Enterprises, regardless of scale have adopted Robotic Process Automation (RPA) technology to automate workflows and increase productivity. There is no doubt that RPA has transformed businesses by automating various tasks and processes. RPA has played a key role in different industries such as insurance, healthcare, banking, finance, manufacturing, transport, and many more. So far, it has proven to be extremely helpful for process automation. In our previous articles, we’ve discussed the key role of RPA in finance and accounting.
Gartner predicted that by 2022, 90% of large-scale companies will have adopted RPA. When it comes to financing and accounting automation, RPA has assisted many companies to thrive even in adverse times. But why RPA automation? Let’s find out why RPA in accounting and finance is extensively used and adopted across the industry.
Improves Service Delivery
The competition in the industry is cut-throat and consumers have easy access to many different options. To stay competitive, companies must provide exceptional service. Losing a customer or a supplier due to delays can affect a company’s reputation. Adopting RPA helps automate time-consuming tasks, keeps track of service delivery, and enhance customer experience.
Reduces Work Overload
Finance and accounting are complicated and require the attention of employees in every process. Employees can become overburdened and perform under pressure to hit deadlines. RPA automates complicated, time-consuming tasks and reduces employee workload, allowing them to focus on other critical tasks.
Ensures Compliance
Keeping up with industry standards for regulatory compliance is essential for any organization. RPA ensures accuracy and consistency to maintain best practices.
Monitors Data Governance
Monitoring processes and ensuring that the right process is executed is very important. Important tasks such as invoice and payment processing are sensitive, contain client information, and require direct supervision to eliminate the risk of a data breach. It is nearly impossible to supervise remote teams. RPA can extract sensitive data from emails for invoice processing to minimize data exposure.
Enables Digital Transformation
Why does the finance and accounting industry require RPA? Well, apart from the reasons listed above, RPA enables digital transformation, and scales business so that it can survive in a tech-driven marketplace. According to Research and Markets, the digital transformation market is expected to grow to $3.3 trillion by 2025. Technologies such as RPA and AI are empowering industries to achieve long-term success.
