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RPA for FPA: Price Comparison

Introduction to RPA

Robotic process automation (RPA) is rapidly changing the way accounting and finance teams operate. RPA uses computer-coded, rules-based software robots to automate, or replicate, certain human tasks. This enables companies large and small to allocate human resources more efficiently, freeing staff from labor-intensive, repetitive, clerical tasks so they can spend their time focusing on strategic, proactive work that impacts the bottom line. RPA use cases in finance and accounting abound and are forecasted to grow significantly in the next few years.

Following is a detailed RPA use case for Price Comparison:

Problem:

Your organization works with multiple suppliers and fluctuating prices, which can make sourcing products and cost containment laborious and undependable.

Solution:

With RPA installed, a robot will automatically extract data to track price fluctuations and source best pricing.

Benefits of RPA for Price Comparison:

  • Automates creation of catalog entries for new suppliers and validates data ongoing
  • Checks for duplication in the catalog including multiple suppliers for the same goods and services
  • Improves pricing and contract terms by identifying opportunities to consolidate suppliers
  • Checks external sources for lowest prices on goods

Outcomes:

  • Consolidated and accurate list of suppliers that updates automatically
  • Suppliers provide goods and services at or below open market rates

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