Automation: it is everywhere in the Accounting and Finance world, from invoicing to salary payments. Where there is a large proportion of repetition in a boring workflow, automating it is the sensible option.
Enter Robotic Process Automation (RPA): a relatively easy set of tools to automate tasks from a user's point of view. In its simplest form, RPA mimics the actions an end-user performs, be it in a web browser, working in legacy applications, interacting with Excel or a combination of activities. RPA can essentially do what a user does, as long as the tasks can be documented.
The early adoptions of RPA have been in areas where a high number of repetitive tasks need to be carried out, such as invoicing, payroll and other high-volume ERP activities. RPA has allowed for quicker and more accurate processing. The robots can run 24 hours a day processing and reacting to requests.
We are now seeing a growing interest in the possibilities of RPA in Enterprise Performance Management, with finance starting to embrace and roll out RPA within their busy EPM departments and projects delivering real rewards.
Undoubtedly some of the tasks being carried out by EPM teams are highly repetitive. Certain tasks need to be carried out every month. Some tasks require a lot of clicking and waiting time while reports are generated or processes are rejected. The waiting time feels frustratingly long but too short to be used productively to do something else. The list is endless for tasks that can be automated using Robotic Process Automation.
What tasks do you have in your monthly workflow which you wish were automated? Let us know. We would love to discuss the possibilities with you.
