Process automation is increasingly present in finance departments
Posted: Tue Jan 21, 2025 8:26 am
Administrative processes are a constant in the work of companies. The automation of these procedures aims to make these tasks, which are usually carried out by specialized members of the work team, easier and more effective . Having the appropriate use of technology can guarantee extra value for your business.
As time goes by, robotic process automation (RPA) will increasingly be introduced into finance departments . According to Gartner , the world's leading technology research and advisory company, 19% of corporate controllers have now implemented RPA. By 2020, this figure will rise to 73%.
Bots are starting to take over administrative tasks
Automation is nothing new for these companies. For example, homeowner database many already use optical character recognition to enter supplier invoices into their ERP systems instead of doing it manually.
Robots are saving businesses huge amounts of money and time. In some cases, RPA is fifteen times more efficient than humans and offers a cost reduction of 15% to 90%. As such, it is advisable for finance leaders to explore areas of their business that can be automated quickly and standardize these processes as they go. This will allow robotics to go through a much faster implementation process in finance departments.
The possibility of automating functions according to the financial profile
Below you can see that almost half of the functions performed by the different financial profiles could be automated:
We found that the Finance Manager, Financial Account Manager, Financial and Accounting Technician, Credit Controller and Payroll Manager profiles are the jobs with the highest probability of process automation. While the Business and Financial Project Management Professionals, Financial Managers and Directors profiles have a much lower probability of automation.
The short-term benefits of RPA
Robotic process automation offers your finance department multiple immediate benefits such as:
Build capacity from day one. Finance teams can begin removing manual hours from the process immediately and free up human capacity to tackle the more complex and difficult-to-automate parts of the process.
Eliminate potential rework. During the automation process, teams create code using if/then logic, which helps identify process inefficiencies and opportunities for standardization. Teams that standardize first will still need to automate and will likely have to redo some of this work during the coding process.
Minimize disruptions to the rest of the team. Standardizing a process using robots instead of humans minimizes disruptions and resistance from employees.
As time goes by, robotic process automation (RPA) will increasingly be introduced into finance departments . According to Gartner , the world's leading technology research and advisory company, 19% of corporate controllers have now implemented RPA. By 2020, this figure will rise to 73%.
Bots are starting to take over administrative tasks
Automation is nothing new for these companies. For example, homeowner database many already use optical character recognition to enter supplier invoices into their ERP systems instead of doing it manually.
Robots are saving businesses huge amounts of money and time. In some cases, RPA is fifteen times more efficient than humans and offers a cost reduction of 15% to 90%. As such, it is advisable for finance leaders to explore areas of their business that can be automated quickly and standardize these processes as they go. This will allow robotics to go through a much faster implementation process in finance departments.
The possibility of automating functions according to the financial profile
Below you can see that almost half of the functions performed by the different financial profiles could be automated:
We found that the Finance Manager, Financial Account Manager, Financial and Accounting Technician, Credit Controller and Payroll Manager profiles are the jobs with the highest probability of process automation. While the Business and Financial Project Management Professionals, Financial Managers and Directors profiles have a much lower probability of automation.
The short-term benefits of RPA
Robotic process automation offers your finance department multiple immediate benefits such as:
Build capacity from day one. Finance teams can begin removing manual hours from the process immediately and free up human capacity to tackle the more complex and difficult-to-automate parts of the process.
Eliminate potential rework. During the automation process, teams create code using if/then logic, which helps identify process inefficiencies and opportunities for standardization. Teams that standardize first will still need to automate and will likely have to redo some of this work during the coding process.
Minimize disruptions to the rest of the team. Standardizing a process using robots instead of humans minimizes disruptions and resistance from employees.