The challenges of CFOs are many and diverse: sluggish growth, aggressive competitors, a changing workforce, evolving business models, an explosion of data, government regulations, and the ongoing pressure to cut costs.
As PwC stated in their 2019 report How AI will transform the CFO's role, "it's no longer enough for CFOs to be the financial stewards in their organisations, ensuring finance reports are accurate and complete. They now need to harness the data flowing through the organisation to take on a more strategic role."
In other words, the traditional role of the CFO to maximise the value of data to create competitive advantage is transforming.
And that's when Robotic Process Automation (RPA) can come to rescue. RPA uses sophisticated software, aka 'digital workers', to create efficiencies and improve accuracy by automating repeatable business processes.
Shift your focus from mundane tasks to creativity and innovation
One of the most significant benefits of RPA is improved employee engagement and morale because it allows businesses to free up time spent on repetitive, manual tasks and provide time for creative and strategic tasks in the finance department. RPA will help organisations empower their workforce to focus on customer service, innovating existing processes and work towards growth and profitability.
Enhanced with cognitive technologies, such as machine learning, speech recognition and natural language processing, it can help CFOs transform their role and ultimately the entire finance function. Enabling finance departments to contribute significantly to decision-making processes and the strategic direction of the organisation.
70-80% efficiency increase in the finance sector
The business process automation specialist, Automation Anywhere, found that RPA delivers a 70-80% efficiency increase, especially in the heavily regulated finance sector by increasing capacity, accuracy and compliance while reducing costs.
These are six key benefits of automating finance processes:
- Strengthen governance and control
- Create business resilience
- Improve cash flow
- Accelerate the financial close
- Reduce costs
- Improve accuracy
From accounting and invoicing to data entry tasks, payroll and much more, RPA is transforming businesses across all sectors. Gartner identified RPA as the number one fastest-growing segment of the global enterprise software market. RPA is building capacity, boosting competitiveness, and reducing costs for organisation around the world.
Highly innovative digital workers, aka bots, have perfected repetitive tasks. They can log in and out of applications, copy and paste data, open emails including attachments, and even fill in forms. They complete transactions, manipulate data, trigger automatic responses and communicate with other digital systems.
With unprecedented capacity and a never-ending commitment to work around the clock, digital workers automate approximately 30% of tasks currently undertaken by most occupations.
Are you an early adopter?
Simply said, RPA is changing the way Australian businesses work. If you want to be on top of your game, download our eBook today or discover how The Missing Link's Automation team can help!
If you liked this article, you may also like:
Working with virtual assistants in the legal industry
Streamline workflows through cloud orchestration
Robotic Process Automation is taking off!
