The finance and accounting world is riddled with mundane and repetitive tasks that are extremely laborious and time-consuming. Such menial tasks reduce productivity and efficiency, consequently lowering customer satisfaction and losing profitability. Tackling this hurdle has been a major focus point of the industry, something that they’ve managed to address with the help of robotic process automation in finance.
RPA is one of the most exciting technologies in the business world today. It involves using bots capable of following specific rules and protocols to automate processes that would otherwise require human intervention. These bots do not need breaks, don’t get tired and don’t lose focus, an ideal combination that has managed to help the finance industry in numerous ways.
Robotic process automation in finance has been so well received that around 80% of finance leaders have implemented or are planning to implement it in the future, as reported by Gartner. This article takes a look at some of the top use cases and benefits of robotic process automation in finance that have led it to be popularly adopted in the industry.
Benefits of Robotic Process Automation in Finance
RPA bots provide undeniable advantages to the finance and accounting industry. A recent study by Gartner reported that RPA technology costs 1/3rd the amount of an offshore employee and 1/5th amount of an onshore employee. Saving costs is just one of the ways RPA can help. Here are a few other benefits that come from deploying robotic process automation in finance.
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Streamlining Accounts Payables
Deploying RPA and leveraging it can help accounting and finance departments to streamline invoice processing, resulting in saved time and money, and increased accuracy. Intone’s RPA solutions can consolidate and digitize information from unstructured sources and extract it to a centralized space to be merged with other process information. This can help by accelerating invoice processing, preventing costly errors and avoiding financial penalties for late or incomplete payments.
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Enhanced Fraud Detection Capabilities
According to PwC’s Global Economic Crime and Fraud Survey 2022, 46% of surveyed organizations have reported experiencing fraud, corruption or other economic crimes in the last 24 months. Alarms have been going on in the finance industry and conscious efforts are being made to tackle attempts of fraud and corruption. Robotic process automation in finance can help greatly towards this cause.
With the help of RPA, you can detect fraud as it happens and predict future fraudulent activities based on specific usage patterns. Intone’s RPA solutions also notify all relevant stakeholders when crucial changes occur at the business or regulatory level. Manual monitoring of information is eliminated, thus negating human error and potentially saving your organization millions of dollars.
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Eliminating Manual Errors
Gartner reported that human error within the finance function produces, on average, 25,000 hours of avoidable rework for $878,000 per year. Robotic process automation in finance removes the variables of human error and consistently delivers accurate results, ensuring you can compile data to analyze financial reporting faster and more reliably.
Intone’s RPA solutions will enable your finance department to offload manual and mundane work from employees and onto automated bots. This will also ensure compliance with tax requirements by leveraging a more efficient approach. With employees now free from repetitive tasks, they can focus on higher-order processes that require greater intervention and decision-making skills.
Why Choose Intone?
Mckinsey forecasts that within a couple of years machines and bots will execute about 10 to 25% of tasks across the banking functions, expanding the overall capabilities of the industry. The advantages that come from deploying robotic process automation in finance are several, a major reason why it’s being so popularly accepted by companies worldwide. If you’re looking for a trusted provider of RPA solutions, then look no further than Intone!
Intone is a market leader when it comes to providing RPA solutions. Partnering with Enterprise Bot, the solutions we provide have proven to have 2x times more features concerning use-case and mapping and 3x times more features concerning intelligent routing than that is provided by Google Dialogflow. We are proud of our capabilities to provide innovative solutions and expertise that are needed for you to embrace the future today. We offer,
- State-of-the-art front-end robotic process automation, where we ensure that your customers have a superior experience and that they start to see your brand in a whole new light.
- Our back-end RPA can easily automate the most mundane, repetitive, and labour-intensive tasks to free up your employees to help them focus on higher-order tasks.
- We have higher accuracy than our competitors and we also offer multilingual solutions as compared to the market standard of English only.
- Our advanced NLP understands customer requests and responds conversationally with a minimum accuracy of 85%.
- Intone offers efficient omnichannel support through easy integration with commonly used customer support channels like Gmail, Outlook 365, etc.
- Intone offers top-of-the-line enterprise-grade security with a minimum of 256-bit encryption at both transmission and rest.
- Intone’s RPA will anonymize your data to ensure greater protection of sensitive data and information.
- Intone offers end-to-end hyper-automation with our low-code engine.
Request a free demo today to know how Intone can help you address your troubles with robotic process automation in banking industry.