Why is Robotic Process Automation (RPA) a “must” for the Finance Industry?
By: Raheel Patel & Vinesh Kapadia
It is no surprise that the finance industry has welcomed the rise of Robotic Process Automation (RPA). The ease of integration, task automation, and efficiency provides financial teams a way to scale without jeopardizing security.
The demand for process automation unfolds from an organizations’ desire to streamline management, reduce cost, and expand workers’ capabilities across teams. Finance teams save time while improving accuracy, taking simple individual task automation, which has been around since the 90s, to a fully integrated robotic process automation. Now with less, you can shorten time while increasing efficiency.
Is RPA only helpful with data feeds from one system to another?
No, it can do so much more. RPA software systems can interact with multiple computer systems, manipulate data, report errors, escalate test failures, integrate legacy applications with newer CRM and Cloud ERP systems while maintaining the same security level as a human worker. The software is constantly learning and can mimic most logical human-computer interactions up to 10,000% faster than a human. Performing consistent, compliant, error-free tasks with virtually no downtime, creating a 24/7 digital workforce.
Why now, and why finance?
Although forms of RPA have been around since the early 2000s, we have seen an increase in adoption during 2020 with many organizations, finance included, forced to reduce team size and function remotely, causing strain on both the human workforce and ability to control security.
RPA is the answer.
Insurance, banking, mortgage, and other financial institutions are known for the immense amount of “paper” required to do business – forms, applications, searching, matching, filing, comparisons, deeds, declarations, the list goes on. However, these materials are often accompanied by a repeatable process requiring great attention to detail and quality reviews. Mistakes are time-consuming, costly, and detrimental to their business and the clients they support. RPA allows teams to automate compliance into a repeatable process and identifying any irregularities. The rule-based processes for financial services operations are perfect for an RPA solution and can quickly reduce the need for human review.
With the start of 2021, we continue to see businesses moving towards a digital workforce. RPA makes work smarter, not harder. Not to mention, it can be swiftly deployed, easily scaled across your organization while reducing operational costs and tackling extensive amounts of complicated workflows. Saving time for your team to focus on innovations, analytics, customer-centric initiatives, and exception management.
DLC & AIM Consulting help organizations implement RPA to automate processes and reduce strain on resources while maintaining accuracy and security. Contact our team of solution experts to leverage a digital workforce today.
DLC, an Addison Group Company, is a professional services firm that helps companies transform ideas into action, one project at a time. Our full-time practitioners are Big 4 CPAs or graduates of the nation’s leading business schools. All of our consultants have executed work within the complex environments of the Fortune 1000. Their desk-level expertise, backed by our highly efficient business model, positions us as a leading provider of high-quality results. DLC—founded by finance people, for finance people.
AIM Consulting, an Addison Group Company, is an award-winning industry leader in technology consulting and solutions delivery. AIM’s differentiation is our collaborative engagement model that provides cross-functional results. We work with clients, shoulder to shoulder, for one goal – their success. Founded in 2006, with offices in Seattle, Minneapolis, Denver, Houston, and Chicago, we are ranked among the fastest-growing private companies and best companies to work for due to a long track record of success with our partners and consultants. Our long-term relationships with the best technology consulting talent allow us to deliver on expectations, execute on roadmaps and drive modern technology initiatives.
About the Authors
Client Services Director, DLC
Raheel joined DLC in 2015 and now serves as Client Services Director for the Chicago market, where he is responsible for new business development, account management, practice development and talent acquisition. He previously served as Client Account Director and Consultant where his responsibilities included consulting as well as sourcing, managing, and leading client engagements. He has over 15 years of finance, accounting and transformation/project experience working with Fortune 500 companies within pharmaceuticals, consumer products, retail and financial services. His consulting focus has centered on acquisition integration, carve-outs, and divestitures, shared services, finance transformation, FP&A, business unit reporting, and project management.
Managing Director, AIM Consulting
Vinesh Kapadia is the Managing Director of the Houston Office of AIM Consulting. He pairs technical expertise with strong communication skills and business acumen to drive sensible solutions and lead successful projects. With a dual focus on project management and system architecture, Vinesh leads teams in efficiently and accurately delivering scalable, maintainable solutions catered to clients’ specific needs. His devotion to providing unmatched quality and service has allowed him to secure lasting relationships and become a trusted advisor.