It’s not easy for finance teams to be flexible and offer the right level of visibility, when so much of their time is taken up by manual processes, paper pushing, and legacy systems.
To combat this lack of agility, financial organizations of all sizes are utilizing Robotic Process Automation (RPA), Artificial Intelligence (AI), and smart analytics to augment their human workers and automate business processes from start to finish. They are moving to a blended technology such as Automation Anywhere’s Digital Workforce.
Automation is transforming finance
When combined with AI and analytics, RPA gives real-time visibility into how different systems are performing. It can predict order backlogs and speed up month-end reporting. It can also optimize the use of data to keep up with customer expectations and improve the efficiency of internal operations. Hence why up to 25% of banking processes are likely to be automated in the next few years.
By automating previously manual processes, finance teams have more time to focus on high-value tasks. It also dramatically reduces operating costs, eliminates the risk of human error, and helps ensure regulatory compliance. To capitalize on this, CFOs are focusing on how they can scale automation and build the right skillsets.
A recent report from Gartner, however, shows that some organizations are struggling to see the true benefit of RPA due to misaligned, siloed usage. Despite the high adoption rates for automation, many businesses are only deploying RPA in a limited capacity.
In fact, according to AIIM, just 3% of organizations have scaled their RPA implementation. Organizations are still employing huge numbers of people to do those manual tasks, instead of benefiting from a true Digital Workforce that combines the best of human creativity and flexibility with the power and depth of RPA and cognitive technology.
How to scale RPA
Here’s a real-life example of how to scale RPA successfully.
In 2016, the information and communication technologies (ICT) department within Synergy, Australia’s leading energy generator and installer, began its RPA journey with Automation Anywhere using bots to automate complex billing processes in finance. It started with a pilot to prove that Automation Anywhere could successfully interact with Synergy’s core systems, particularly SAP enterprise resource planning (ERP).
All objectives were dramatically exceeded, and today Synergy has more than 280 bots in production, expanding its RPA capability into sales, ICT and HR functions. Overall, their initiative with Automation Anywhere has streamlined billing, sped up payments, reduced debt, secured savings and reduced outsourcing costs.
But there are still processes to be automated and streamlined, and services that can be improved. For example, Synergy is planning for continued future investment in artificial intelligence, where IQ Bots and virtual agents will interface with RPA to provide end-to-end processes with minimal human intervention.
To see how Digital Workers can help achieve your finance goals, visit our website to request a demo.