Robotics powered Finance & Accounting – how to get started?
KPMG recently published an attention-grabbing paper “Bots in the Back Office: BPO withers as RPA grows”, predicting end of Business
Process Outsourcing (BPO) while Robotic Process Automation (RPA) is gaining a foothold. We cannot other but agree with KPMG.
"It is not rare that specialists spend up to two thirds of their time in performing routine-based work. End-to-End processes seldom are completely flawless, manual workarounds are left here and there. They eat up time, energy and motivation.
RPA Operations Manager
A new era has begun, leaving many companies like us figuring out how to grasp the potentials (some say threats) that RPA is suggested to seed. This digital disruption is about to fundamentally change the way business services are sourced and delivered from now on. RPA is becoming a default in modern Finance & Accounting services.
According to a report from Everest (2014), Robotic Automation solutions are up to 65% less expensive than an offshore-based Full-Time-Employee (FTE). Most courageous analysts envisage up to 94% coverage of automation in Finance and Accounting services (The future of employment, University of Oxford 2013). RPA, Big data, artificial intelligence and other cognitive innovations are to blame.
But how does it all become tangible?
In this article, we will discuss what opportunities RPA will bring for Finance & Accounting. Where we see RPA is applicable, and what tasks it is likely to perform best. We have listed the main pitfalls to avoid, and have some suggestions on how to best get started with RPA.