07 Jun Increase the efficiency of your finance department with RPA
If there is one department where highly-educated employees do a lot of repetitive manual work, it’s finance. Of course they use software that helps with issues such as month-end and year-end closures, but there is still a great deal of excessive typing into financial processes. Examples include information from an ERP system that has to be taken over manually in an Excel sheet.
Probability of error due to retyping of data
Manually inputting data into spreadsheets is an inherent risk. If something goes wrong in a finance department, it is usually within these categories: incorrect input of data, errors and inconsistencies in formulas, or building a model that contains an error. The consequences can be immense. For example, at the London Olympics a typo in an Excel sheet accidentally sold 20,000 tickets to a game online, while only 10,000 seats were available in the stadium.
Don’t let smart people do ‘monotonous’ work
The large amount of manual work and the corresponding error rate is a thorn in the side of everyone who has to deal with financial processes. Finance managers with staff shortages and too much work can often contribute to the pressure. Employees find they waste their precious time with relatively simple work. And the rest of the company becomes irritated with the long lead times, as they are regularly the victim of a small error with major consequences.
Robotize the repetitive work
There is good news: once work is repetitive, it is very easy to train a robot to carry out these tasks. A robot can not only take care of the inputted typed work, but also check there are no errors in the formulas. The advantage of a robot is that it doesn’t make typos, does not suffer from loss of concentration, can cope with a high workload and frees up employees for other tasks. At You-Get, we use the RPA platform from UiPath.
Do you see opportunities for your finance department in further automation of financial processes? We are curious. Let us know and we will discover how you can make use of opportunities with RPA.
Matthijs Schuurman, RPA-specialist from You-Get