Many businesses have undergone digital transformations to improve their products, increase customer engagement and drive costs down in many parts of their organisation. But it is not uncommon to find finance departments continuing to operate in a traditional manner, using manual data collection and complex spreadsheets to manage important finance processes.
This not only costs this central business function a lot in terms of time and resources, but also creates huge opportunities for errors. Nearly 20% of large businesses have suffered financial losses as a result of mistakes:
The most frustrating thing for companies impacted by such embarrassing issues, is to find the errors were easily preventable as they are caused by human error and/or spreadsheet errors, neither of which has any place in a modern digital business.
Today it is not just the cost of inefficient processes that is causing issues, but the Covid pandemic has exposed the weaknesses of manual processes per se, as spreadsheets with sensitive data are having to be emailed outside of the secure corporate network to facilitate remote working and effort required to consolidate the myriad of resulting copies and versions has skyrocketed.
As a result, finance departments are now racing to catch up with the rest of the business in their use of digitally enabled processes, and the fastest way to achieve this is through Finance Process Automation software combined with robotic process automation (RPA).
Gartner1 reports “finance robotics is evolving from simple individual task automation to full process automation that could improve the accuracy of financial analysis and forecasts”. It further states 89% of general accounting operations are highly automatable, and 72% of financial controlling and external reporting activities can be automated. With the RPA technology usually costing one fifth of the amount of an onshore employee, it’s easy to see the cost benefits.
ORYX itself handles all the finance process automation such as consolidations, allocations, forecasting, report production, etc. and the RPA software is used to interact with the multiple in-house applications, such as your ERP, manufacturing or CRM systems.
Whatever RPA software you are using whether it is Automation Anywhere, UIPath, Blue Prism, Nice, or another solution – we wrap that RPA technology around ORYX, to remove mundane and time consuming activities, and prevent errors from happening again.
Our combined RPA and finance process automation software approach leads to minimal human intervention. It enables finance departments to streamline and standardise their processes and ensures that everything runs as smoothly as possible, eliminating unnecessary manual inputs, removing complex spreadsheets and automating financial outputs.
The opportunities for process improvement go right across finance and beyond into the core business. McKinsey2 statistics allow us to illustrate the potential areas for use and the benefits of finance process automation particularly well:
Finance Process Automation therefore not only removes errors and risk, but leads to a reduction in time and cost. Typical benefits a CFO or an FD can expect are:
- 100% human errors eliminated
- 20-30% cost reduction
- 100% process repeatability
- 2-3 x faster reports
- More fulfilling roles resulting in an uplift in staff morale
- Removal of business risk from errors in spreadsheets and manual processes
ORYX enables finance departments to work more productively by removing the risk, complexity and cost associated with inefficient processes by:
- Simplifying processes through standardisation
- Removing cost and risk through task automation
- Improving insights through data visualisation
- Introduction of RPA in finance to improve processes further
We have achieved some outstanding results with organisations saving £100k’s and operating at far greater efficiency than previously dreamt possible. Here is an illustration of how the time, cost and effort reduces for an example finance reporting process:
The most advanced finance organisations are now taking advantage of RPA and automation, but most companies we talk to state that less than 25% of the potential has been addressed, and the full scale of the opportunities have not been realised. Here are some of the initial key areas of improvement we provide to clients:
- Advanced analytics for variance analysis – compare at a glance different scenarios of your financial reports – watch our 90 second video illustrating this advantage
- Data visualization and dynamic dashboards – access all your daily information from a single screen – watch our 90 second video illustrating this advantage
- Collaboration and business engagement – flag issues and assign tasks efficiently to colleagues, regardless of different time zones or geographic locations, with complete revision control and auditability – watch our 90 second video illustrating this advantage
- Process automation and robotics – with countless areas where businesses reap advantages of finance process automation software with integrated RPA in finance – contact us and we’ll arrange a personal demonstration
Finance Process Automation with RPA is ready to reshape the future of finance; it’s your opportunity to boost performance, eradicate errors and get you the numbers you can trust. If you’d like to know more, get in touch.
McKinsey2 Bots, algorithms, and the future of the finance function, January 2019