Robotic Process Automation for FPA
Let the robots take the strain.
When implementing a typical financial process automation solution, it’s realistic to expect high levels (80% to 90%) of automation between intelligent capture and targeted workflow for mature solutions such as accounts payable. With the rapid development of robots in Robotic Process Automation (RPA), we’re beginning to approach these levels in other areas of Financial Process Automation, such as sales order processing.
For tasks that have been historically difficult to automate, RPA offers two key benefits:
Covering Automation Gaps
Every business has unique workflows that don’t always match traditional enterprise applications such as customizations or third-party integrations. RPA fills in these gaps for a seamless and painless workflow.
Automating Unaddressed Manual Processes
Whether such processes lack sufficient volume or scale, the rapid development of robots means these challenges are now being addressed. Areas RPA can assist with include:
- Automating GL account set-up
- Posting an allocation journal entry
- Validating and updating vendor masterdata
- External compliance checks such as VAT ID verification
- Automating or simplifying month-end closing activities
RPA’s capabilities don’t stop there.
- Receive weekly reports of all pertinent updates and news about your vendors and suppliers to prevent costly and disruptive supply chain issues.
- Using robots to aggregate data and review purchase prices offers buyers valuable insight into where the greatest cost-savings can be achieved, without having to pour through the data yourself.
Financial Process Automation is an area where the benefits of RPA will be immediately noticed amongst your finance teams and the wider organization. Whether you’re dipping your toe in the RPA pool and need a starting point, or you’re well-versed in the benefits an RPA solution can offer, we’re here to help you succeed.