“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 the physical form of currency (i.e. notes and coins) to digitized modes of transaction. With the advent of online payment, the idea of money is not necessarily tangible anymore. Thus, it follows that the finance sector is also ascending in its attempt to catch up with the ever-growing demands.
So, what should prevent the finance sector from pursuing its relentless flight?
In today’s world, there is no place for monotony and repetition to seep into the day-to-day business processes of any domain. But 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. We’re back with a blog, and today, let’s look at 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. It is here that RPA can step in and automate the entire invoice process. Software bots can now perform invoicing to perfection. They can carry out tasks such as organizing the gathered information, placing the same in ERP templates and sending out confirmations.
2. YOUR BOT ‘KNOWS YOUR CUSTOMER’
The Know-Your-Customer procedure helps the company verify the customer’s basic background. 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 effort. RPA can bring about a 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 “accounts payable” records. Automating the processes in the accounts sector can bring about 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. So, it is important to ensure that one is up to date with the latest trends in the rise and fall of product prices. Thus, financial companies need to work closely with suppliers and compare product prices. However, this ‘comparison circus’ can often become quite hectic. 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.