An average day for a Chief Financial Officer includes budget meetings, financial planning, evaluating business risk, cultivating strategic partnerships, managing talent, and possibly even working on new acquisitions - Whew! However, a CFO’s responsibilities don’t stop there.
Amidst continuous scrutiny and pressure from internal stakeholders, CFOs face the near impossible job of driving more strategic business initiatives around growth, risk, and cost management. In today's volatile market, CFOs need to be able to react quickly and to be the catalysts for change within their organizations.
Technology has always been a key driver of success in Finance and Accounting (F&A); therefore, it's not surprising that CFO's are now turning to Robotics Process Automation (RPA). RPA is fast emerging as a technology solution capable of delivering multiple benefits that are near and dear to a CFO's heart including: cost savings, enhanced accuracy, scalability and increased compliance.
Here are 5 challenges that keep CFOs up at night and how RPA can help them get a better night's rest:
1. Getting budget approval
A common scenario for any CFO is one where he/she finds themselves sitting in yet another budget meeting, 5 months out, with no approval in sight. In many of these cases, the proposals are loaded with unclear benefits or foreseeable ROI.
In contrast, Leo RPA allows financial leaders to build a business case that demonstrates significant value to the entire organization. In fact, the Leo platform supports both virtual and human workforces alike and can be leveraged for robotic process automation as well as end-user application guidance and task automation. This provides a greater, rapid ROI on the automation investment and delivers corporate-wide business process improvement.
2. Attempts at growing revenues are being deflated by errors and leakage
Traditional F&A processes such as procure-to-pay, order-to-cash, record-to-report depend heavily on manual labor, which makes it increasingly inconsistent and error-prone. The situation can worsen when the workforce is outsourced and there are language and cultural differences.
For this reason, both CFOs and FAO (F&A Outsourcing) providers are increasingly leveraging RPA to better manage the growing transaction volumes by automating these routine processes. Once RPA is deployed, software robots work 24/7 with amazing accuracy, thus eliminating the margin of human error, increasing processing efficiency and cutting operational costs. In fact, according to Everest Group’s FAO Annual Report 2014, robotic process automation tools are up to 65% less expensive than offshore-based full-time employees (FTEs).
3. Incorporating recent mergers and acquisitions
For years, finance and IT departments have struggled with challenges from mergers and acquisitions that continue to use their own enterprise applications and cause excessive costs and risks from maintaining the disparate systems, processes, and procedures across the entire company.
In response, finance and IT departments across industries have embraced and implemented RPA tools. RPA offers end-to-end automation that works with all applications and systems effortlessly, without creating disruption and requires no coding. It can be rapidly deployed without the delay and expense associated with older automation technology – offering companies the possibility of saving large amounts of money very quickly.
4. Managing talent
Contrary to popular belief, robots are not replacing humans and CFOs have the responsibility of keeping an eye on workforce productivity levels and operational costs.
As we touched upon in our first point, once the repetitive, rules based tasks have been offloaded to software robots, the Leo platform also provides end-user performance support. Performance support helps your human workforce navigate business applications and accomplish any task, quickly and error free by using in-application guidance and task automation. This dramatically cuts time to proficiency for any user operating new applications or software release, reduces errors and increases productivity – paving the way to a profitable bottom line.
5. Adhering to compliance requirements
Constant changes in government regulations greatly impact F&A processes and activities such as claims processing. This problem intensifies many times over if the company operates in different states and countries, each with its own sets of laws and regulations. Using RPA, you ensure that the process is executed in accordance with policy. The result is not only adherence to compliance requirement, but also faster execution of processes and elimination of human error.
If you are looking for an automation solution for F&A processes that will add value, agility and growth to your entire organization - look no further than RPA!
Kryon Systems is committed to assisting organizations realize their key performance indicators (KPI) by providing performance improvement solutions which support both the end-user and IT automation efforts alike. To this end, we offer a comprehensive solution to the business user in the form of Leo Performance Support as well as a cost-effective answer to efficient process execution with Leo Robotic Process Automation (RPA).