Get started with Robotic Process Automation
Digital transformation and robotics in your organization? Start out in this area.
Why the expense management process is the perfect place to start!
Robot technology in various forms is currently a very hot topic. In other words, it concerns everything that relates to office robots, AI, Robotic Process Automation, software robots etc. The topic is also on the agenda of finance leaders, when it comes to the application of the technology within their field. Like other areas, the finance function can expect a period with rapid digital transformation over the coming years.
TL;DRA McKinsey study found that nearly 60% of finance department tasks can be fully or almost fully automated, and Robotic Process Automation is the technology best positioned to capture those gains. Acubiz recommends starting with expense management as the entry point for RPA in finance, since its repetitive, rule-based workflows are ideal candidates for automation.
A McKinsey study points out, that nearly 60 % of the tasks and processes in a finance department can either be fully or almost fully automated. This can create great advantages for your business and if you’ve got the lead in a finance function, then you can’t afford to wait on getting started with this.
Software – and office robots – what do they do and where to start?
Terms like “digital transformation” and “robotics” can seem somewhat overwhelming and it can be hard to navigate the opportunities and figure out where to begin and end. That’s why I will give you a little guidance into an area, where you, with advantage, can start out.
Finance departments have traditionally always been very focused on efficiency and we have witnessed a longer period, where businesses have relocated tasks to external partners. However, we have reached a point, where it, for many organizations, can be hard to achieve further optimizations through outsourcing or salary arbitrage. Going forward, Robotic Process Automation (RPA) will play a role in the work to harvest further gains through process optimization.
You should consider RPA as a digital or virtual labor force. A labor force that can help you to achieve an extremely high level of automation, when it comes to repetitive or transactional based activities. And this type of labor force works hard, fast and doesn’t do errors. Put in another way, RPA covers a category of automation software, that can be set up to carry out specific tasks.
The important thing is also, that the technology has matured to a level, where employees in the finance department easily can be trained in handling the tools. This means that, it is no longer a matter of running a complicated IT job, when a specific task needs to be automated.
The best way for you to get going with robot-based labor is to look for the processes, where rule-based activities apply. It could for example be related to bookkeeping or control.
A super charged expense process
The expense management process, or put differently, the process around handling employee expenses, travel expenses, outlays, mileage and so on is the perfect place to start. Regarding the role of the finance department in this process, a quite comprehensive task around controlling expenses applies. You can, with great advantage, put a robot in place to handle most of this task. A maneuver, that will super charge your expense process and give you a taste of the potential within RPA.
If you want a robot to handle this operation, it is however, a prerequisite that you have your rules and policies regarding employee spend in place. When this is in place, you need to look for a solid piece of expense management software that comes with RPA functionality to automate the controlling tasks. If you already have a system in place, then you need to check whether this is capable of handling automation. Be advised, that not all vendors in the market support this.
The fact that this process is highly rule-based makes it a very good fit for starting out with RPA. Have fun with it!
Enjoy!
Frequently Asked Questions
What percentage of finance department tasks can be automated with RPA?
A McKinsey study cited in this context estimates that approximately 60% of tasks in a finance department can be either fully or almost fully automated. This represents a substantial opportunity for productivity improvement and resource reallocation in organizations of all sizes.
What is Robotic Process Automation and how is it different from regular software?
RPA is a category of automation software that can be configured to carry out specific repetitive or transactional tasks, acting as a virtual labor force. Unlike traditional software that requires human input at each step, RPA bots execute rule-based processes at high speed, without errors, and without breaks.
Why is expense management a good starting point for RPA in finance?
Expense management is characterized by high transaction volumes, consistent rules, repetitive steps, and clear documentation requirements. These properties make it ideal for RPA. Starting here allows finance teams to gain experience with automation in a contained, well-understood process before expanding to more complex areas.
How much resource does it take to start an RPA project in a finance team?
Less than many expect. A common misconception is that RPA projects require major IT investment and specialist teams. In practice, many successful implementations have started with parts of processes rather than complete end-to-end automation, and the resources required to get started are often modest.
What happens to finance staff when RPA automates their tasks?
The goal is not headcount reduction but reallocation. When RPA takes over transactional work, finance professionals can focus on analysis, business partnering, and strategic tasks that require judgment. Organizations that have hit the limits of outsourcing or salary arbitrage see RPA as the next lever for efficiency improvement.
