Data Science, Machine Learning, Artificial Intelligence and data analytics are quite buzzword. No doubt these technologies will transform all the industries but most likely the technology that will change our profession in the short run will be Robotic Process Automation (RPA).
Most of the business professionals and accountants believe on manual tasks like collecting, reviewing and inputting information across systems, websites and online portals. Our industry is labor-intensive, where all the tasks are done manually within our admin department. It requires employees to fetch data from multiple systems which are repetitive and menial. These are often costly, highly inefficient with the inaccuracies. But RPA can transform our business process and take away these efficient, inaccurate and costly tasks. At the core of digital transformation this technology is increasing at the fastest pace. RPA is a software solution which can be easily integrated into our systems. RPA can work 24x7, never get tired and always maintain 100% accuracy in repetitive task. There are many more significant benefits from the technology called RPA like saving the employees time, automated workflow, consistency in the procedure etc.
Robotic Process Automation is the use of software with Artificial Intelligence (AI) and Machine Learning (ML) capabilities to handle high volumes of repeatable tasks which are normally done by individuals. These tools can be used to automate the frustrating and time consuming mundane tasks resulting in higher job satisfaction. As with previous technologies, AI and RPA are ideal for the accounting field. Today‚??s accounting solutions go beyond merely automating workflow, becoming more precise in their calculations and developing the ability to reduce errors. Robotics will continue to power the accounting industry, taking over the most mundane daily activities so that AP professionals can focus on higher-level job tasks.
In addition to making office life easier, technology can also speed up processes, giving approvers and clients the tools they need to manage and track payments as efficiently as possible.
Implementing these technologies into business may cause some benefit and change the old data into new ones, but it's a chance worth taking. By dropping the human workload, improving the marketing skills and increasing weaker areas in your business plan, automation will provide the best solution and increase the productivity effectively and efficiently.