25 April 2016

Accenture - Innovations in Finance and Risk

25 April 2016

Accenture - Innovations in Finance and Risk

In this presentation by Accenture, the transformation of finance and risk operations by robotic process automation (RPA) is discussed. The presentation starts by covering the definition of RPA more broadly, how it is used to automate business processes, and benefits that can be obtained from RPA implementation in a broad sense. It then dives more deeply into the effects that RPA is able to make on finance and risk operations by providing sample use cases. The presentation concludes by exploring the steps involved in the automation journey and an expected time frame.

Accenture suggests that robotic automation allows companies to “automate current tasks as if a real person was doing them across applications and systems. [It] interacts with individual systems in the same way as a human user, meaning no complex system integration required.” The tasks executed by the “virtual workers”, or RPA robots, tend to be rule-based processes, especially ones that are repetitive and high volume. These robots are trained and controlled via a management platform by the business users.

“Robotics drives efficiency benefits, along with improvements in quality, scalability and resiliency in a cost effective way,” maintains Accenture. As can be seen, the benefits of RPA are diverse. They can include:

  • Higher quality due to the elimination of human error and increase compliance
  • An increase in productivity that results from a reduction in cycle times and constant process monitoring
  • Significant cost savings due to a great reduction in processing costs
  • Rapid implementation of new processes since process elements can be reused
More specifically considering RPA’s impact on finance and risk operations, this presentation explores the challenges that exist, such as lack of innovation, non-compliance, and variable costs, and the ways in which RPA can provide transformation. Through modeling the example of invoice processing as well as a multitude of use cases, it is shown that the potential outcomes of RPA include an approximately 70% improvement in productivity, obtaining 100% accuracy for existing automated processes, and a replacement of 60% of full-time equivalents. Through the various benefits it provides, Accenture suggests that RPA has the power to help transform back office operations and significantly improve business outcomes for finance and risk operations.
 

by Bogdan Florea

TOPICS: whitepapers

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