Best practices in Finance automation with RPA

>>Best practices in Finance automation with RPA

Best practices in Finance automation with RPA

2018-08-31T09:18:48+00:00 By |Categories: Events|Tags: , , |0 Comments

RPA (Robotic Process Automation), AI (Intelligence Artificial) and blockchain are solutions that enable financial departments to cope with cost-cutting pressure, labor shortages and digital transformation imperatives including security and compliance. Beyond the automation of repetitive tasks and paper-based processes (documents), RPA helps organizations achieve quick results: cost savings, productivity gains, and empowering employees to focus their talents on activities that really matter.

CCIFER and DocProcess have organized a breakfast on the topic: Best practices and results in automating Accounts Payable processes with RPA. The event took place on June 28, between 9.00 – 11.00, at CCIFER and included a 15 minute B2B meeting between DocProcess representatives and participants.

Topics:

  • What are the benefits of RPA in the financial department?
  • How can the invoice control process be improved with software robots?
  • How to build an automation business case through RPA
  • Case study: Automation of the financial department of Cora (Romania Hypermarche) – challenges, implementation and results.

Speakers:

  • Liviu APOLOZAN – CEO, DocProcess
  • Bertrand GREGORI – Administrative and Financial Director, Romania Hypermarche

DocProcess provides digital transformation services for businesses, SSCs and BPOs, focusing on financial, accounting, logistics and procurement processes.

Breakfast highlights

Robots are basically software programs that replicate human actions for office tasks. By freeing employees from manual work, robots give people more time for strategic actions. Employees can focus on tasks that require:

  • Emotional intelligence
  • Analysis & judgment
  • Building relationships

According to Capgemini’s “Digital Transformation to Empower CFOs” report,

  • 44% of CFOs want to launch a digital transformation project
  • Costs decrease by 71% when receiving an electronic invoice (P2P)
  • Costs decrease by 65% when sending an electronic invoice (O2C)

Automation has become a necessity, due to labor shortages, increasing pressure on lowering costs and increasing operational efficiency, but also because from 2020, B2G trade in EU countries will be supported by electronic documents under Directive 55/2014. RPA is an elegant solution because it’s easy and fast to implement. Also,  it doesn’t require changing the legacy infrastructure.

Why automate now_DocProcess

With the help of DocProcess, Romania Hypermarché managed to increase the number of processed invoices per employee, to have a much more predictable cash flow, to decrease the number of rejected bills due to errors and to eliminate delays in VAT recovery. Moreover, late payments have been reduced, instances of un-billed merchandise have been eliminated and the audit process has become easier.

Accounts Payable automation through RPA in the cloud can help companies improve a host of finance, operations and HR KPIs.

KPIs improved through RPA_DocProcess

Finally, starting a finance automation project with RPA has some clear steps, starting with process “as is” mapping, designing the desired process, standardizing it and then moving to eliminate paper and automate specific tasks.

Learn more about the DocProcess solutions here: Process Automation Solutions.