How Robotic Process Automation Is Revolutionizing Businesses in the Accounting and Finance Industry
Business leaders are always under the constant pressure of finding new ways to streamline and improve their processes whilst generating an increased ROI. Businesses across all industry sectors have been experiencing a dynamic shift in how they can conduct their operations with the groundbreaking rise of robotic process automation (RPA). Although RPA has been around for several years, it is only recently that enterprises are looking to synchronise their systems using this technological evolution. Up to 80% of finance leaders have already implemented or are planning to implement RPA, and by the end of 2024, the market is expected to reach $5 billion.
For those of you who don’t know what RPA is, it’s a type of software configuration also known as ‘bots’ that emulate the repetitive tasks carried out by humans. As these bots are operationalised, RPA enables businesses to redeploy staff to high-value work rather than focusing on repetitive tasks which, can lead to lower job satisfaction and hence increased staff turnover.
The benefits of RPA
Increased efficiency. One of the key benefits of RPA is its ability to perform tasks faster, generating a more accurate and comprehensive output leading to an increase in efficiency.
Reduction in costs. After the initial cost of investment and implementation of RPA, businesses can enjoy a reduction in costs leading to an improvement in the bottom line.
Frees up staff time. As staff will be less involved in mundane tasks such as batch invoice processing, they will be able to engage themselves in higher-value work.
An independent system that is easy to scale. There is no requirement to integrate RPA with any existing technologies as it acts as a separate platform.
As much as I would like to be positive, it’s always important to highlight the key challenge(s) of implementing any software technology, especially one as impactful as RPA. The biggest obstacle would have to be the complexity of implementation. Making RPA standardised across all processes can take time and requires excellent IT support. With such a drastic technological introduction in any business, commitment is crucial. If management doesn’t fully buy into such a change, operational risks such as undue delays will rise, affecting daily operations.
The future of RPA is still unknown. However, it’s imperative to understand RPA before taking on its implementation within your business. The tangible and intangible benefits alongside the challenges should be evaluated. As technology has reached an excellent level of maturity alongside the complexities automation can deal with, RPA will be at the forefront of innovation in the years to come.
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