This blog is part of a series of Key R2R Trends for 2016, the full list can be seen by downloading the Insights piece here.
Over the past 12 months, it is likely that you have heard something about robotic process automation and the potential impact it will have on F&A departments. Indeed, it has gained significant press attention, including a rather dispiriting analysis from the BBC that seems to suggest that as finance professionals, our work is highly susceptible to automation.
So, do we all just jump tomorrow before we’re pushed? The answer is obviously no. Simply put, the types of menial and manual data tasks that automation is good for, aren’t the types of tasks that deliver job satisfaction for employees. Definitely, leave the robotic jobs to the robots.
“Reconciliation, which is an essential element of the close process, is a repetitive task that lends itself to automation, and affordable software for managing the task is mature. Yet just 37 percent of companies have applied automation to their reconciliation process.” – Ventana Research
This frees up highly trained talent for analysis of the data – giving it context and meaning – and applying creative intelligence to problem-solving and evolving the business. This delivers the type of high-value work likely to attract and retain high quality people. This brings us to trend number three…
For more information on the potential of automation, download: “Think You’ve Automated Your Close? Think Again…” by click on the banner below.