Robotics within finance
Assessing the benefits of introducing RPA into the finance function
Manual processing with little subjective judgement, e.g., general ledger inputs to consolidation reporting package |
FTEs reallocation and reduction |
Data input Extracting data from several applications and reading emails, files and folders |
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Data output Sending data obtained from the execution of the process with pre-defined format and distribution channels (e.g., email, file transfer and web-based transfer) |
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Reconciliation Understanding and combining data retrieved from several applications (e.g., cash reconciliation, and profit and loss reconciliation) |
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Data quality management Measuring data quality and testing consistency (e.g., batch monitoring, and availability and integrity check) |
Control quality improvement 60%–80% |
Reporting and dashboard Implementing dashboards and generating reports |
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Business rules Applying business rules (such as accounting bookkeeping principles, amortization themes and cost reallocation) on the basis of formalized principles and guidelines |
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Outcomes of introducing automation into the finance function
- Automated solution can work 24/7
- One-third of the cost of offshore FTE
- Double-digit reduction in error rates
- Robots that work with existing IT landscape
- Robots that can be trained by business users
- Data entry costs cut by up to 70%
EY’s edge in RPA
- Identified methodology
We have a proven methodology for RPA strategy formulation and deployment. - Technology professionals on leading RPA tools
Strong experience and relationship with leading RPA vendors coupled with consulting help us provide RPA services with a customizable proposition.
- Future and vision
We are moving toward “smart robotics”. We are building experience across various industries, collaborating with leading and disruptive technology providers.
- People capabilities
Our teams include highly experienced professionals across the spectrum of RPA strategy with knowledge of deployment across tools.
Summary
RPA is an effective cost and time enabler, complementing any digital transformation journey to streamline business processes, achieve profitability and maintain a competitive advantage.