High possibility of RPA automation in financial processes

 

A standardized, repetitive, and completely rule-based processes with a high proportion of simple and manual activity are particularly well suited for Robotic Process Automation.

 

Such processes are hard to find, especially in the finance and controlling areas. Because of the numerous tasks, legal and contractual responsibilities, and a large amount of data (documentation) workers require more assistance.

 

Employees are repeatedly busy with monotonous, manual tasks and therefore have no time to perform higher-value tasks. Since it is difficult to find specialists in finance and controlling. An employee in the companies should focus on the business-relevant issues so that they can use their professional skill in development.

 

Implementing the RPA solution to comfort employees

RPA solutions can provide enormous relief here that means employees can concentrate more on value-adding activities again. In the financial organization, the software robots can, for example, take over the (partial) processing of accounting documents. They can also support the invoicing process and the monthly closing.

 

There is a high possibility for automation in the financial processes and the use cases are diverse. Activities that are subject to strict compliance regulations follow strict guidelines. Thus, they are predestined for execution by a software robot. An additional benefit of the bot: Incorrect entries are avoided and the output quality is increased.

 

Current developments also show a change in the role models in the financial organization. New knowledge and skills are becoming increasingly important. To be able to withstand these expectations, employees have to be freed from time-consuming but little value-adding activities. Human employees are still very much involved in cross-system processes without interfaces.

 

In many companies, financial processes are also partly fed by legacy systems. In such situations, RPA solutions can score with their unique advantage. Software robots can also communicate with legacy systems via the interfaces and relieve employees of time-consuming data transfers.