RPA to bring revolution in transforming the finance functions

RPA is currently recognised as one of the few emerging technologies capable of automating a significant amount of finance and accounting end-to-end processes. RPA is bound to create new sets of job opportunities for people. As per the report, the RPA market in India will grow at a CAGR of above 20 percent during the forecast period of 2019-2025.

As CFOs implement plans to prepare their teams for the future, finance and accounting professionals are under pressure to enhance their value offering and reduce costs while acquiring new skills.

Emerging digital technologies provide the finance and accounting function with a path to fulfill these objectives while meeting business demand for advanced analytics, efficient operations, and strategic decision support.

Robotic process automation (RPA) presents a clear and sustainable avenue to transforming the finance function.

Although several digital tools can be leveraged to automate finance and accounting processes, RPA is currently recognised as one of the few emerging technologies capable of automating a significant amount of finance and accounting end-to-end processes.

In India, RPA is bound to create new sets of job opportunities for people. The report says the RPA market in the country is driven by the increasing demand for automated accounting and process management.

Further, to ensure automated transaction processing improves over time, RPA vendors are also focusing on developing best-in-class intelligent process automation bots that learn as they work.

Businesses that have incorporated finance and accounting professionals into their RPA program have reaped the benefits of more robust automation solutions, less costly implementations, and improved employee satisfaction.

Unlike what some might think, RPA at scale-or fully-leveraged-could be a perfect solution for a small or mid-sized business with overworked finance and accounting teams needing relief and leaders seeking to elevate their limited resources’ offering.

By implementing RPA, start-ups can reassign their teams to more pressing matters once their schedules have been cleared of repetitive work. It could equally serve as a monumentally transformational initiative in larger enterprises where opportunities in other parts of the organisation may be brought to light.

Specific to finance and accounting departments, team members who learn of this technology, proactively train staff on RPA, and/or lead RPA programs, tend to gain more benefits, both professionally and organizationally, than those on the receiving end of automation solutions.

Organizations with finance and accounting functions that are equipped with business professionals who are cross-functionally trained find themselves far ahead of their peers with more time to focus on higher value-added tasks.