Robotic process automation, or RPA, is changing the way businesses operate. In short, RPA is the use of technology to automate tasks routinely done by humans. This can include everything from data entry to customer service. In finance, there are countless ways RPA can be used to make processes more efficient and accurate. Here are five RPA use cases in finance that are most intriguing:
How does RPA work and its overall benefits?
RPA makes advantage of AI capabilities to eliminate errors and complete repetitive, high-volume tasks. It also does not have to automate the entire process to be useful. Instead, it can automate key elements of a complex process with multiple steps, which has been a primary driver of its use.
RPA enables users to configure computer software, or a “robot,” to capture and interpret existing applications for processing transactions, manipulating data, triggering responses, and communicating with other digital systems. RPA is beneficial because it is:
- Fast: RPA can quickly process high volumes of transactions in a fraction of the time it would take humans to do the same work.
- Accurate: RPA “robots” follow instructions exactly as they are configured, which reduces the likelihood of errors.
- Cost-effective: RPA can be deployed at a fraction of the cost of traditional solutions such as enterprise application integration (EAI) or business process management (BPM).
- Versatile: RPA “robots” can be configured to work across multiple applications and systems, including web-based, mainframe-based, and cloud-based.
- Scalable: RPA can be easily scaled up or down to meet changing business needs.
- Flexible: RPA “robots” can be quickly reconfigured to perform new tasks as business needs change.
- Reliable: RPA “robots” continue working tirelessly 24/7/365 until a user explicitly stops them.
5 RPA use cases in finance
It can be challenging to scale an RPA implementation. One challenge is making it easy for finance departments to create new bots while giving safeguards.
Bot modeling, use tracking, and issue reporting are all made possible by the bot platform, making bot deployment simpler. Your team can also develop an internal governance structure to give stakeholders from the audit, business compliance, IT, and finance teams a comprehensive picture.
RPA may significantly enhance journal entries and subsequent financial account reconciliations. To streamline a process, RPA may assist in undertaking a thoughtful process redesign that strikes the correct balance between the various business-specific requirements and strict audit and compliance norms.
OCR assists in converting invoice photos into a standardized text format. The mapping between invoice fields and finance applications is then determined by machine learning using previous rules. RPA can be used to send the extracted data into the SAP Ariba system for procurement management. Processing invoices is considered one of the most important RPA use cases in finance.
Processing cash data
This procedure frequently begins with bank statements, which must be displayed in the proper format and copied into the accounts receivable program for a specific department or group. RPA automates the process of reading bank statements and copying data to relevant fields in the accounts receivable application.
Managing data across multiple systems
RPA can assist these systems in handling their data more effectively while enforcing the business rules governing the mobility of this data. IT teams can create RPA finance automation to execute bots when a task needs to be finished or to trigger specific events in these systems.
Robotic process automation is a powerful tool that can be used in several different ways to streamline and improve finance processes. From automating invoice processing to helping with budgeting and forecasting, RPA has the potential to make your finance team more efficient and effective. Contact us today if you’re interested in learning more about how RPA could benefit your organization. Our experts would be happy to discuss specific RPA use cases in finance and help you get started on implementing RPA in your workplace.