RPA and AI are changing the Financial Services Industry by automating finance processes. This is done by using software bots to automate tasks such as data entry, finance report generation, and invoice processing.
Finance teams have used robotic process automation (RPA) for years to automate finance processes and improve the speed, efficiency, and accuracy of specific tasks. Now, they’re taking RPA to the next level by combining it with machine learning (ML). In fact, recent Gartner research shows that around 80% of finance leaders have already implemented or are planning to implement RPA.
RPA can automate finance processes such as invoice processing, payments, and collections. AI can be used to further automate these processes by providing predictive insights that help finance teams make better decisions.
RPA and AI are Changing the Financial Services Industry
This is due to the exponential growth of artificial intelligence (AI) and machine learning technologies, which are the most significant reason. This has allowed finance teams to develop and deploy AI to its existing robotic process automation tools – and the results are impressive.
Finance teams are now able to not just automate tasks, but also learn from data to improve processes and make better decisions. For example, they can use AI algorithms to identify patterns in data that manual analysis would miss. This helps them make predictions about future trends and behaviors – which can then be used to make recommendations or take automated actions.
So far, finance teams have used this new found power to automate tasks like fraud detection, customer segmentation, and credit scoring. The benefits have been significant – with some finance teams seeing ROI on their investment in finance robotics within just a few months.
The Evolution of RPA in Finance
RPA was originally designed to automate simple, repetitive tasks – like data entry or reconciliation – that were traditionally done by humans. But as RPA has evolved, so too has its capabilities. Now, finance teams are using RPA bots to not just automate tasks but also to make decisions.
How? By integrating artificial intelligence (AI) into their RPA solutions, finance teams can train bots to not just carry out specific tasks but also to make decisions based on data patterns. For example, an AI-enabled bot could be trained to automatically flag invoices for approval based on certain criteria – like dollar amount or vendor history.
The Benefits of AI-Enabled Finance RPA
RPA and AI in finance can provide significant value if implemented correctly. Here are a few benefits finance teams can expect:
First and foremost, it can help finance teams scale their automation efforts. By automating more tasks – and making more decisions – finance teams can free up time to focus on strategic initiatives that add value to the business.
Second, AI-enabled finance RPA solutions can improve decision-making by providing access to data that would otherwise be inaccessible or difficult to analyze. For example, an AI-enabled bot could comb through large data sets to flag irregularities or identify trends.
Third, AI-enabled finance RPA may provide actionable knowledge that can help a company’s overall performance by combining finance and the organization as a whole.
Lastly, AI-enabled finance RPA solutions can improve accuracy and consistency by ensuring that bots make decisions in line with organizational policies and procedures.
What Are the Key Financial Function AI-Enabled RPA Use Cases?
Now that we’ve established what AI-enabled finance RPA is, it’s time to look at some of the most prevalent applications. Here are a few representative situations:
Accounts payable and receivable
Automating finance tasks related to accounts payable (AP) and accounts receivable (AR) can help finance teams save time and improve accuracy. For example, an AI-enabled bot can be used to match invoices with purchase orders or identify duplicate invoices.
The financial close process is often manual, error-prone, and time-consuming. AI-enabled finance RPA can help by automating data entry, validation, and reconciliation tasks. This can free up finance professionals to focus on more strategic tasks.
Budgeting and forecasting
AI can help finance teams automate the data collection and analysis needed for budgeting and forecasting. This can improve accuracy and efficiency while providing finance professionals with valuable insights into trends that could impact the business.
The Bottom Line
Robotic process automation and artificial intelligence are two cutting-edge technologies that have the ability to revolutionize the financial services industry. They provide numerous business processes with a chance to speed up, as well as eliminate time-consuming manual labor.
Implementing AI-enabled finance RPA can help your team save time, improve accuracy and gain valuable insights. So, whether you’re stuck in the past with your finance RPA or looking to take things to the next level, include AI to propel your finance crew to new heights.
If you’re looking for a finance automation solution that includes AI-enabled RPA, talk to us today. We’d be happy to show you how our solution can benefit your business.
Our team of experts can help you find the right solution for your needs – and get started on your journey to finance automation success. Contact us today to learn more.