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RPA in Finance

Robotic Process Automation (RPA) is currently inciting a revolution in the ways in which finance organizations function. Finance organizations are under considerable pressure and are expected to continuously innovate with technologies. One of the largest avenues for innovation would be to minimize the costs of operations and also enhance the efficiency.  

Robotic Process Automation 101 

RPA (Robotic Process Automation) is a software-based digital workforce to execute monotonous activities that are presently being carried out by human employees. The robots mimic the tasks leveraging current platforms and applications that an enterprise is utilizing.  

Here’s a summarization of how RPA software can assist your organization: 

  1. Execute monotonous, structured, transactions processes 
  2. Scaling up of operations and process quickly in your organization 
  3. Interacting with and updating several applications in a transactional fashion to keep everything synced up 
  4. Authenticate data in places that are too complicated for humans to comprehend 
  5. Execute calculations quicker than human agents 

Robotic process automation can be leveraged for Profit and Loss (P&L) calculating, and the tech is undergoing rapid evolution as the most effective RPA systems offer really minimal value realization times for finance organizations. 

The expenditure associated with RPA implementation is considerably lesser than developing a custom solution to eradicate human tasks that can be prone to mistakes. 

RPA in the automation of Profit and Loss calculations/reporting 

Several finance organizations expend a massive amount of resources and computational power to generate profit and loss reports on an everyday basis. Leveraging RPA, one can go about automating the cumulative process without the need to make huge investments and get the return on investment in less than 12-months. 

With regards to the management of profit and loss calculations leveraging, RPA, robots can: 

  1. Update information manually into relevant systems. 
  2. Produce PDF-based reports and share it with associated entities in the organization 
  3. Upload the total data sheet into a P&L system for subsequent tracking and reporting 
  4. Enhance the security lending process with quicker profit and loss calculating 

RPA-driven profit and loss reporting is also gaining momentum in the industry with utilities such as HelpSystems Automate, Automation Anywhere, and BluePrism. Skcript assists you in developing a comprehensive end-to-end roadmap of the total RPA implementation with exhaustive process workflows that will enable your organizations to run quicker and smoother. 

Why robots over humans? 

Robot Process Automation (RPA) confers drastic changes to the cumulative functionalities of finance organizations all over the world, however, there are three primary spheres where RPA can be beneficial in comparison to executing specific activities and tasks with human agents: 

  1. Enhancing the cost efficiency for the processes presently being executed 
  2. Assists maintenance of control in a dynamic setting 
  3. Concentrate on leveraging human skills for other dynamic, value-oriented activities over monotonous activities 

Humans possess native intellect, which enables us to contemplate on complicated scenarios and provide appropriate responses to them. Robots do not possess any emotions and are therefore considerably quicker and apt for executing pre-defined groups of activities. 

Here are other reasons why organizations leverage RPA to assist humans with better performance: 

  1. Robots function on a round-the-clock basis 
  2. Precision is really, really high with RPA bots 
  3. Robots are extremely efficient in executing activities 
  4. The scope for errors is much reduced when contrasted with humans 
  5. Robots are reliable, they don’t fall ill, around-the-clock work means superhuman levels of efficiency, every single day of the year 
  6. Robots can leverage information directly from several applications and process data parallelly  
  7. Robots are consistent: you can expect an activity to be finished at a set time and process without any second guessing. 

ROI/Value add of RPA implementation 

RPA is an established technology at this point. Previously, we had computers supplanting calculators for improved enterprise efficiency. RPA is being leveraged to develop enterprises that are quicker and flat out better than the competition. 

Here are some possible business value adds of Robotic Process Automation in Profit and loss reporting applications: 

  1. Above 50%  yearly operational productivity improvements across the organization 
  2. Implementation of end-to-end automation, from record to reporting (R2R) 
  3. Productivity improvements: RPA bots are intended to execute activities quicker than human beings, this enables us to have 99.99% available over the course of the year, and the bots function round-the-clock with reduced errors and increased compliance 
  4. Auditable logs – Robots furnish us with comprehensive logs that enable us to audit all that is occurring within the RPA process 
  5. Reliability and resilient processes – RPA robots are setup to have interactions with systems that humans would have issues accessing in some scenarios 

Leveraging RPA protocol in your organization can be somewhat challenging. Collaborating with an organization with experience in RPA implementation is vital to make sure that the transition occurs without any hiccups. 

RPA engineers and business experts provide the valuable mix of subject matter knowledge and specialist skill to enable you to go about implementing RPA processes in your organization.  

Here are a few of the regions where, leveraging Robotic Process Automation (RPA), enterprises can enable automating of financial systems P&L data process: 

  1. Robotize the total data entry and authentication processes 
  2. Reduce the processing duration from hours to minutes 
  3. Develop RPA robots that can author entries into financial systems and scale as the organization expands 
  4. Furnish comprehensive reports of what is occurring with the bots and provide warnings if something is malfunctioning 
  5. Mapping of data across several platforms and furnishing a singular platform for unification of data entry  
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