Modern companies in pursuit of becoming agile apply customized software to solve operational issues and raise the general efficiency on different levels. That’s why, nowadays, business automation has gained significant popularity. It helps save time, optimize costs, and make the management of the company easier, and more professional. On the other hand, business automation provides additional options for security and improves the general quality of customer support. In recent years, financial management has been applying robotic technologies to raise the accuracy and speed of accounting, and Robotic Process Automation (RPA) is becoming more and more popular. Let’s analyze the main advantages of applying RPA for the financial management of the company.
Know more: Use of AI in Accounts and Finance
Advantages of applying RPA for the financial management
1. Security, above all
Risk management of the stage of financial transactions is still one of the crucial issues in modern business. That’s why proper client authentication and general control on the payment addressees will provide the necessary firewall against the financial frauds and avoid any suspicious transactions.
As the robotic system identifies the client, it’s easier to check any possibility of the money-laundering and frauds. With the help of RPA tasks, your system can gather the needed information about your clients through the different open sources, so in the end, it will help you form the database of the trusted financial contacts for your business.
You can hire twenty professional analysts and make them work 24/7, but you’ll never build a sustainable mechanism to control the financial operations. Instead, RPA will provide round the clock monitoring and fresh data on each and every client day by day.
You can tune your RPA system in the way it will require the data from the governmental organizations and banks, so you’ll always keep up-to-date with any changes in the financial status of your business contacts. On the other hand, you can also add the task to monitor the social media accounts of your clients.
In this way, you’ll get access to more detailed information about them. As soon as your billionaire client announces about the divorce on the Facebook page, you may predict some changes in his financial conditions on time.
2. Who’s better, a robot or a human?
In many areas of management, and financial management, in particular, the human dimension still raises a lot of concerns. Software development for business has changed the general situation in human resource management significantly, as it gave the possibility to share some routine tasks between human employees and robotic equipment.
RPA technologies, in general, give the possibility to minimize the workload of daily tasks on the employees and provide them with more space to use their creativity on more sophisticated tasks. As has already been mentioned, robots can work 24/7 and won’t ask you to pay for extra hours.
Routine tasks on data analysis need perfect attention, but it’s been proved that even the best employees get tired during the 8-hour working day, so at the end of the day and on Fridays, their concentration and general efficiency gets lower. It’s still a subject of the dispute who plays chess better, a human or a robot.
But there’s no doubt that robots type text faster, so giving the task to automatically type short messages on customer support inquiries to your RPA is certainly the right decision. Again, robots don’t forget anything and don’t need sick-leaves.
So, financial routine tasks that don’t acquire situational thinking, decision-making, and unique approaches, you can assure to RPA.
We have already mentioned the factor of speed in fulfilling the tasks by RPA, but it’s still important to analyze the time and cost-effectiveness. In data analysis, humans need to perform two stages: data structuring and further data analysis.
As a result, they will spend more time analyzing the same amount of information than robots. RPA gives the possibility to start the immediate analysis of the unstructured information. So, except for typing speed, the speed in data analysis gives one more score to RPA.
On the other hand, human employees may have some issues with accuracy in data entry. When they need to enter the information manually, it may lead to some mistakes and data damaging, but robots gather the information and immediately enter it to the database with the simultaneous structuring.
Cost-efficiency is closely connected to the calculation of the man-hours, as you’ll need less of them on the tasks that will be performed by the RPA.
Besides, smaller companies who can’t hire additional data operators, may raise their effectiveness and widen the list of their services with the same cost, just having applied the robotic process automation.
Do I need RPA?
All the information above might lead you to the decision you certainly need to apply RPA in your business and develop your automation application.
But first of all, you need to analyze a couple of factors.
Does your company operate the big clusters of data? If it does, RPA will be a good decision for your business. The second step here will be to find a trusted developer and estimate the potential cost of automation development.
All the companies, want to optimize their costs and look for the solution how to reduce the mobile application development cost for their client support apps and analyze whether it’s really more efficient to order RPA customized software instead of hiring a couple of new employees.
So, be very attentive to the scope of the project and check the details of the cost. Compare how much you spend with the amount you’re supposed to gain and the ROI of the software development.
Don’t make your RPA fancy, make it effective. Avoid unneeded features and the tasks which have nothing to do with the routine data analysis and mechanisms.
On the other hand, include all the tasks that are monotonous and need 24/7 concentration to be fulfilled. And don’t expect that future software will eliminate the need to hire human employees. For some interesting and unique difficult tasks in the means of creativity and decision-making, humans are still better.