Helping the Office of the CFO take RPA to the next level

New Servicetrace White Paper details how the Finance function is increasingly seen as a prime adopter for RPA across organisations

Because so much of the Office of the CFO’s time is spent on carrying out repetitive manual tasks, it’s increasingly clear that Robotic Process Automation (RPA) has a key role to play in helping to perform key finance processes. Indeed analyst firm Gartner projects that by the end of 2020 some 20% of non-value-added tasks will have been eliminated from the Office of Finance through RPA deployments.

Servicetrace has looked at this issue in more detail in Moving Beyond Basic RPA’ – the first in a series of white papers that will focus on how RPA solutions can be deployed to support a broad range of processes across the Finance function. These range from core procure-to-pay functions such as Accounts Payable and Invoice Processing and Accounts Receivables within order-to-cash, to Reconciliation, Financial & External Reporting, and Tax/Treasury Management activities.

Moving towards true Enterprise Process Automation
The first paper outlines the differences between traditional RPA task automation and true Enterprise Process Automation. Despite accelerating RPA adoption levels across the Finance function, there is still considerable work to do if organisations are to truly unlock the undoubted benefits of RPA at scale. By transitioning from basic task automation to a more holistic approach, Finance teams can adopt a more end-to-end approach – initially automating the more rule-based repetitive tasks before moving on to more complex processes.

‘Moving Beyond Basic RPA’ looks into the need to address key issues such as process complexity, Business Process Management, security and scalability before committing to enterprise-scale automation projects. Getting these decisions right at the start is critical in order to avoid the kind of frustrations identified by consultants such as EY when they suggest that between 30-50% of initial RPA projects can fail. This is typically due to factors such as poor experiences with misaligned RPA projects, tactical RPA initiatives that remain silo-ed within end-to-end processes, and the inability of many RPA projects to scale successfully.

Taking RPA to the next level
To address these and other challenges, Servicetrace has adopted a true Lifecycle Management approach to process automation, supporting non-IT expert Finance team members with accessible, goal-oriented guidance at every stage of the their automation projects. With Servicetrace X1 in place, Finance users can now manage the entire automation process – all via a single application that works constantly to reduce complexity and encourage transparency.

Servicetrace’s integrated and collaborative approach means that its XceleratorOne (X1) platform is ideally placed to support the many organisations that may have already instigated multiple RPA projects – either within a dedicated function such as Finance, or as a more efficient and secure way to manage their multiple RPA assets across multiple business units.

To find out more, download a copy of our Moving Beyond Basic RPA’ white paper here.

Please also watch this webcast by CIMA and Servicetrace on “How to increase productivity, streamline operations & drive growth throughout the pandemic