Drive greater efficiency, compliance and productivity with finance RPA
How can I successfully implement finance robotics?
Many finance leaders are embracing robotic process automation,or RPA (sometimes called smart automation or intelligent automation) to structure more efficient finance teams, reduce costs and improve compliance. But an implementation roadmap is needed for success.
Run a more efficient, digitally-enabled finance department
Convenient Filing and Timely Approval
Rule-based automation & integration with your existing systems ensure requests get addressed faster
Greater Visibility on Team Activities
Instantly see all the items you need to work on, monitor all activities across the workflow, and get comprehensive reports
More Accurate and Accessible Data
Eliminate error-prone and tedious manual data entry and retrieve the right information you need anytime, anywhere
Financial services enterprises – think insurance companies or mortgage processors – are the poster companies for paper pushing. Their processes involve endless searching, matching, comparing and filing. Forms, applications, declarations, deeds and endorsements all must be reviewed for completeness, matched with other documents and files, have data harvested for entry elsewhere and ultimately filed for easy retrieval. Mistakes are costly, time-consuming and potentially dangerous. Enter the RPA bot.
Rules-based processes like those throughout the financial services operation are the sweet spot for RPA. If you can describe it as a set of detailed, logical steps, an RPA bot can do it, thereby saving the time of your human resources for the subjective, instinctive and interpersonal tasks that only we humans can do.
RPA is also an ideal tool for integrating legacy or inflexible industry-specific systems with newer applications, such as Cloud ERP. An RPA bot handles the data entry and reentry faster and more accurately than any human – and the RPA cycles can be set to run during non-business hours if desired, when server and network resource demands are minimal.
RPA does it better, faster and cheaper
Robotic Process Automation is so attractive to financial services firms for the same reasons it appeals to enterprises in many other industries – simply put, RPA does certain things better, faster and cheaper than human labor.
RPA reduces operational costs by replacing the human workforce in high-frequency, repeatable tasks, while also reducing the processing time of those tasks. Cost reduction estimates vary across studies and use cases, but 50-70% reductions are not unrealistic.
Accuracy is important to companies in every industry, but highly-regulated, high-risk and high-return industries like financial services arguably are more reliant on the accuracy of their processes than others. RPA technology is exceedingly accurate. Errors from mistyping or formatting are gone. Unlike humans, who may accidentally miss a step, vary the order of the steps or introduce other inconsistencies, an RPA robot performs tasks without bias or any variation. As long as you document your workflows clearly and precisely, RPA will support consistent application of the rules and adherence to control frameworks every single time.
Manage risk, improve compliance
RPA helps financial services firms manage risk and meet compliance mandates common to the industry. Auditors and financial stakeholders appreciate the prescribed, replicable and accurate nature of RPA, along with the audit trail the bots keep of their work. RPA’s efficiencies and cost savings over outsourcing may also enable companies to keep their data in house and under their direct control.
Automating your compliance processes creates a repeatable, managed set of tasks that standardize the processes, collect compliance data into a single system and identify any omissions or anomalies. Since you build in up-to-date, industry-specific requirements into your RPA platform, you can be confident that the requirements are being met during the handling of every single transaction. The consistent operation of RPA helps to further reduce risk by drastically removing error within your company’s systems. RPA systems could conceivably save companies hefty non-compliance fines and penalties.
Embrace change and complexity
Robotic Process Automation helps midsize financial organizations more easily accommodate change and embrace increasing complexity. As marketplace demands and the pressures of competition grow, your organization will need to continually change and evolve to remain in the mix. RPA is highly scalable, quickly deployable and rapidly adaptable to tackle ever more, and ever more complex workflows, without adding to your headcount.
Capitalize on the robots
RPA seems purpose built for the financial services sector, with its myriad of precision workflow processes, its subjectivity to compliance mandates and its need to mitigate risk. Properly planned and executed RPA solutions deliver finance automation for midmarket enterprises, saving time and money, helping to ensure compliance and reducing risk.