysis and Soft Skills.
Technology is also an important ingredient in finance transformation. The right technology automation can remove unnecessary process complexity. Technology can save time — time that the department’s staff can use to accomplish more and provide greater value to the rest of the company.
RPA Tools Friday Nuzzel:
Repetitive tasks that create a “people-process” bottleneck are obviously prime candidates for RPA. But although RPA use cases are typically demonstrated with functions like HR and insurance, almost every professional is held back by mind numbing tasks that make them hate their job. RPA can change all that.
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