Between payroll processing, procurement, and reporting, various mundane tasks bog down accounting and finance departments on a daily basis. This significantly hinders human capital and innovative thinking within these departments and makes repetitive tasks more susceptible to human error.
An RPA implementation can close the financial digitization gaps present within many organizations, reducing employee turnover and costs while increasing ROI. An implementation also enables the accounting and finance team to play a part in your RPA Center of Excellence (CoE), which is especially impactful for customer-facing department representatives.
Improve operational efficiencies & quality of audit
Increase testing volume coverage
Instill agility in compliance management
Higher precision audit activities
RPA FOR AUDIT AND COMPLIANCE
When it comes to an internal audit and adhering to compliance procedures, auditors spend a lengthy amount of time gathering data, creating audit evidence collections, performing audit tests, and manually copying and pasting data into one file. Not only are these tasks extremely time-consuming and rule-based, but manual audits are more error-prone.
With an RPA audit implementation, RPA streamlines the execution and tracking of an internal audit and automatically: prepares data gathering and reporting, collects evidence, manages the audit data quality, and provides audit issue reporting and notifications.
In addition to an automation audit and compliance implementation, auditors will have more time to execute complex testing involving the investigation of accounting anomalies, resulting in an improved and accurate audit.
With automated customer service being a mainstay in many businesses, the focus on front and back-end user experience has fallen by the wayside. At the organizational level, this is especially true for consultants and call centers that use various applications when assessing and addressing a customer’s unique needs.
For example, an employee assisting a customer with a problem or need will likely have to shift between disparate channels, shifting focus away from the customer and ultimately lowering productivity. With RPA taking over the manual tasks encompassing this engagement, the employee can focus solely on the customer’s needs.
With nearly half of Human Resources and administrative tasks being repetitive, HR is becoming less and less “human.” These individuals need to be focused on people rather than paperwork, especially being the front-liners for onboarding new team members to the organization (which encompasses various repetitive tasks in itself).
HR departments globally are implementing RPA technology into their repetitive, paperwork-driven processes, rendering these individuals to be much more valuable to new and existing staff. These departments are witnessing 10x faster employee onboarding through RPA, freeing them from administrative tasks and allowing more time for talent acquisition.
The impact of RPA on business operations is virtually unlimited, expanding its dynamic reach between various industries such as food service and manufacturing. Operations managers can manipulate RPA to create workarounds, circumvent processes, and re-engineer system work.
An RPA implementation within your CRM system can play a vital role in customer service practices for both B2B and B2C organizations. Customer centers or sales-engaging departments can keep track of everything happening in the customer life cycle and always reference up-to-date information in the process.
RPA makes customer ticket tracking and case management easy within your sales and marketing platforms. You can automate the input of customer data such as quotes, notes, and order/shipment tracking, which frees up time for account managers.
Responding to and processing administrative purchase orders is one example of a time-consuming overhead process for supply chain businesses. Through an RPA implementation, required inventory levels can be matched against the stock on hand, and can be visible/accessible to front and back-of-house workers without any human intervention whatsoever.
Between manual data entry, document processing, security compliance, and information requests, government agencies have many applications for RPA. Intelligent automation provides flexible technology that works with legacy, cloud, and hybrid systems to complete and optimize complex government tasks.
Government agencies are adopting automation at a rapid pace to reduce hours spent on repetitive tasks, freeing up their employees to work on higher-value activities.
You can see examples of NLP most prevalent through chatbots, voice assistants, and automated emails. NLP in RPA can help analyze structured, unstructured, and semi-structured data, and extract it for further analysis.
Hyperautomation is used to describe next-level automation initiatives, which means the act of automating end-to-end business processes that go beyond standard rule-based tasks. This is achieved by combining robotic process automation technology with Machine Learning and Artificial Intelligence.