In finance, each decimal point makes a difference. Accuracy is everything.
That’s why the adoption of Robotic Process Automation (RPA) is increasing rapidly across the financial sector. Banks, insurance companies and loan providers are all taking advantage of automation technology – with RPA solutions predicted to spread significantly over the next few years.
But whilst robots have the ability to remove the pesky drawbacks of human error and increase precision across the board, they also offer a number of additional benefits for finance companies.
Here, we analyse automation in finance – including the specific ways in which organisations can turn to RPA technology for improved functionality.
Why companies need automation processes for finance
Inefficiencies in business can often be traced back to damaged, fragmented or ill-thought-out finance management. Often, a reliance on archaic systems (like spreadsheets or human-controlled databases) is the problem. It’s just too easy to make mistakes or even lose track of processes altogether.
Automation software, however, links everything together without requiring the input of several human beings. It’s all done for you – at twice the speed with minimal errors.
This means you can manage a huge number of processes without employees having to work on tedious, tiring tasks. Instead, you can get people involved in strategy – whilst the bots do all the number-crunching to a higher standard in a shorter timeframe.
To put it simply, having an RPA solution in place is one of the main ways in which to increase efficiency and effectiveness in your finance organisation.
Automation applications in the finance sector
Automation software isn’t just a smart calculator. It actually helps to you to comprehend data by making it clearer and cleaner. This way, you get a stronger sense of how to adapt your overall business strategy.
RPA can make financial review preparation considerably easier by formatting data in a preferred, readable way. Reconciling accounts (data validation, uploading transaction data etc) is also much simpler via RPA, with automated statements filed safely online and accessible at any time. Setting up and processing payments to vendors can be done automatically, too – with automatically produced invoices, reminders and late payment notifications. RPA also enables the preservation and maintenance of customer files.
Automated software can offer support with more fruitful financial planning and analysis, collecting forecasts by drawing on data previously accrued through examination of current market trends.
All finance companies are under intense scrutiny and pressure to adhere to a wide variety of regulations. But RPA can perform essential tasks such as creating audit trails and receipts that meet the necessary criteria.
RPA adds value to many functions in finance. It’s clear that automation is only going to become more advanced and prevalent in the future.
The future for finance and RPA
Whilst RPA alone is a worthy investment for finance organisations, the future for automation is one of combined RPA. This involves the amalgamation of automation software with additional ancillary technologies; working alongside other tools to make sense of abstract data (such as information gathered during voice calls) and then repurpose it into readable, accurate formats.
In many instances, finance departments can be somewhat isolated from the ordinary workings of an organisation. With the adoption of combined RPA, however, companies can begin to integrate finance with other areas of the business. This builds a stronger, more holistic strategy that bolsters internal communication and ensures all aspects of the business are working in synchronisation.
Yet, as exciting as an RPA solution may seem, you need to pick the right partner to ensure you get as much out of automation as you possibly can. That’s where Robiquity come in…
RPA finance solutions with Robiquity
Robiquity offer bespoke solutions for businesses in the finance sector. We pride ourselves on enabling faster, efficient data processing in an industry that depends on it.
We have already helped a variety of finance clients to implement automated solutions that have yielded superb results. Just look at our case studies for proof. However, what truly makes us stand out from other RPA partners is the level of support and care we provide for our clients before, during and after the enablement process.
Bespoke solutions are our speciality – and it all begins with an in-depth consultation performed by our RPA experts. We can analyse the current workings of your business; outlining the areas where automation can be most effective. Unlike other businesses, we focus purely on RPA. When you choose us, you know you’re getting the very best advice that money can buy. If you ever encounter any problems, we’ll be there to resolve them.
Get in touch with our team today by calling 0161 974 3244 or sending a message to firstname.lastname@example.org. We can offer more insight into how our RPA solutions can transform your finance company for the better.
When it comes to RPA – we deliver. It’s as simple as that.