Robots today are commonly used in the automotive and other manufacturing industries on assembly lines. The mechanical devices have also been implemented in medical settings to disinfect areas, monitor patients and perform surgeries. Robotic process automation or RPA is now venturing into the corporate finance field.
The use of ledgers and spreadsheet programs keep financial processes trapped in the 20th century. Employees commonly spend the majority of their days gathering, consolidating and verifying information. Time is also spent analyzing data and making decisions. Robotic processes and artificial intelligence have the ability to train software robots to automatically process transactions, perform audits and track compliance. The technology will also have the ability to upgrade their functions based on new information and experience.
Analytic Functions
Many financial executives plan on adopting the automated technology and some already use RPA. Robotic processes expedite accounts received and paid out while helping to maintain client relations. When an error occurs, many man hours are typically required to find and correct the problem. However, by automating the process, errors are detected quickly along with having the ability to recommend solutions.
Cost Efficiency
Companies have the potential of losing profits through errors, fraud or overpayment. Manual audits are time-consuming and often may not detect errors or wasted profits. Artificial intelligence requires less time to perform the function and is better able to monitor and analyze transactions. Equipped with current trend information, robotic processes discover problems that may otherwise go unnoticed. In this way, companies save money while being more efficient.
Educational Options
Depending on the type of AI processes implemented, the technology has the potential to educate employees. The technology can be useful for training employees to see patterns or trends in order for individuals to make better informed financial decisions. For example, the processes are capable of saving companies money in terms of business travel. By storing and analyzing travel and accommodation data, robotics would be able to make cost-effective recommendations based on location and time of year.
AI Assistants
Much like Alexa and Siri act as vocal digital assistants, artificial intelligence could benefit financial employees in a wide range of instances from the office to the boardroom. The processes might be equipped with the capability to quickly access and analyze data before CEOs make a decision. Robotics might also answer questions on the spur of the moment.