Companies all over the globe are looking for new strategies to improve the everyday processes that they rely on to stay competitive. And while robotic process automation (RPA) is growing in popularity, finance departments may be the best fit for this innovative technology.
But why is that the case? What makes RPA such a good fit for finance departments?
The answer is simple.
Every company receives bills, pays bills, has to pay employees, track orders, and more. And in every case, these processes are essential if a company wants to maintain healthy cash flows and ensure stable operations.
RPA has the potential to improve all of these processes because it enhances the productivity and efficiency of your finance teams.
The Right Way to View RPA
Here’s the truth. RPA is often viewed as a tool for eliminating manual tasks. And while true, RPA offers so much more than that.
Did you know that the average RPA solution provides 10 to 20 times the efficiency over a human?
Bots can multitask far more efficiently than a human ever could. This makes them well suited to handle time-consuming tasks that are best left to automation.
But there’s another hidden advantage that isn’t as well known. Bots are capable of doing a bit of everything. Once trained and adapted, they can serve in a variety of roles with maximum efficiency. The same cannot be said for humans, who often specialize in a certain area. Bots are continuously learning and improving with every iteration of a task. This makes them well suited to handle both accounting and HR tasks.
Now, you may be thinking that an RPA solution is expensive.
RPA solutions are cheaper than paying a full-time employee. The average RPA solution costs around $10,000 per year to run, making it a cheaper solution than paying an employee minimum wage. RPA bots can also work 24 hours a day, which equates to three full days from a traditional employee.
There’s no arguing about the cost savings when it comes to implementing RPA.
How Can RPA Solve Key Challenges Finance Departments Are Facing?
Any solution will sound good when it’s being sold to you. But RPA really does have the potential to improve the functionality of finance departments. And no matter how efficient you think your departments are—let’s face it—every department has its weaknesses.
Here are just a few of the tasks RPA can help with:
- Free up your key personnel. Your best workers are often wasting time on tedious tasks that could be automated. By implementing an RPA solution, you can free them up to focus on more important tasks.
- Make objective decisions. It’s not uncommon for companies to distrust RPA and the benefits it offers. Companies are often unwilling to believe that a bot can do the job better. However, finance teams rarely experience this because they are objective and numbers-driven.
- Improve the functionality of your ERP systems. Manually entering orders and tasks is time-consuming. Companies have spent large amounts of money developing and supporting their ERP systems. RPA is well suited to handle these tedious tasks and can provide cost savings in the process.
These are only a few of the key problems that RPA can solve. The truth is—RPA is the ideal choice for finance departments because it’s output is easily measured in a segment that is defined by its KPIs.
How Has Tangentia Deployed RPA?
Tangentia has been working with the overall BFSI(Banking, Financial Services and Insurance) sector but of late we have started working with more companies outside of BFSI. The finance department however is the low hanging fruit at most organizations, with Accounts Payable(AP) and Accounts Receivable(AR) the processes that are easiest to find the best business case for Automation.
We helped India’s largest car retailer automate a series of manual tasks that were taxing the company’s finance department. These tasks included order entry, car registration, and other government-mandated tasks. Now, their finance teams are able to focus on more important tasks.
Another client of ours, a large potash company in Saskatoon, received hundreds of invoices from multiple transportation companies for each leg of a shipment. All of these invoices greatly increased the workload of their accounts payable department. When they reached out to us, the average order took the company 30 minutes to process.
Can you guess how long it took after implementing our bots?
RPA is more than just an automation tool. The value it creates can impact multiple departments with the cost-savings and efficiency increases it offers.
What’s the Right Approach to Implementing RPA?
Some providers will suggest that you take part in a six-month process study to evaluate whether RPA is a good fit for your company.
But in our opinion? This approach is too slow. Business is competitive, and what works today may not work tomorrow. You need an agile solution if you want to remain competitive.
Tangentia’s approach to RPA uses an agile, iterative approach. We believe it’s more important to get started and make small changes on the fly. This will expedite the process of implementing automation and highlight what processes can be further optimized going forward.
Innovative technologies require a degree of willingness if you want to realize significant improvements in the processes your finance departments rely on. The agile, iterative approach is a more robust form of RPA that evolves based on your needs.
And for companies that are battling for every inch, the value it provides can help you maintain your competitive edge in the digital age.
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Tangentia is a Platinum Partner of IBM and well as partners with Automation Anywhere, UI Path, Blue Prism, Adobe, Microsoft, Salesforce, Amazon and leading enterprise software vendors. We work with customers globally with offices in Canada and India to implement their RPA strategies using an agile methodology.