IMA® (Institute of Management Accountants) recently published a report explaining how robotic process automation (RPA) presents a clear and sustainable path to transforming the finance function.
The 24-page report, “Transforming the Finance Function with RPA,” explores RPA technology, including its capabilities and software, and explains its impact on the finance and accounting function. It also details RPA’s wide-reaching applicability to specific finance and accounting process areas.
The report notes that finance and accounting professionals are performing tedious manual processes daily, spending less time on higher-level, value-added tasks for their businesses. RPA, a form of business process automation technology, automatically completes the less complex business processes, which increases operational efficiency and can generate substantial financial savings.
Since many organizations have yet to implement RPA or realize its expected benefits, the report provides a blueprint for implementing RPA at scale in large and small businesses alike. It also demonstrates how finance and accounting professionals can derive the most value from the technology.
“In today’s business environment, accounting and finance professionals are being asked to do more with less, and many are just treading water,” said Loreal Jiles, IMA director of research – digital technology and finance transformation and author of the report. “This report is intended to be a comprehensive guide for finance professionals to begin using RPA to lighten their loads and focus on more value-adding work.”
The report concludes with action items for finance and accounting professionals who want to get involved with automation at their companies and learn more about RPA.
“RPA has plenty of potential and can be simple for all enterprises,” continued Jiles. “Unlike other digital transformation projects, initial RPA pilots can be implemented in a matter of days for well-documented processes, and RPA skills can be developed in a few short weeks, rather than months or years.”
In addition to this report, IMA offers other resources on RPA, including:
- Count Me In podcast: How Real is RPA in Finance and Accounting?
- Strategic Finance article on RPA governance: Govern Your Bots!
- Webinar: Transforming the Finance Function with RPA
- Four-part series: IMA RPA Course Series, a NASBA-approved online mini-course series that provides a step-by-step and holistic guide to bringing RPA into an organization
For more information on this RPA report, visit the IMA website.