Modern corporations seek efficiency. From consolidating data to outsourcing it, companies are in constant effort to minimize redundancies and related expenses. These efforts have increasingly lead CFOs and Finance Executives of companies to explore Robotic Automated Solutions.
In the field of Finance and Accounting, robotics can be used to execute routine administrative and management tasks for hours on end. The software used to carry out the repetitive, low-value duties are robotic process automation (RPA) and robotic desktop automation (RDA).
RPA and RDA tools both use automation software to perform a variety of tasks including data management, financial transactions, processing sales, communication between systems, and monitoring and reporting. As compared to people performing the same task, RPA and RDA tools offer lower cost, high productivity, greater efficiency, improved analytical abilities and higher quality results. Experts predict that in few years these tools will overtake most of the financial and accounting services due to their large scale, long term benefits.
How do RPA and RDA differ? RPA is utilized for repetitive tasks that do not require face-to-face meet up with the client. These tasks are operational in nature and incorporate loan and insurance underwriting, determining credit decisions, insurance claim adjudication, customer service delivery, payment processing, accounting data entry and so on. RDA, however, is used in retail, call center and for other similar tasks where an individual employee uses assigned robot to perform certain duties. The idea behind the usage of both RPA and RDA is to minimize the number of manual tasks and allow accounting and finance departments to use their skill set for complex and more advanced activities.
Considering that robots have the ability to operate all hours of a day, every day of the year, with no sick-leave or whatsoever, use of RPA offers a continuous flow of services. Moreover, it is not prone to human error and does not require training hence time-saving with reduced risk. Also, the cost for robot licensing is lesser than the salary required for a full-time worker.
Robotic automation has proved that it can achieve business goals in minimal time and enhance the overall performance of the organization by:
• Reduced cost and improved profitability
• Eliminating manual task performing hence saving time
• Ability to work alongside people
• Or by taking over the entire working procedure
• Having the ability to sync up with other application software to produce more benefits
RPA is easy to use. Employees with Finance or Accounting background will have an edge in learning how to use and update robotic software since the software is embedded in pre-existing systems and does not require intensive IT support. Also, it is more intuitive than running conventional Structured Query Language databases.
Considering these benefits, it can be assumed that the future of robotics in Finance and Accounting will be defined and shaped by RPA and RDA and the sooner we equip ourselves with these, the better it is for our overall progress in the aforementioned fields.