Challenges Of Robotics Process Automation (RPA) For Financial
Inconsistent, nonstandard, and complex processes :
Processes typically evolve to meet the demands of internal and external customers using the tools, skill sets, and resources available. Consequently, processes vary depending on when, where, or by whom the process is performed and are often used on an ad hoc basis.
Errors and rework:
The finance function is often the unwilling recipient of errors created upstream that must be corrected downstream. Automating error-filled processes might simply speed up and amplify the problems, creating pileups in finance.
Sub Optimized ERP systems:
Modern enterprise resource planning (ERP) systems are quite complex, and expertise on how to get the most out of these systems is hard to find.
Costly and complex enhancements:
Building enhancements to existing systems is a long, costly process, and finance is typically at the end of the line for help.
Increased cost due to Manual Effort: Manual processing drives up overhead, lacks quality control, and increases fraudulent risk. This in turn increases the operation costs and time delays.
Our Process
Some Easy Steps to Process
Correlation of data
Fraud detection often requires the correlation of data from multiple sources, which can be challenging for many organizations that are not set up for examining transactions across different silos.
Analytics
Analytics can automate the testing of 100% of data points, identify outliers that indicate risk, and enable investigators to detect fraud in real-time.
Scalable Platform
Machine learning offers a scalable platform for predicting future fraud based on past data. It can recommend a suitable model and be used to predict fraudulent transactions.
Real-time Insights
With real-time insights and machine learning capabilities, companies can take immediate action to reduce the losses stemming from fraud and prevent further fraudulent activity.
Correlation of data
Fraud detection often requires the correlation of data from multiple sources, which can be challenging for many organizations that are not set up for examining transactions across different silos.
Analytics
Analytics can automate the testing of 100% of data points, identify outliers that indicate risk, and enable investigators to detect fraud in real-time.
Scalable Platform
Machine learning offers a scalable platform for predicting future fraud based on past data. It can recommend a suitable model and be used to predict fraudulent transactions.
Real-time Insights
With real-time insights and machine learning capabilities, companies can take immediate action to reduce the losses stemming from fraud and prevent further fraudulent activity.
Benefits
1. Accelerated transformation : RPA is a major component in digital transformation.
2. Major cost savings: RPA drives rapid, significant improvement to business metrics across industries and around the world.
3. Greater resilience : RPA robots can ramp up quickly to match workload peaks and respond to big demand spikes.
4. Higher accuracy : The main feature of robotic process automation is its power to eliminate processing errors. As long as the business processes are properly optimized and accurately mapped, businesses need not be concerned that the robots will make errors.
5. Improved compliance : 92% agree RPA has ‘met or exceeded expectations’ for better compliance
6. Boosted productivity: Manual tasks consume a significant amount of time and energy, so staff can’t accomplish as much in a day. When you configure RPA bots properly for a workflow, they can increase a team’s capacity for completed work
7. More value from personnel : RPA enables people to focus on more strategic work.
8. Happier employees: RPA increases employee engagement.
9. Advanced Governance
The RPA benefit of advanced governance has two levels:
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An RPA system complies with a clear and precise governance system. Indeed, creating a well-considered governance structure is a key step in effective deployment of an RPA platform.
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RPA software can govern your larger system. That is, it can check and recheck and monitor systems continually. Just as humans monitor governance now (but with all the mistakes that humans make) an automated system can check and flag an activity in an enterprise infrastructure that does not comply with the current governance framework.
10. Enhanced Customer experience: When the work is completed faster with RPA bots it lessens a customer’s effort, gets the work right at the first time, and turns the work around faster, enhancing customer experience.
Results
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