5 Ways Intelligent Automation Creates Value in Finance and Accounting
August 05, 2019 | By Art SarnoOrganizations adopting intelligent automation across the enterprise are turning to finance as one of the best places to start their digital transformation. According to a recent Forbes Insight survey, “financial transactions or reporting” was listed in the top five most frequently automated processes. But what is IA and what does it do for finance and accounting processes?
Intelligent automation platforms enable organizations to extend and enhance already “optimized” processes. It is the next generation of robotic process automation (RPA) — combining cognitive capture, mobility and engagement, process orchestration and analytics onto one open platform to seamlessly work with RPA.
Here are five surprising ways intelligent automation creates value in finance and accounting:
1. Increased Capacity, Productivity and AccuracyUnlike humans, software robots don’t get tired. They work 24/7 and never make errors out of exhaustion. While experts say human interaction accounts for two to five errors per every 100 tasks, robots are more accurate at repetitive tasks. A scalable enterprise automation solution can automate hundreds of use cases across an organization with central management.
2. Improved Employee SatisfactionImagine if employees were free to do meaningful work and still made it home at a reasonable hour every day. When time-consuming, manual tasks are automated employees have greater job satisfaction and a better work-life balance. In fact, more than 20% of finance respondents to the Forbes Insight survey reported employee satisfaction has increased more than 25% as a result of automation.
3. Enhanced Customer Satisfaction and LoyaltyCustomers are happy when they receive consistently accurate results — this applies to external customers, internal customers, suppliers, etc. Nearly half (48%) of the finance and accounting Forbes Insight responders listed customer satisfaction as the top metric directly relevant to their job performance. When not leveraging enterprise automation some believe that providing a better customer experience is a missed opportunity.
4. Reduced Risk and Bolstered ComplianceMistakes happen. After all, humans are only human. It is estimated that 88% of process mistakes are due to humans. Automation enhances accuracy and standardization to reduce the risk of non-compliance and helps organizations keep pace with increasing regulatory requirements.
5. Greater Innovation and Competitive DifferentiationOrganizations get ahead when intelligent automation handles the grunt work and employees focus on big ideas that create marketplace advantage. The Forbes Insight survey found that finance respondents ranked “agility and velocity” the highest out of eight opportunities missed by not making use of enterprise automation.
Discover how finance and accounting benefits from intelligent automationDownload Forbes Insights Report