“Money is not the only answer, but it makes a difference,” says Barack Obama.
From times of barter system to gold and silver and copper coins being traded, the world is now ascending from physical form of currency (i.e. notes and coins) to paper-free, digitized modes of transaction. With the advent of credit and debit cards and online payment getaways, the idea of money is not necessarily tangible anymore. Thus, it follows that the finance sector is also ascending by leaps and bounds in its constant attempt to bring about financial reforms, and to catch up with the ever-growing demands of modern consumers.
So, what should prevent the finance sector from pursuing its relentless flight? In this dynamic and ever-changing 21st Century world, there is no place for monotony and repetition to seep into the day-to-day business processes of any domain. However, it is unfortunate that a number of rule-based tasks continue to be performed manually in most of these sectors. Finance is no different.
In our previous blog, we spoke about the integral role of RPA in insurance. As a continuation, let’s consider the broader domain of finance this time.
We’re back with a blog, and today, let’s look at the various business processes that can be automated by RPA in the domain of finance:
1. TIRED OF INVOICE? MAKE THE RPA CHOICE!
Manually processing different customer invoices and indexing each of them can be very time-consuming and tedious. Moreover, it is also extremely monotonous, and often requires repeated effort by the employee. It is here that RPA can step in, and automate the entire invoice process. From organizing the gathered information, to systematically placing the same in ERP templates and sending out confirmations, software bots can perform the business process to perfection.
2. YOUR BOT ‘KNOWS YOUR CUSTOMER’
Needless to say, the Know-Your-Customer procedure is extremely relevant in finance, in that it helps the company analyze and verify the customer’s basic background and information. However, the lengthy process – which consists of steps such as data collection, identifying risk factors and Enhanced Due Diligence – can take up precious time, and reduce the intelligent employee to a pair of hands doing repetitive tasks. RPA can bring about a substantial change in the KYC processes. With the help of the ‘KYC Utilities’ technology, customer information can be easily gathered, verified and updated in the existing CRM systems, thus reducing human intervention in the process.
3. ACCOUNTS PAYABLE “AUTOMATABLE!”
Since time immemorial, accountants have been performing the monotonous task of maintaining tedious “accounts payable” records. Automating the processes in the accounts sector can bring about a considerable reform in business performance, and enable employees to think about the bigger business challenges and commitments.
4. ARE YOU PAYING THE PRICE FOR UNPREDICTABLE MARKET PRICES?
The global market is largely an unpredictable place; and it is important to ensure that one is up to date with the latest trends in the rise and fall of product prices. Thus, it becomes essential for financial companies to work closely with suppliers and compare product prices. However, this ‘comparison circus’ can often become quite hectic and time-consuming. Allowing RPA to take over can result in accurate results in much lesser time!
While money cannot buy everything, it is difficult to imagine life without finance. Money acts as a strong pillar that ensures security and system in the world. And so, RPA seeks to take over the unproductive, rule-based financial process, so that the finance sector can continue to perform optimally.