RPA In Finance

The pandemic has accelerated digital transformation across the world in all organizations alike. Financial institutions around the world are under tremendous pressure to improve efficiency, reduce costs and increase productivity. Indeed, there is now a huge global demand for the financial services industry to completely change from traditional, older business models. In response, automation should now represent a major part of the evolution, with Robotic Process Automation (RPA) in particular set to play a major role in the functioning of financial institutions in the coming years.

As technology continues to evolve at a rapid pace, nearly 80% of financial leaders use or plan to use the Robotic Process Automation, according to a report by Gartner. The same report by Gartner states that “Robotic Process Automation Can Save Finance Departments 25,000 Hours of Avoidable Work Annually”.
 

Robotic Process Automation (RPA) 

 

We’ll begin by taking a closer look at what Robotic Process Automation (RPA) is: RPA is a technology that automates business processes by instructing a software robot to perform rote, repetitive, or mundane work based on logic. It is not a literal robot that we call a robot, but rather software that can run on a physical machine.
 

 Why does finance need RPA ? With RPA in finance, you can gain the most valuable commodity – time.

 

It is not uncommon for finance departments to be stretched thin both in terms of time and resources, and everyone from sales to the C-suite requires structured financial data and astute assessments that can lead to timely business decisions.

In the finance industry, you need accuracy and precision, and no matter how well you train and support your employees, they are still prone to stress, fatigue, etc.- all of which can cause costly errors. If you’ve ever maintained spreadsheets, prepared reports, or done manual data entry, you know that there is a lot of scope for mistakes. It is possible for RPA bots to emulate human actions and produce results that are 100% reliable.

As finance automation evolves, a highly saturated BFS sector must stay relevant and competitive. Automating manual processes with RPA software can decrease operational costs, improve accuracy, and satisfy compliance mandates while increasing operational efficiency.
 

"It’s a journey into automation maturity that you need to go through yourself before you can reach the ultimate goal of being a digital company.”
Jani Rahja, Head of Intelligent Automation,
Posti Group Oyj"
 
 
 
 
 

RPA in Finance and Accounting

RPA has already been implemented by several banks and institutions, as it can be used as an opportunistic solution for a point in time, which is quicker to implement than large scale transformations.

EXPLORE USE CASE

RPA Uses Cases in Finance :



Let's look at a few finance use cases to see how RPA is used in the real world.

Process Purchase Orders:

Purchase orders can take a lot of time to process and send for approval, causing the business to miss out on essential goods and services. An RPA bot could be configured to scan POs and identify key information, input them into the appropriate system, and set up approval requests.

USE CASE 1
 
 
 
 
 

Reconciling accounts:

It can take a lot of time out of a clerk’s day to compare the balances on critical business accounts because they have to log in and out of different systems. A good audit requires accuracy. The basic elements of these tasks can be handled easily by RPA robots, with only human input required when data does not align as expected.

USE CASE 2

Data Recording:

Data recording is one of the best uses of RPA in accounts. Collecting and entering data can be tedious. As a result, companies can lose huge amounts of money through human errors. Using robotic process automation (RPA) services, companies can record data efficiently, accurately, and with no error. You can utilize an RPA platform to add triggers to enter data into the appropriate sheets. By eliminating the need for people to manually check the transactions, you can save a lot of money.

USE CASE 3

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Benefits of RPA in Finance :

 

1.Cost effective : It is estimated that using robots can reduce operating costs by up to 25-50%. Robots can operate 24/7 tirelessly. Automation can help you get ROI quickly; from then on, it’s all about profit only! With RPA, cost savings are almost instantaneous.

2. Increased efficiency: The first benefit of RPA is that it can very quickly increase efficiency in business processes when implemented correctly. The RPA can perform several mundane tasks that humans would prefer to avoid, in a much shorter period of time. RPAs can do the type of work we wish we could have a robot do on our behalf – think copying, pasting, and transferring data.

3. Advanced Analytics :One of the commercial benefits of Robotic Process Automation is advanced analytics. Businesses can collect valuable data using RPA, which can be used to make informed decisions. Therefore, advanced analytics allows you to improve your product/service in the targeted market.

4. Better customer experience: Meeting customer needs is not an easy task. One bad incident is enough to break their trust in you and drive them away to your competitors. In addition, customer needs often change over time, making it difficult for you to keep up with their changing demands. RPA can reduce processing time, ensuring you provide the best and fastest service to your customers .

5. Increased Security : RPA bots are designed to perform specific tasks. Because of this, we have one advantage to investing RPA in business – security. Since Robotic Process Automation operates at a granular level, there is no risk of data leaks from one side to the other.All data access is fully documented and controlled.

6. Reduction of errors : Tasks that require human interaction inherently carry a risk of human error. The use of automation substantially reduces or eliminates any risk of such errors, assuming that the data input is reliable. It’s impossible for robots to get tired, hungry, or stressed, all things that generally contribute to human error. Additionally, robots can continue working long after a day’s work is done, so they can support the rest of an organization’s day-to-day processes in the background.

7. Expand your capacity without hiring more staff : Using RPAs to automate repetitive tasks will allow you to scale up your financial operations without having to hire additional staff to handle the increased workload as they can work 24/7.

8. Zero infrastructure cost : Thanks to RPA’s capabilities of UI automation, it does not require any major changes to the infrastructure in financial services. In the case of cloud-based RPA, the hardware and maintenance costs are further reduced. Its non-invasive nature makes it a great choice of solution for those who do not want any changes to be made to their legacy system.

 

Eastern Software Solutions and RPA in Finance and Accounting

 

RPA has already been implemented by several banks and institutions, as it can be used as an opportunistic solution for a point in time, which is quicker to implement than large scale transformations.

 

Automating manual, repetitive, time-consuming tasks with Robotic Process Automation can be a truly transformative technology for the banking industry if implemented properly. As a result of automating such mundane tasks, productivity would increase, the error rate would be reduced, and turnaround times would be reduced dramatically. Businesses can achieve true digital transformation with ESS. Due to its position as a leader in the space of digital transformation, it is well-suited to assist businesses in driving transformational efforts through automation.

 

If you are ready to see how RPA and Eastern Software Solutions can help you embark on your digital transformation journey, then schedule a call with one of our RPA experts today!

 

You can reach out to us at marketing@essindia.com

What Our Customers Say

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One of the leading Autoparts manufacturing company

Sr. Manager - IT

"We're grateful to ESS for automating our invoice processing thus reducing errors, and speeding up payment cycles significantly. Tasks that used to take hours are now done quickly, freeing our finance team for strategic work. Kudos to team ESS!"

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"Thanks to the ESS team for optimizing our order processing and delivering process , saving both time and operational expenses. Their expertise has been invaluable."

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