The concept of leveraging Robotics Process Automation originated within the realm of finance operations. The use cases revolve around Data Reconciliation and validation, as well as data entry operations where accuracy is of the utmost importance. Organizations are using digital workers to assist with processing orders, paying the bills, and expediting accounts receivable functions; however, there are operational activities within finance departments that RPA supports. See the list below.
The nature of activities performed by most finance departments requires extreme accuracy and is highly transactional. Finance activities such as account reconciliations, journal entries, and even 10-key data entry were manually based and required heavy quality control reviews to ensure accuracy. No matter the person’s level of detail and accuracy, no one can be 100% accurate.
RPA and the advent of digital workers altered the landscape for finance professionals across all industries. Forbes Magazine published a list of high-level use cases with the most significant impact on organizations’ operational budget by deploying digital workers.
- Risk / Fraud Management: Combine past and present transaction data from organizational systems to flag potentially fraudulent activities.
- Reporting: Aggregate data from various sources like email, organization systems, and databases, and automatically generate reports based on standard rules.
- Transaction Processing: Automate pre- and post-payment validation and reconciliation, notify exceptions, monitor and identify potential duplicate payments, and automatically transfer pending payment requests into a suspense account to prohibit withdrawal.
- Collections: Automatically receive and post payments, send dunning letters, create reminder reports and a shortlist of customers to call, and automatically allocate work to collectors.
- Financial Close: Post data from multiple sources to sub-ledgers.