On average, a survey conducted by the Institute of Management Accountants (IMA) across a number of financial professionals found that seven days is the typical time taken to close the financial period. Many surveyed commented that they largely use spreadsheets.
Financial services have become one of the most important early adopters of Robotic Process Automation (RPA). In an industry where mistakes can be time-consuming and even dangerous, an RPA bot can step in to optimize rules-based processes.
When a process is laid out into specific steps, that means an RPA bot can implement those steps itself.
By setting aside these menial tasks and making space for the interpersonal tasks, departments can become more efficient. In addition, the RPA bot will handle the data entry more efficiently than a human could and be far cheaper than human labor. Robotic Process Automation (RPA) has forced business models to change at the same time as shifting economic conditions, which can optimize the means of an organization.
Saving companies time and energy
In order to optimize your financial team’s value when it comes to RPA, establishing a partnership with Confiance can help to transition into a future where these automated technologies take center stage. Take a look at how a Fortune 500 company used Confiance to educate its culturally diverse workforce to understand the practical application of its business process management (BPM) solution.
Account reconciliation and manual journal entries take time. By eliminating those manual tasks and transferring other functions to your team, you’ll be working to improve your efficiency. Deployable and adaptable, RPA can help to save your financial services department time and energy.