Robotics Process Automation in Finance Industry
Robotic process automation (RPA) is a software technology that makes it easy to build, deploy, and manage software robots that emulate human actions interacting with digital systems and software. Just like people, software robots can do things like understand what’s on a screen, complete the right keystrokes, navigate systems, identify and extract data, and perform a wide range of defined actions. But software robots can do it faster and more consistently than people, without the need to get up and stretch or take a coffee break.
Below are some the challenges businesses face which is addressed by RPA:
Inconsistent, nonstandard, and complex processes :
Processes typically evolve to meet the demands of internal and external customers using the tools, skill sets, and resources available. Consequently, processes vary depending on when, where, or by whom the process is performed and are often used on an ad hoc basis. Automating an inconsistent or nonstandard process can be complex, time-consuming, and often ineffective
Errors and rework:
The finance function is often the unwilling recipient of errors created upstream that must be corrected downstream. Automating error-filled processes might simply speed up and amplify the problems, creating pileups in finance.
Sub Optimized ERP systems:
Modern enterprise resource planning (ERP) systems are quite complex, and expertise on how to get the most out of these systems is hard to find. So relevant functionality that would support automation often goes unused.
Costly and complex enhancements:
Building enhancements to existing systems is a long, costly process, and finance is typically at the end of the line for help. Moreover, these modifications often create more problems than they solve if not managed properly.
Increased cost due to Manual Effort: Manual processing drives up overhead, lacks quality control, and increases fraudulent risk. This in turn increases the operation costs and time delays.
Detecting fraud usually depends on correlating data from multiple sources. Most organizations aren’t set up for examining transactions across silos, so even if they can detect that fraud is taking place, they have trouble proving or blocking it.
With analytics, companies can automate the testing of 100% of data points, then identify outliers that indicate risk and investigate further. With insight into real-time, transactional data, investigators can readily see fraud as it is occurring and take immediate action to reduce the losses stemming from the fraud.
Machine Learning provides a scalable machine learning platform, where data from past fraud can be used to predict future fraud. This will even recommend a machine learning model that best fits the data and goal. Once the model is created, you can use that model to predict fraud in future transactions.
Technical Data Architecture
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1. Accelerated transformation : RPA is a major component in digital transformation.
2. Major cost savings: RPA drives rapid, significant improvement to business metrics across industries and around the world.
3. Greater resilience : RPA robots can ramp up quickly to match workload peaks and respond to big demand spikes.
4. Higher accuracy : The main feature of robotic process automation is its power to eliminate processing errors. As long as the business processes are properly optimized and accurately mapped, businesses need not be concerned that the robots will make errors.
5. Improved compliance : 92% agree RPA has ‘met or exceeded expectations’ for better compliance
6. Boosted productivity: Manual tasks consume a significant amount of time and energy, so staff can’t accomplish as much in a day. When you configure RPA bots properly for a workflow, they can increase a team’s capacity for completed work
7. More value from personnel : RPA enables people to focus on more strategic work.
8. Happier employees: RPA increases employee engagement.
9. Advanced Governance
The RPA benefit of advanced governance has two levels:
- An RPA system complies with a clear and precise governance system. Indeed, creating a well-considered governance structure is a key step in effective deployment of an RPA platform.
- RPA software can govern your larger system. That is, it can check and recheck and monitor systems continually. Just as humans monitor governance now (but with all the mistakes that humans make) an automated system can check and flag an activity in an enterprise infrastructure that does not comply with the current governance framework.
10. Enhanced Customer experience: When the work is completed faster with RPA bots it lessens a customer’s effort, gets the work right at the first time, and turns the work around faster, enhancing customer experience.
- 30–45 % Improved ROI
- 45% Increase in Productivity
- 80% Reduction in Errors
- 30% Improvement in Efficiency to Generate Savings
- 65% Increase in Compliance
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