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: