Robotic Process Automation: The Solution to Manual Madness in Your Financial Close Process
Robotic Process Automation has become a technology buzzword, but one that must be approached with care. As with a new car, slapping a shiny paint job on a piece of junk will not turn it into a new vehicle. In terms of automated processes, a company must have a solid base of operations before implementing Robotic Process Automation (RPA). After the new car smell has worn off, you want a system that lasts the long haul.
Manual, menial tasks, headlined by spreadsheets, are eating away at the office of finance’s efficiency throughout the close process. Workflow is stymied by mismatched spreadsheets, non-standardized reporting systems and data shifting between various systems. Straightening out this chaos is simple enough when Robotic Process Automation is put to the task; technology enjoys and excels at high volume repetition.
As examined in detail by the Gartner insight piece, “When and How to Use Robotic Process Automation in Finance and Accounting”, your company should carefully evaluate your automation needs and where RPA will best enhance your current processes, while leaving you room to grow.
This publication includes examples of handling both structured and unstructured data between various systems, enabling you to understand which processes you are managing manually and where implementing RPA can save you valuable time and resources. Be aware that the switch will require some time and training, but that’s why you hired competent people to be part of your organization – you can trust them to learn new things. Challenging the status quo will only be successful when the focus is creating synergy between your people, process and technology, with automation as a framework to establish standardized processes, freeing people from menial tasks allowing them to shine in higher-value activities.
To learn more about transforming your office of finance with RPA, download the complete CFO’s Guide to RPA.
Written by: Chelsea Downey