RPA or Robotics process automation
It’s about daily business that you are confronted with an article on robotization within the Finance Department. RPA stands for Robotics Process Automation. Simply put, this means that we are going to automate transactions or processes so that the computer or the software executes tasks, just as a human would do it.
For this purpose (expensive) application software exists that carries out actions based on set rules. Then we naturally think about all the repetitive actions that need to be executed on a regular basis within the finance department. This type is also called process automation.
Creation and distribution of reports
I recently heard an example of a project in which the creation and distribution of reports within certain software was robotized. The Robot opened a report, activated the appropriate filters for each user, created a PDF or XLS of the result and sent it by E-mail to every manager that was programmed.
At first glance, this seems spectacular and may indeed save a lot of time, provided that you do not work with RACS. It is, Since the start, the mission of RACS to automate all the repetitive processes with limited added value in the finance department. The above example runs as follows in RACS.
The user navigates at any time (via its Web browser) to the desired report. The report opens automatically with the filters and limitations set on his user profile, activated. In addition, this report is always generated on LIVE and ADHOC data. So, it doesn’t make too much sense to distribute this report to a number of people? By the time they read the report, the data is already out of date. It seems much more logical to me that everyone opens the report, the moment he needs that information to see the latest figures.
Does it make sense?
There certainly will be examples where greater benefits are to be gained. I am of course only talking about simple process automation which is especially useful in processes with large volumes and low complexity. I am not talking about the more complicated cognitive robotics. I think it is worth to wait until things like analysis, machine learning and artificial intelligence will be more integrated in the automation.
So, does it makes sense to buy this software of close to a 100 k €?
Yes, but only when you invested in the wrong software.
RACS natively automates a lot of processes, such as reporting, billing, AP, reconciliations, depreciations, expenses, bank account statements, payments, etc. without the need for additional software.