As independent consultants, we at CRE8 find a new technology, for the Finance Department, in 2021 – Robotic Process Automation (RPA) – can improve the quality, and efficiency of Accounts Payable, Accounts Receivable, General Ledger, Payroll, Inventory, and Asset Management, beyond what is provided by Finance/Accounting computer systems.
RPA is helping the Finance Department automate:
· individual worker repeatable tasks,
· group-level input, update, request, workflow, follow-up, and output,
· department audit and reporting,
· cross-functional areas such as onboarding and offboarding, customer set up, vendor set up, and changes, and
· interactions with other departments /organizations such as Human Resources, Sales, Customer Service, Vendors, and Customers.
If properly planned for and implemented, Finance Departments can obtain an impressive 25% to 10x improvement. This is made possible through the automation of redundant tasks and reducing errors. Timelines for Finance to respond are dramatically reduced.
Challenges with RPA include:
· selecting the right processes;
· avoiding sprawl;
· long-term return on investment when including maintenance, upkeep, and expansion costs;
· inclusion and integration of required adjunct technologies (machine learning, AI, workflow, ECM, data system integration, etc), and
· proper department, application, and workflow planning.
The keys to RPA and unlocking the benefits for Finance include fully understanding this technology, developing a well-thought-out “business process-focused” plan, correct documentation of application design and workflow requirements, calculation of ROI to support proper budgeting, and the selection of the right vendor(s).
To learn more about RPA and how to plan, CRE8 is co-presenting at free online “How can the Finance Department Use and Plan for Robotic Process Automation”, discussion. To be held in 2021 on June 3rd at 1 pm EST, June 4th at 10 am EST, and June 7th at 3 pm EST, USA. For more information and to register see our Upcoming Presentation on RPA and Digital Planning for the Finance Department
If attendees would like to use this online class to apply for continuing education credits documentation of attendance will be provided. Presenters will include George Dunn President CRE8 Independent Consultants and Peter Camp CTO CampTek. The Webinar is a chance for people to hear from two of the top industry leaders on RPA and Digital Transformation, planning, and technology. For additional information, before or after the seminar, feel free to contact CRE8 Independent Consultants at Contact Us
About CRE8 Incorporated Independent Consultants
Since 1995, Independent Consultants has helped organizations plan for process improvement (Lean, Six Sigma, BPM, Re-engineering), advanced technologies (recognition, e-signature, AI, machine learning, digital workflow, RPA, ECM, and ERM), and complex computer planning. CRE8 has assisted over 300 organizations ranging in size from 25 to 250,000 employees across all industries. As independent consultants, CRE8 does not sell software but instead works directly for its end-user clients. This allows CRE8 to provide an objective voice regarding planning, technology assessment, ROI assessment, enterprise studies, workflow mapping, application design requirements, RFP development, and vendor assessment.
