“Finance departments can save about 25,000 hours of work caused by human errors by deploying robotic process automation (RPA) in their financial reporting processes”, according to Gartner, Inc. (Source)
The Roadblocks for the RPA implementation
Gartner’s analysis based on survey responses with accounting and controllership leaders revealed three roadblocks finance leaders experience when considering implementing RPA:
A hesitancy to remove human judgment from the process
Our RPA is best applied to manual, repetitive actions that a human would otherwise complete with a computer. While we remove the need for mundane tasks with little variation, what our focus is on is making the work a human does more meaningful. Any simple tasks will be done by the robot, while your workers will be faced with the more complex and varied work, ensuring that the simple tasks are done error-free, while more attention is given to the complex ones.
Perception of low ROI
Most employees will welcome the opportunity to avoid tedious rework in favour of the more strategic activities that only a human can do. The overall speed that the volume of work is being done will receive a large boost, as complex tasks that used to take up valuable time will now receive your employees’ full, undivided attention. By nature, RPA is the Queen of ROI. It is fast to implement, doesn’t require changes to existing systems, and is fairly cheap.
Process standardization delays before implementation
By implementing RPA on the processes that can be automated from day one, accounting teams can immediately free up capacity with a minimum of disruption that typically occurs when new process standards are introduced. This ultimately increases the speed of adoption and the benefits that come with RPA. We differ from other companies in that we do not delay the implementation of robots, but act quickly and on time. All information that we provide is well calculated and processed to give all the necessary data.
The Smart Automation Works
To leverage the robotic process automation for financial reporting that may increase productivity, create efficiencies, and free up resources, organizations must ensure that it’s being used intelligently. Considering RPA risks and controls before its implementation, you can be sure that process automation with bots will certainly make a business grow instead of putting it at risk.