Robotics within finance

Assessing the benefits of introducing RPA into the finance function

A few ways to avoid those pitfalls are:

ROBOTIC PROCESS AUTOMATION

Robotic Process Automation (RPA) is the latest buzzword in finance as technology significantly improves the ability to provide accurate and timely insights. While not new, RPA has recently become much more accessible and cost-effective.

A single finance bot can perform the tasks of up to 10 full-time employees. Holistically, RPA will provide an exciting opportunity for businesses to reallocate their finance resources to business-critical matters that require judgement and critical thinking.

INSIGHTS THAN DATA

The paradox of choice, a concept Rolf Dobelli explains brilliantly in The Art of Thinking Clearly, exists also in finance. With the automation of multiple processes, finance can glean a considerable amount of data and insights regarding a business.

While it may be an indicator of technological progress, if finance is not aligned with the company’s vision, this glut of information can lead to lack of clarity, and worse decision paralysis.

Given the role automation plays, the job of a chief financial officer now is more commercial and strategic. The focus is shifting towards extracting insights from figures to influence businesses and ensure processes deliver maximum performance.

FROM BUSINESS SUPPORT TO PARTNER AND LEADER

Besides being a key transactional lead, finance has become essential to commercial functions, supporting it with valuable data-driven insights, direction and options.

Yet, many companies in the region still relegate it to a mere support function, largely manned by accountants. Unless they change this perception and elevate the function, companies will ultimately suffer, on account of failing to utilise insights the finance sphere could bring into the decision-making process. A growing number of CFOs say they now spend most of their time on strategic leadership, organisational transformation and performance management. As finance now percolates every part of the business, its sphere of accountability, responsibility and influence continues to evolve.

More and more CFOs are effectively transitioning to CEOs. In 2019, 20 per cent of CEOs in the FTSE 100 were chartered accountants.

This ratio will only grow as finance takes on more business partnering roles and upskills itself.

Instead of merely producing reports and spreadsheets, companies should leverage their finance team well beyond, in order to:

• Provide senior leadership with timely business insights enabling them to make better decisions

• Share timely communication and progress updates on the status of KPIs against targets, even outside of reporting cycles

• Lead the onboarding of new clients, by providing profitability assessments, remuneration options, and acceptable payment terms

• Manage cost control and finance transformation projects

• Collaborate with non-finance leaders on working capital management. Like other disciplines, finance needs to evolve and grow. Technology will play a part but so will the ambition of its professionals and their reporting lines. In the media and advertising sector, we are deploying automation to elevate diverse roles from mundane tasks into more strategic and stimulating positions.

When the finance sector goes through a similar process, the benefits will multiply.

A GROWING NUMBER OF CFOS SAY THEY NOW SPEND MOST OF THEIR TIME ON STRATEGIC LEADERSHIP, ORGANISATIONAL TRANSFORMATION AND PERFORMANCE MANAGEMENT