Robotic automation and finance is no longer a numbers game


By Simon Shah, Chief Marketing Officer, Redwood Software

The age of robotics is most certainly upon us. However, unlike the industrial revolution that took place on the factory floor decades ago, the current industrial revolution is taking place in the back office and none more so than in the finance.

Many finance organizations have made significant investments in standardizing operations as part of a ‘lift and shift’ outsourcing strategy. Although the processes have been moved to lower cost centers, quite often the processes are still performed by people who continue to execute rules based manually repetitive tasks. Throwing more people at the problem is most certainly counterproductive, as labor arbitrage has diminished in recent years as labor costs have risen in many markets like India, Brazil and the Philippines.

In addition, there is now a strong global demand for these resources which has resulted in high turnover rates and consequently, organizations spending a great deal of time and money on replacing and training new workers. What you really need is hands off approach in for example the financial close that will eventually eradicate the back office and silos that exists in finance operations.

As demand grows for a long-term sustainable solution, robotics has evolved as the next best solution to offshore service centers. Robotic Process Automation (RPA) is a software designed to mimic the repetitive actions humans take when completing tasks within a process. To get started with RPA, a technician often observes the human process, records and deconstructions the tasks into a coded process then builds onto the process with problem-solving logic. That means finance organizations can only automate between 10-30% of their finance processes.

What is really required is a solution like Redwood Robotics™ and more specifically their Finance and Accounting solution, RoboFinance® that helps you achieve fast close accounting. Redwood specializes in robotizing ERP and related standard applications such as Oracle, SAP, SalesForce etc., to automate process end-to-end and allow finance to realize automation levels of a whopping 70-100%. This means our customers have witnessed huge improvements in their financial processes and all report fast first time right results.

Leslie Willcocks of the London School of Economics commented that RPA takes the robot out of the human. For instance, Robotics can empower a Finance team to undertake a continuous close process, based on real-time data. It’s not a case of replacing talent, but re-imagining and automating repetitive tasks – removing human error and ensuring consistency of data.

Download RoboFinance Whitepaper

Sources:
http://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/the-next-acronym-you-need-to-know-about-rpa​

 

Categories:   Automation   Robotics   Software   RoboFinance  
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