If you are the CFO of a startup or a company that wants to improve the performance of the Administration and Finance area, surely you have mixed ideas about the implementation of automation in accounting and administrative processes. In this article we do a brief analysis to clear up any doubts.
What those who are pro adoption of automation say
According to Ernst & Young, one of the largest firms in auditing, tax, finance, accounting, etc; With automation, a company can achieve a cost reduction of between 50% and 70%. How? The so-called Robotic Process Automation (RPA) can perform common office tasks such as generating reports, gathering information from existing documents, extracting and sorting information, etc. And all that automatically. What the reduction in staff and time means.
In addition to the information that is generated from the movements of a company, RPA can extract and combine data from various sources, including external data providers, social networks, shared drives, recognize text and graphics information.
This valuable information is raw material for making initial analyzes and generating partial conclusions.
What the Anti-Adoption of Automation Says
There are two less favorable arguments regarding automation: on the one hand that it is a process that will take a long time to arrive; and on the other, it brings many difficulties in learning for human resources.
It is true that the adoption of Artificial Intelligence in the development of account preparation services will require patience and a willingness to learn , but is this a reason not to take the initiative?
Undoubtedly, the greatest risk for any company is not adopting automation and falling into archaic processes that make services (those of the internal or external client) more expensive and do not allow scalability.
It is expected that in the first projects that are implemented there will be a low return on investment (ROI) and a limited impact. But learning is the beginning, and it is essential.
If everything is automatic, what can I ask the accounting department to add value?
Finance and accounting staff will face a change in required skills. Intelligence, advanced analysis and interpretation, review and approval, decision-making will be the highlights in any professional.
However, also the technical skills to manage a robotic process will be essential for future teams.
In conclusion
The application of Artificial Intelligence and automation can have a massive impact, for example, in Outsourcing (BPO).
One of the main characteristics of the RPA system is that once it has been configured according to the business requirements, it can proceed to work on its own, so for a startup that aims to achieve scalability it is essential to be able to imagine its administration with existing systems of the market (ERP, Business Intelligence, banking APIs, etc.) and professionals who manage to automate an administration in the first years of life. This is definitely a win-win for the sustainability of any business.
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