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Robotic Process Automation in Finance

Finance has to deal with many structured processes that still require too much manual input. With Robotic Process Automation these processes can be automated, creating fully digital processes.

Despite the implementation of powerful ERP systems, finance is still far from achieving completely automated processes. There are still legacy systems in use that cannot be integrated with the ERP and excel sheets that are updated manually.

What is Robotic Process Automation

Robotic Process Automation (RPA) is software that uses other applications like a human would, which is why people also speak of software robots. RPA can unify ERP systems, legacy systems and excel sheets into one automatic process.

Why RPA is perfect for finance

Robotic Process Automation is particularly suited for structured, rules-based and high-volume processes. The software robots are accurate, fast and they make no mistakes. They can take high-volume tasks and process them quickly and accurately, meeting deadlines that would be impossible for humans to meet, since they can work day and night. Process examples are monthly closure, chargeback processes or updating old data, to name just a few.

Benefits of RPA for finance
  • Consistent documentation: each action the robot takes is documented and can be checked
  • Error reduction: unlike humans, robots make no mistakes
  • Cost reduction of up to 60%
  • Process time reduction between 80% and 90%
  • Easily scalable during peak times: robots do not have to be trained and can be scaled back easily as well
  • Indefatigable: the robots can work day and night and handle high process volumes quickly
  • No backend integration necessary, as they use the frontend

To find out more about how RPA is used in finance, feel free to contact us. Would you like to know more about RPA in general? Have a look at our overview:

Overview RPA

Sara Gebhardt      13. April 2016

Author

Sara Gebhardt

Sara Gebhardt

Sara started working as Marketing Manager at ALMATO in 2015.

She has a M.A. in International Cultural and Business Studies. As part of a Double Degree Programme she spent a year in Scotland and wrote her thesis on What Would Bond Buy? An Investigation Into Young Consumers' Attitudes Towards Product Placement in Films.

After her studies, she moved to Belgium and worked for a software company as Business Developer for Germany and Spain, before moving back to her beautiful home city of Stuttgart. In her free time, she reads obsessively across all genres.