Robotic Process Automation (RPA) Financial Use Cases

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Robotic Process automation - RPA is a rapidly emerging technology that's going to slash the effort for routine tasks, allowing more cognitive and judgmental applications to be used for your human employees.

The financial industry has has an immense amount of data, rules and regulation. It requires accuracy, speed and compliance to ensure that all transactions are processed properly. RPA can be implemented throughout the organization but there are three straightforward test cases in financial companies where a company can look to start when they're first exploring RPA.

The first will be Accounts Receivable and Payable. Managing payments to and from vendors include an immense amount of transactional processing and there can even be escalation to human intervention for human and manual approval above a certain level or certain thresholds are triggered, all while following tax guidelines.

The next will be Financial Closings. Be whatever period, be it month end, quarter end, year end closings. There's a tremendous amount of expenses, receipts and transactions that need to be properly recorded and entered into the ledgers properly. And this is a reoccurring task that happens every fixed period of time and can be programmed for a bot to perform for your organization, again with escalation for anything that is outside of the norm.

And the third area I would look at for any financial organization is customer on-boarding. If your company is growing, you're constantly on-boarding new customers and that first customer experience might be handwritten. So there's OCR Optical Character recognition where companies can automatically scan in and read that data and convert handwritten information into digital bits and bytes that bots can interact with and enter that data across multiple systems throughout your organization.

If you want to learn about how RPA can be applied in your financial organization or in the financial transactions within your operations, contact Macrosoft then we'll be happy to help you. Thank you.