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.
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 datarelated 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
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.