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 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 2009, the finance department within ING Group began its RPA journey with Automation Anywhere, using bots in two countries to migrate over a million customers and their products following a merger.
Today, RPA is active in 16 units across ING Group, and bots are a part of everyday life. For instance, in the Netherlands, 70 bots automatically pre-create new accounts each morning for new customers that would be opening an account later that day. The new accounts work instantly, proving the best-possible first experience for new ING customers.
But there are still processes that have yet to be automated and streamlined, and services that can be improved. For example, ING still receives a lot of unstructured, paper-based data that needs to be digitized. After 10 years working together, we are helping ING enter a new era of cognitive RPA in which business units can quickly deploy Digital Workers as needed, in a managed way, to solve such challenges.
To see how Digital Workers can help achieve your finance goals, visit our website to request a demo.