ROBOTIC PROCESS AUTOMATION FOR FINANCE FUNCTIONS
Robotic process automation (RPA) is the deployment of software robots that operate on top of existing IT infrastructure.
RPA robots interface with software similarly to humans, but they complete repetitive tasks faster and more accurately. They work 24/7/365 and function across existing applications and systems. They always do what they’re programmed to do, meaning they behave predictably, securely and error-free. Most importantly, they liberate personnel to reallocate time and attention to value-add finance functions and innovation opportunities.
BUILDING TRANSFORMATIVE WORKFLOWS WITH STRATEGIC AUTOMATION
At CFGI, our cross-functional finance and RPA experts identify, execute and scale your organization’s most valuable automation use cases. We have supported more than 500 automation cases and have helped create end-to-end automation Centers of Excellence and Robotic Operating Models for global clients of all sizes.
Our mission is simple: Empower lasting finance transformation using Intelligent Automation and Robotic Process Automation.
UNLEASHING RPA’S POTENTIAL
Cost-effectiveness, ease of deployment and unceasing productivity have earned RPA its reputation as a powerful disruptor. Organizations have already leveraged RPA to save millions of dollars and eliminate thousands of FTE hours by:
- Automating repetitive and time-consuming tasks.
- Slashing operational costs tied to inefficient processes.
- Curbing operational risk.
- Reducing error associated with manual business processes.
- Enhancing the dependability and efficacy of data.
RPA’s core benefits include:
- Fast time to deployment: Monolithic implementations and custom integrations are not necessary to deploy RPA bots, which are easily configured to complete processes spanning multiple applications.
- Continuous uptime: Unattended RPA bots can function around the clock, ensuring that data is constantly processed and ready for use by other systems or human personnel.
- Ruled-based performance: Bots never deviate from their programming; they follow a set of rules that adhere strictly to an organization’s security and governance protocols.
TAKING THE ROBOT OUT OF THE HUMAN
RPA is one of the powerful tools used on the journey to automating humans. RPA on its own is not AI and machine learning. Companies looking for real competitive advantage are beginning to combine RPA with AI. Think of software robots, or “bots,” as a “bionic arm” to handle specific, rules-based business processes. They do not replace humans, but augment their ability to complete high-value tasks unencumbered by data entry, data migration and other tedious chores.
Upon encountering workflow exceptions that require human judgement, such as investigating a data discrepancy during an audit, bots alert designated personnel who then take over.
Taking the robot out of the human in this manner improves job satisfaction. Rather than enabling processes through tedious clerical tasks, people are enabled by processes to conduct meaningful and innovative work.
DELIVERING END-TO-END STRATEGIC SUPPORT
CFGI is uniquely qualified to help organizations realize RPA’s benefits through custom implementations, and our team delivers end-to-end strategic support. The attributes that enable this level of service include the following:
Deep finance expertise
As a highly reputable and trusted partner in financial services and accounting, CFGI has extensive experience and profound finance expertise. We leverage this knowledge to identify strategic automation opportunities that maximize the short- and long-term value of each implementation.
We guide our customers through each step of their transformation journey, sharing our extensive knowledge, experience, proven methodologies and intellectual property. From process selection to proofs of concept and pilots, development of CoEs, implementation, testing and scaling, our finance experts ensure that high-value strategic end goals are always in sight.
In-house technical acumen
CFGI provides the tactical support necessary to seamlessly integrate intelligent automation solutions with your live production systems. All of our developers work in-house and coordinate closely with our financial consultants and our customers’ IT stakeholders and finance leaders.
Each of our developers is also well-versed in the leading RPA platforms, and possesses robust experience working with complex automations.
Boutique-level attention to detail
CFGI has the resources of a large finance consultant but provides boutique-level attention to detail and service. We collaborate closely with our customers to make sure costs are managed, timelines are met and expectations are exceeded.
FUELING FINANCE TRANSFORMATION
RPA in finance is a no-brainer due to the vast amount of data-processing involved in workflows. RPA’s role is to improve data dependability and efficacy by getting information where it’s needed, when it’s needed.
- Data entry/extraction: Pushing and pulling information from various sources of structured and unstructured data including applications, spreadsheets, invoices, checks, work orders and much more, and presenting it as part of a bigger workflow.
- Data validation/reconciliation: Validating data used in finance workflows and reconciling multitudes of records compiled from many sources to ensure that the information being used to make decisions is accurate.
- Data migration: Integrating legacy systems and new applications to pool information; this scales back on manual data-migration tasks and prevents important data from falling through the cracks.
With CFGI’s vision, strategic guidance and technical capabilities at the helm, our customers can begin automating processes in the following areas:
RPA bots can collect, validate and reconcile data used for general accounting purposes. Automations might be used to optimize tax activities, calculate and apply allocations, maintain fixed-asset costs and much more.
Accountants and managers can spend less time seeking out discrepancies and more time investigating those that have already been discovered by software robots.
Accounts payable and receivable
Accounts payable and procure-to-pay (P2P) teams can use bots to log non-EDI invoices, automate blocked-invoice resolution, process expense approvals and much more, while the people focus on high-value tasks.
Likewise, accounts receivable personnel can manage exceptions and leave invoice validation, dispute processing, applying cash to outstanding balances and other chores to the robots.
Financial planning and analysis
Finance leaders can use RPA to help them gather and clean data for analysis, to build financial standards reports, and more.
RPA’s unparallelled data-handling capabilities help ensure that information used to construct reports is truly representative of operational conditions.
Other business areas
RPA’s utility extends beyond these use cases and into:
- Consumer banking.
- Customer support.
- Human resources.
- Supply chain management.
- And more.
KICKSTART YOUR JOURNEY TO FINANCE TRANSFORMATION
Lock down the competitive advantage of RPA, and begin taking steps toward finance transformation. Contact the experts at CFGI today.