Composing and distributing reports can be labor-intensive. With RPA, it can can help do the task quickly and accurately, freeing up the finance team to focus on adding value and supporting business growth. Read more.
With robotic process automation (RPA), traditional and manual workplace processes can be simplified and streamlined for higher productivity and efficiency allowing for increased cost savings for any businesses in the long run.
RPA can capture information, processes the results, sends the reports and saves the data in the records management system, all in an eyeblink and error-free. All of these are taking place in a primarily human intervention-free environment. If required, users can include a human-validation step between report generation and submission.
Below, we list down some processes that see high opportunities for automation:
In lead generation, inbound leads can come via Omni-channels, from emails to lead forms. These leads can be automatically be routed to relevant departments or personnel for follow up
Sales order automation streamlines the typically manual and time-consuming process during the sales process. There is no need to worry that a salesperson might not enter data or pass the correct information along to the next step. Prospects and customers can also learn about products and services, making purchases conveniently, without human interaction.
With RPA, incoming tickets can be reviewed and evaluated automatically to determine the required support category. They would then be routed to the appropriate person, department, or system. During resolution, bots can retrieve the information a service staff might need with a single command and integrate them on a single screen.
With RPA, data can be compiled to include previous period comparatives, download ledger data, and create pivots, and summaries in a predefined format. Should there be any exceptions, they can be captured and presented in an exception report for human intervention. RPA can improve the efficiency and quality of data while also reducing delays.
Receivable automation will bring speed to invoicing. From collections management and credit evaluation to settlement management. Automating the accounts receivable process will standardise the process, making work more straightforward. The collection manager’s job becomes more manageable and collections are streamlined.
RPA in sourcing & contract management enables better purchasing decisions, stock and supplier management.
Automating customer sourcing processes can result in improved inventory management and cost savings. Shortage issues would be reduced as component availability is better managed, resulting in lesser bottlenecks during production.
RPA can also be utilised when generating functional and management reports (finance, HR, tax, sales and more). In each case, the robots gather data from multiple information systems, including your ERP, data warehouse and other 3rd-party applications. They are aggregated and reconciled based on predefined reporting templates, with workflow management enabling hassle-free process controls and management oversights.
In the case of reporting to regulators, record management frameworks that come with RPA systems ensure error-free compliance and control supported by transparent audit trails. The systems are available 24/7, helping finance teams significantly reduce the time needed for reporting.
So, what about your employees, then? While robotic software can gather, organise and analyse vast volumes of data simultaneously, people are skilled at recognising exceptions and complex problems. They will be responsible for coming up with creative solutions in dynamic situations.
By giving robots the ‘grunt work’, you can free up resources and personnel to focus on what they do best. That will lead to significant efficiency gains and a more profound dedication to your core business.
As technology evolves, new machine-learning approaches continuously enhance robo-accounting or robotic process automation solutions. Robots can make increasingly higher-level decisions in complicated situations and learn from humans which variables to focus on. In the future, RPA systems could become truly intelligent.
