Recently, there has been a lot of talk about how Robotic Process Automation (RPA) applies to the financial world, but do we really know what this acronym means? Depending on who you ask, it’s easy to find multiple definitions, but here’s a simple explanation: RPA enables intelligent automation of rules-based operations to enhance process execution speed and accuracy.
Historically, RPA has been limited to the manufacturing or insurance industries. Beyond physical robots, RPA grew out of baseline automation in assembly line processes for car manufacturers. Within the insurance industry, the high volume of transactions is the perfect setting for RPA.
However, beyond building cars or completing forms, RPA can be implemented to bolster financial close processes within the office of finance, addressing several key challenges.
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