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Robotic Process Automation in Finance

Robotic Process Automation in Finance

October 24, 2019
by Yurii Savchuk

Robotic Process Automation (RPA) is one of the technologies supported by artificial intelligence that leverages available tools and procedures to cut spending, eliminate mistakes, and link disparate systems effectively. The majority of technologies contributing to significant changes in the financial services play a role in the comprehensive re-organization of present systems. However, RPA applications in the field of finance are different. How is it important? RPA involves the replacement of people’s actions in financial functions.

Robotic process automation in finance: how does RPA work?

Usually, robotic process automation is implemented in present functional processes, leveraging systems that have already been established. It is like a virtual labor force that manages transactions across several business systems. Robotic process automation can gather data and control enterprise applications in the same way people do but with minimal mistakes.

Benefits of RPA in the financial sector

According to Gartner, 72 percent of controllers will be using robotic process automation by 2020. What will spur this adoption? It has to be the several advantages companies enjoy by implementing this tech. See, like other digital solutions, minimizing expenses is a significant reason for the ever-changing application of RPA in the finance industry. Nonetheless, charges are not the only issue.

robotics in finance

Organizations that leverage robotic process automation in finance and accounting can also reap these advantages.

  • Freed up employees: Even though there have been significant advancements in technology, many workers are still forced to take on tasks with little added value and less subjectivity. Robotic process automation can help free up employees through the automation of various tasks. In turn, human labor can be directed to essential functions that call for human judgment.

  • Minimized human error: Processes that are predominantly handled by humans like financial reporting automation are prone to mistakes, which often have severe consequences for a financial establishment. However, with robotics, financial processes will be more error-proof, increasing client satisfaction, and avoiding losses in organizations.

  • Effective audits: Human audits tend to be unreliable since people cannot remember past happenings well. With robotic process automation, businesses can make logs of every event, allowing for a more thorough auditing process.

RPA use cases in finance and accounting

The benefits of RPA in finance are great. As Craig Le Clair, principal analyst and VP at Forrester Research, says, “RPA works well for simple processes that operate in relatively high transaction volumes, finance, and accounting processes are ripe with them.” Today, RPA software is applied in a variety of daily financial processes or functions. Some of these include:

Investment advisory

Robots can offer financial consulting more efficiently and at a lower cost than humans. With the help of RPA, people make wiser investment choices.

Reconciliation

RPA accounting software is also being widely used. It can be used in ledger management as well as checking financial records for accuracy and quality and high-quality financial reporting automation and swift invoice processing.

Expenses management

Tracking and managing expenses can quickly get out of hand, especially where you are getting receipts for different payments. By using RPA, you can save on the time you spend on expenses control. And, you will eliminate the chances of making errors.

Price comparison

Another way that businesses use robotics in their financial matters is in comparing prices. RPA can follow up on fluctuating prices and send a notification when rates are low.

Managing inventory

Robotic systems can help you manage inventory processes such as shipment, receipt verification, inventory reconciliation, etc.

These are just a couple of RPA applications in finance as well as financial functions of all kinds of businesses. In reality, there are several places that RPA can be implemented. As long as a process has a repetitive aspect to it, RPA can make it more efficient, cost-effective, and accurate.

Wrapping up

There is no limit in finance processes for RPA. It will save you costs, limit errors, and improve compliance. Contact inVerita to know more about the robotic process automation finance function.


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