Take a look at the top 3 RPA use cases in finance here: https://www.damcogroup.com/blogs/robotic-process-automation-in-finance-adding-a-difference-to-businesses/
Ride the Storm: Navigating Through Unstable Periods / Katerina Rudko (Belka G...
Learn RPA Use Cases in Finance for Better Business Management
1. Learn RPA Use Cases in Finance for
Better Business Management
In this pdf, we explore different RPA use cases in finance and how
automation is creating a difference for businesses. The stakeholders can
accordingly find the scenario that appropriately suits their needs.
Financial services companies have so many labor and time-consuming
processes. But with RPA in finance, companies can efficiently modernize
and digitize repetitive activities. They manage all the no-brainer tasks
resulting in increased efficiency, maximum productivity, and greater
compliance.
The data sourced from Gartner states, “Robotic process automation
usually costs one-fifth of an onshore employee and one-third the
amount of an offshore employee.”
It does not only reduce the stances of offshoring, but makes a huge
difference across the length and breadth of a company. Complex to
simple workflows can be automated across different core processes like
sales and marketing, HR, IT, business administration, office
management, etc. It is, therefore, gaining wide popularity among the
growth-focused business players.
2. Take a look at the top 3 RPA use cases in finance, as penned below:
Accounts Reconciliation
RPA in finance minimizes the errors and saves human efforts in data-
related tasks like data collection, data entry, and many more. Finance
and accounts handling is an uphill task, but are equally important to be
avoided.
Automation is, therefore, a win-win situation for both the company and
the employee. Beginning with invoicing to accounts receivable and
everything in between, RPA in finance can supplement processes and
make them error-free, leading to happy and loyal customers. It can also
multiply efficiencies dramatically, specifically account reconciliation that
is one of the significant pain point for a majority of businesses.
Statement Preparation
Putting together all the financial statements gathered from numerous
departments to keep a check on the current state of business affairs is
not a five-finger trick. With RPA in place, entire process can be digitized
leading to better accuracy. The human resources can thus deal with
complex reasoning processes in prioritizing tasks and leave financial
statement preparation tasks for software bots.
Fraud Detection and Risk Mitigation
Risk mitigation tops the priority list for companies dealing in the finance
industry. With process automation in financial services, companies can
strictly abide by the compliance laws such as GDPR and all others. The
figurative bots ensure that ‘know your customer’ (KYC) information is
accurate and customers adhere to the industry norms.
They are also used for checking and validating a consumer’s personal
information. If there are any discrepancies, these bots highlight the issue
for the compliance department to take immediate actions. Hence, they
boost the good reputation of a financial organization.
Winding Up
3. The diverse RPA use cases in finance are elucidated here. Apart from
this, it has the potential to revitalize businesses, right from aggregator
start-ups to small and medium businesses to global corporate. The key
lies in finding the right professional provider who helps with the risk-free
adoption of RPA.