The new-age technologies such as artificial intelligence, blockchain, robotic process automation are transforming operational workflows for every company, irrespective of the industry vertical they deal in. These are intended to make the business processes easier, simpler, as well as faster, and businesses are therefore embracing these next-gen technologies. This new virtual workforce (as RPA is also known) is designed to automate and modernize repetitive as well as mundane tasks.
Putting it simply, automation is better equipped to manage and execute no-brainer tasks efficiently and at an exponentially faster rate. Adopting process automation in financial services allows the business stakeholders to utilize their resources strategically – in business processes/tasks that require decision-making capabilities, planning, and creative skills.
Why Adopt Robotic Process Automation in Finance?
Implementing process automation in financial services enacts as an enabler in the quest of companies looking to transform their business processes. It orchestrates enterprise-wide digital transformation and assists them to overcome major organizational challenges that they face every day. Some of the unparalleled advantages of adopting the digital workforce are as mentioned below:
Process automation in financial services empowers the companies to complete tasks in seconds or minutes since the figurative bots can provide round the clock assistance. They can take up customer query calls and guide them through, thus resulting in reduced waiting time and increased response rate. Businesses can enhance their bottom-line efficiencies, streamline operational process scale-up workflows and increase throughput.
Accelerate Time to Value
By exploring automation opportunities in the existing workflows, businesses can accelerate time to value. They can automate activities like accounts payable and accounts receivable, standard journal entries, bookkeeping, financial analysis and planning, accounts reconciliation, general ledger and report generation, etc., thus freeing the human resources to concentrate on delivering world-class customer services and add more value.
Reduce Human Error
The financial service industry involves so many repetitive and mundane activities that are prone to human-errors. As the tasks get monotonous over time, employees also lose interest in performing those, thus resulting in lower productivity. However, the digital workforce can easily perform those activities without minimal or no human intervention, thus reducing the probable chances of human errors and improving accuracy.
Way Forward – Intelligent Process Automation
When Artificial Intelligence (AI) is integrated with Robotic Process Automation (RPA), the result comes to be Intelligent Process Automation (IPA). This strategic combination has the capabilities to perform rules-based decision-making tasks, thus making the processes more efficient leading to maximized productivity, greater operational excellence, and increased profit margins.
Consider the data sourced from Forrester Reports that states that by 2022, IA is expected to generate $134 billion in labor value. This interesting figure is proof of the fact that RPA is poised to revolutionize business processes at all stages. Besides, the growth-focused business players have already boarded the RPA bandwagon to reap the benefits at the earliest.