1 Robotic process automation in the Finance function of the future What is Robotic process automation ? Robotic process automation is a software, that operates as a virtual workforce controlled by the business operations teams. A software Robotic process automation is the Future, and Finance function or robot emulates human execution of tasks via existing user interfaces: it captures and interprets existing applications, manipulates needs to prepare for it data, triggers responses and communicates with other systems, it can be applied to existing applications (without changing the current IT landscape).
2 Finance functions are under significant pressure The RPA implementation burdens (costs and across all industries but specifically in Financial timelines) are relatively insignificant, compared services sector. Some of the major challenges to major IT platform updates. And therefore it are to shrink costs and support decreasing is likely that RPA will quite quickly convert margins, to improve speed, volumes and quality from a differentiator delivering a competitive of information provided, to focus on delivery advantage to a standard practice, that needs of value adding insights to the business.
3 Be followed for survival. Robotic process automation (RPA) is quickly evolving to a new hot topic in the Finance world. Its significant potential to become a differentiator also in Finance functions has become evident. And most of large players in the Financial services sector are either assessing possibilities to benefit from this new solution or even proceeding with the first implementations. 25 years ago Next phase Internet was of the innovation trend is considered as something new, trendy Robotic and extremely innovative the world nowadays is process unthinkable and almost automation 10 years ago impossible without it the Social Networking revolution (developments of cloud came into the picture every applications set a clear trend business and in every sector to further Social Media (such as LinkedIn, extension of Twitter, Facebook, Google+))
4 Are Internet use inseparable part of both personal in business) and professional development 2 | Robotic process automation in the Finance function of the future Robotic process automation in the Finance function of the future | 3. Why is Robotic process automation going be the Future? Robotic process automation provides a to the low operations time ( overnight Remain in Control that reduces pressure on roadmaps for Furthermore, an agile approach allows rapid Drive value creation competitive advantage by helping to meet or weekend).
5 RPA serves as an alternative to further strategic IT platform upgrades to cater for benefit delivery, incremental improvement, RPA can significantly enhance capabilities of the key challenges today's of Finance : outsourcing and offshoring of Finance new regulatory requirements. It provides an and rapid response to change. Finance in providing analysis and insights to The RPA software offers a relatively operations. Some of the benefits include: alternative to inefficient and error-sensitive the business. For instance, it can substantially It radically improves cost efficiency under short implementation timeline and low manual workarounds as well as to immediate Finally RPA can increase the overall quality increase scope of data available to the growing pressure on costs implementation costs, because it can be data doesn't leave the country IT platform customization, and therefore and customer satisfaction and reduce organization.
6 Cognitive RPA can extract and It helps to remain in control in the constantly applied to existing applications ( without no time lag between the head-office reduces deployment and upgrade cost. exception cost, real-time processing combine data from various sources, including changing environment changing the current IT landscape) and and the off-shore team improves service, reduces dependent process external data providers, social networks, It allows to focus skilled resources on driving emulates human execution of tasks via less coordination between teams needed RPA can support business environment and exceptions.
7 Batch processing out-of-hours shared drives, recognize text and graphic value creation for the business existing user interfaces. higher degree of compliance with internal response to the market challenges: it can windows reduces legacy platform load information. It can also provide initial analysis controls frameworks / COSO accelerate innovation by 9 12 months with at peak. and conclusions. Cost efficiency Being a business project rather than an tactical integration. This allows both product RPA realizes cost saving by replacing human IT project, RPA implementation is less With these benefits RPA can even provide and service innovations to be rapidly created workforce in high-frequency tasks and at the dependent on IT function and its timelines, a business case to reclaim certain Finance and piloted.
8 Without expensive legacy system same time reduces processing time of those and gives more flexibility and control over activities from off-shore location and upgrade or integration dependencies. Finance RPA Proof-of-concept by an International General & Life Insurer tasks the cost reduction can reach 50%-70% the implementation and adaptation process re-implement them on-shore. Regulatory Implementation of robotics software reduced time to run a report from 90 to 12 minutes for some of the automated activities.
9 To Finance . pressure is an inevitable part of the financial It stimulates agility of Finance . Operational Robotics made the reporting process deliverables free from errors associated with Moreover, it contributes to the optimization institutions' life cycle and It will remain in the processes change regularly with short lead- mistyping and formatting of Finance processes by moving the processing foreseeable future. RPA supports regulatory times; this is generally why they have not RPA software was installed locally, close to the end-user, making it flexible and easily of the robotized tasks from the critical path change as a cost efficient tactical solution, been automated using traditional methods.
10 Manageable by users 4 | Robotic process automation in the Finance function of the future Robotic process automation in the Finance function of the future | 5. How can a Finance Conclusion function prepare RPA can be a quick win, bringing immediate benefit also in Finance functions. It is likely for RPA? to stay for longer time and become an integral part of Finance processes. It triggers also broader changes in Finance function, its processes and people, that can maximize Implementation of RPA will impact several elements of the Finance value of RPA and bring Finance to the operating model next level.