The volume of operational processes in the financial sector can quickly generate work overload. Tasks are limited in time and energy, while economic activities are repetitive and scalable.
On the one hand, demand may rise indefinitely. Today’s 100 invoices can become 200 tomorrow, 300 the following week, and so on. The productive capacity has a ceiling; even with overtime, there is a limit to how much it can deliver with efficiency and quality.
In this context, we will show you why this bottleneck resolves to adopt RPA to automate processes. As a result, it is possible to adequately address repeatable and scalable demands, in addition to directing the efforts of the financial team toward strategic actions. Keep reading!
Eliminate The Repetitive, Manual, And Routine Tasks Of Finance
A significant portion of the problem concerns manual tasks. In addition to manual work not being scalable, as the employee becomes overloaded, financial activities are more susceptible to errors and rework.
With Robotic Process Automation (RPA), actions that need to be performed on a large scale in the same pattern can be taken over by technology. With this, financial activities and routines no longer block the team’s workflow, which can dedicate itself to other actions.
Examples of repeatable tasks that the robot software can perform are the most diverse:
- issuance of notes;
- Bank reconciliation;
- financial entries;
- distribution of reports and statements;
- transfer of data between registers;
- input and output control of resources;
- collection of relevant data for management.
The list needs to be completed because one of the differentials of RPA is its ability to adapt to different activities. If the task is repeatable and scalable, it can be automated and no longer take up finance sector time.
Increase The Productivity Of The Financial Sector
Finance can be more productive by adopting RPA. Technology performs large volumes of work on time, and employees can prioritize activities that were put aside due to departmental overload.
Another advantage is that the robot software can apply the same pattern to all tasks, delivering error-free results. If necessary, it can even operate 24 hours a day without losing quality.
This transformation is called the alienation of bureaucratic tasks. In practice, it is one of the main benefits of the digital transformation of departments. It frees up team time for internal consulting, strategic planning, and process improvement activities.
People are also more valued for human skills, knowledge, and experience. If the bot performs formal and bureaucratic work, creativity, innovation, communication, collaboration, and the like take more weight than the ability to perform specific tasks repeatedly.
More Reliable Data Collection And Recording
By the way, all data collection activities become more efficient than manual and analog tasks. When employees need to type, copy and paste information, the financial sector spends more time on simple routines. It makes room for information to be entered with errors in the database.
RPA in the financial sector is a way to guarantee data integrity, that is, that its content remains without undue or incorrect alterations. And based on this more secure information, managers can obtain more reliable reports on the company’s situation.
Not to mention that a report that would take weeks to be on the table can be completed instantly from automation. After all, the bulk of work is collecting information repeatedly, and technology does this task efficiently.
Achieve More Compliance For Audit Trails
Robot software can record activities with appropriate standards for accountability in audits. Thus, with actions and events duly cataloged, auditors carry out their work more efficiently and can check whether the financial sector complies.
Mitigate Rework And Low-Value-Added Tasks
Standardization of tasks reduces errors, and less workload for professionals in the financial sector reduces rework. In addition, information transfer tasks, such as copying data from A to B, are eliminated by technology.
Run Tasks And Processes Around The Clock
RPA can operate 24 hours a day, seven days a week, without breaks or absences. Thus, the bot manages to deal with the bureaucratic work of the financial sector, without difficulties, even in the face of large volumes of tasks.
This off-hours time speeds up activities that depend on the end of the day to be started, such as identifying that payment has yet to be made or analyzing all the financial transactions of the day.