Financial Process Automation
With the likelihood of remote working becoming more prevalent and in some cases necessary, there will be even more attention being given to automating processes where feasible.
We recently discussed the importance of workflow automation in a general sense and there is no doubt that in a general sense, the main aspects of workflow automation apply to all markets, however, it is very important to recognise that for specific sectors, industries and departments workflow automation is very specific and tailored as such.
The business of finance, be it banking, accounting or other areas of financial services is a very heavily regulated, paper and process heavy industry that requires speed of customer service . As a result of the voluminous workload and tight deadlines, a recipe for potentially damaging errors and breaches in compliance is being created.
Successful workflow automation takes repetitive, essential human-centric tasks and automates them, so they require very little human interaction. This allows your team to focus their time on their primary tasks and further developing the business.
Many of our clients are taking an iterative approach to implement financial workflow automation and starting with the processes that should be the easiest to automate and then working through all other tasks ideally positioned for automation such as:
- Accounts reconciliation
- Purchase Order Requests
- Invoice Approval
- Budget Approval
- Expenses and Disbursements
- Bank statements
- Financial Statements
- Change of master data – address, contact details…
- Automated testing
- GDPR, KYC and other compliance processes
- Loans processing
- New joiner onboarding
- Print Management
- Delivery Docket Digitisation
In recent times, Capgemini surveyed 1,500 senior executives from 750 global organizations–69% of which were in banking sectors, with the rest in insurance–to gain insight into the impact of intelligent automation in financial businesses.
Intelligent automation is used to both increase revenue and drives down costs, said the report. By 2020, the financial sector could add $512 billion to their global revenues and could see a 10-25% increase in cost savings.
Early adopters of Financial Process Automation fully expect automation to help them improve their customer experience and offer new insights for the benefit of the business within a short period of time. It is their experience and ours that will offer beneficial lessons to organisations starting their own finance automation implementation.
There are many benefits to implementing Financial Process Automation into your business and we would highlight the following among as being in the top 3;
The more people involved in a situation the more opportunity for errors to occur and data to be overlooked and as a result, small but crucial errors can be made. An automated process will drastically reduce the potential for manual errors, enabling you to stand with confidence over your accurate output.
A more comprehensive overview
A seamless connection of all your financial systems will provide you with a more comprehensive overview. The transparent reporting that your new automated workflow will provide you, will enable you to review, monitor and assess every step in the process – offering analysis and opportunity. It will allow you to be more proactive and less reactive.
Speed in Processes
Automating the suitable processes in full or part will allow you to replace any of the tasks that have traditionally slowed you down. The digitisation of processes can help free up employees’ time and the associated costs for organisations. Forbes estimate that Financial Automation can save up to 6 weeks per year, per employee when manual tasks are automated, even more so when remote working.
Our experienced team in Bizquip work with Ricoh, Laserfiche, HP and many more world-leading solutions providers to enable us to supply and support the most suitable solution for your Financial Process Automation, ensuring seamless integration and scalable software. To speak to our team and understand more, please call us on 01 217 8000 or email us via firstname.lastname@example.org
Connect with our the author, Mark Cashen