Although not an industry in itself, the Finance and Accounting department warrants critical care when it comes to automation. F&A is a quintessential yet off-the-radar back-office department that keeps the organization running. Though F&A professionals do not get a lot of attention from the CEO, the decrease in an organization’s bottom-line through RPA in the accounts payable (AP) department could be instrumental for a CEO to switch the spotlight. The CFOs, on the other hand, face continuous scrutiny and pressure from their stakeholders while they strive for cultivating strategic business initiatives around growth, risk, and cost management. Robotic Process Automation has been a key driver of success especially in Finance and Accounting, delivering a multitude of benefits that are close to a CFO’s heart including cost savings, accuracy, scalability, and better compliance.
- Excessive dependence on legacy systems
- Error-prone and time consuming manual processes
- Delay in payments
- Data reconciliation