Time is money, but for many finance departments it's not just the time that matters. Automating mundane tasks can free up valuable employee time to allow workers to focus on more pressing matters.
Automation allows employees to complete repetitive tasks at the touch of a button. This reduces or eliminates errors that occur with manual processes and frees up valuable time that can be used to locate and analyse data. It may also reduce the need for employees to physically move around or speak with other people within financial departments, promoting the sharing of information.
Replacing the manual process is not just time saving but it's also cost effective compared to hiring an additional employee who would complete these tasks in a largely similar fashion.
As well as enhanced data sharing and increased accuracy, automation can also speed up processes which often become very time consuming. These tasks might include the manual checking of documents for errors.
When a process is streamlined in a very generic way is also possible that it can be reused across different departments.
Automated process automation (RPA) allows companies to build agents which will perform tasks in a similar way to how humans would, simply by using computer software. Tools such as Automation Anywhere can be used to monitor transactions and take actions that would otherwise require human intervention and are available at varying levels of sophistication, allowing financial departments to automate their processes to the level that they need.
So why isn't everyone in financial departments doing this? Some reasons include:
- Automation might not have been considered as a time saving option
- Automated processes require an initial period of planning and development, which can be costly compared to manual tasks
- Automation is likely to make some employees redundant. RPA tools are designed to carry out routine work roles, not account
for human error or creative thinking
- There may be a lack of knowledge that automation is even possible within a department
- Automation can take time to implement, particularly if different departments need to be included
But there are benefits. Automated processes allow companies to build a paper trail of their actions and transactions which can help them avoid errors in the future. Automation also allows for tasks to be completed more quickly than would be possible for an employee to do manually.
Automation also allows employees unrestricted access to information, wherever they are so they don't have to rely on physical documents being passed around between departments. Correctly implementing an end to end process can help companies comply with regulatory requirements, which is important given the increase in financial crimes and regulations introduced by regulators.
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