RPA is typically applied to existing processes, utilising systems already in place. It is akin to a virtual workforce that handles transactions spanning multiple enterprise systems. RPA can capture data and manipulate enterprise apps just like humans do while making fewer errors.
Unlike older business process automation tools, RPA is capable of relying on AI technology to help it learn along the way too. In other words, RPA is more flexible and more likely to stay functioning under changing circumstances.
As with many digital initiatives, cost reduction is a major driver behind the evolving role of robotics in finance, but cost is not the only factor. Companies looking to implement RPA in their finance functions can look forward to several benefits:
Finance is a meticulous, process-driven business function that is closely suited to the capabilities RPA brings to the table. Some of the typical applications for robotics in finance include:
We’ve highlighted just a few of the typical use cases for RPA in financial firms, and in the finance functions of all other enterprises. Again, wherever a repetitive process exists, chances are RPA can bring accuracy and cost savings to the table.
We’ve already explained how getting started with RPA involves relatively low hurdles. Principally, RPA merely requires an existing process that is already documented. However, even where processes currently involve hiccups, a good technology consultant including the team at ELEKS can rapidly get you up and running. Get in touch with us!
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