The 4 Key Benefits of Robotics and Automation for CFOs
In a world where technology is rapidly evolving, it is your responsibility as a CFO to keep yourself up to date with the latest products and innovations that will add value to your organization. And your strategy should no longer be limited to maximizing profits – it’s about making an investment in the best tools and services that will keep you ahead of the competition.
Robotics and automation technologies offer immense potential for CFOs to enhance accuracy and productivity, provide opportunities for employee growth and ensure regulatory compliance.
In this blog post, we will explore the various benefits of robotics and automation in the context of business finance and accounting.
What is Robotic Process Automation (RPA)?
According to the Institute for Robotic Process Automation and Artificial Intelligence, RPA is the use of a software application (a “robot”) that can be configured to “capture and interpret existing applications for processing a transaction, manipulating data, triggering responses and communicating with other digital systems.”
What does it mean?
Imagine a job that involves filling out a lot of forms. You have to enter the same information over and over again and it's really time-consuming. With RPA, you can automate any task that is repetitive, rule-based and can be performed by a computer.
Benefits of Robotic and Automation to CFOs
The diverse application of RPA in a wide range of industries can benefit even the CFO, particularly in streamlining and enhancing the efficiency of existing processes in their organization.
By implementing RPA, a CFO can:
1. Increases accuracy and productivity
By automating repetitive and rule-based tasks, robotics and automation significantly reduce the chances of human errors.
CFOs can count on these technologies to handle complex calculations, reconcile financial data and generate reports for decision making. This improves the overall accuracy of financial information and increases productivity by freeing up valuable time for employees to focus on more strategic tasks.
2. Provides employees with more opportunities for growth and development
As robotics and automation take over mundane and repetitive tasks, finance professionals are freed up to take on more challenging and value-added activities. This shift enables employees to enhance their skills, expand their knowledge base and contribute to more complex financial analyses and strategic decision-making. By leveraging robotics and automation, CFOs can empower their teams to become more proactive and strategic, fostering growth and development within the finance function
3. Ensures compliance with regulation
CFOs face increasing pressure to comply with ever-changing regulations and financial reporting standards. Robotics and automation can help ensure compliance by consistently applying predefined rules and regulations in financial processes. These technologies can automate the monitoring of transactions and identify any non-compliant activities, thereby reducing the risk of regulatory violations and associated penalties.
4. Drives cost and time saving
Implementing robotics and automation can lead to significant cost savings by streamlining processes. CFOs can allocate resources more efficiently, optimize workflows and achieve higher levels of operational efficiency.
Additionally, the time saved by automating repetitive tasks can be redirected toward more strategic financial planning and analysis, driving better decision-making and ultimately improving business performance.
The Bottom Line
The benefits of robotics and automation for CFOs in business finance and accounting are both substantial and diverse. By leveraging these technologies, CFOs can improve accuracy, increase productivity, provide growth opportunities for employees, ensure regulatory compliance and enhance overall efficiency in financial processes. Embracing robotics and automation can position CFOs as strategic partners to the business, enabling them to focus on value-added activities and contribute to the organization's success in the ever-evolving business landscape.
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This article was first published on 18 July 2017 and updated on 24 August 2023 for comprehensiveness and relevancy. Edited by: Angelica Garcia