# RPA: the truth behind the hype
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-07-09
Category: TECHNOLOGY
Category URL: https://financedigest.com/category/technology
Meta Title: Unlocking Finance Efficiency: Embracing Robotic Process
Meta Description: Discover how finance teams can save time, money, and boost accuracy with RPA bots. Scale automation projects and transform workflows for a digital future.
URL: https://financedigest.com/rpa-the-truth-behind-the-hypehtml

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By Harel Tayeb, CEO, [Kryon](https://www.kryonsystems.com/)

Bots can carry out a huge and increasing number of manual tasks in finance. Their ability to save time and money while boosting accuracy and compliance is unparalleled. Many CFOs are yet to embed the power of Robotic Process Automation (RPA) in their departments, but in this case they should take the plunge. This [time the hype is real](https://www.financedigest.com/the-tall-group-leads-uk-launch-of-innovative-chain-of-custody-real-time-authentication-platform-for-financial-applications.html "The Tall Group Leads UK Launch Of Innovative Chain Of Custody & Real Time Authentication Platform For Financial Applications").

As they view the post-pandemic world, an increasing number of [CFOs are planning to digitise processes](https://www.financedigest.com/can-digital-labour-displace-cfos-in-the-close-process.html "CAN ‘DIGITAL LABOUR’ DISPLACE CFOS IN THE CLOSE PROCESS?"), future-proof workflows and make their finance teams as productive as possible. One [area of technology becoming a focal point in the finance](https://www.financedigest.com/4-areas-of-finance-you-should-be-watching.html "4 Areas of Finance You Should Be Watching") industry is Robotic Process Automation (RPA). According to the latest “The Forrester Wave™: Robotic Process Automation, Q1 2021” report : “Customers want to scale existing bot environments and extend the scope of their automation projects beyond classic desktop-based tasks to more complex processes.”

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Harel Tayeb, CEO, Kryon

The reality is that [finance teams are engulfed in hugely complex processes](https://www.financedigest.com/how-decentralized-finance-can-aid-in-the-acquisition-process.html "How Decentralized Finance can aid in the acquisition process") on a day-to-day basis, and the vast majority of these are ripe for automation. RPA allows [finance teams to deploy software bots to support automation](https://www.financedigest.com/enterprise-automation-is-the-future-of-finance.html "Enterprise automation is the future of finance") of manually intensive processes, creating a new era of digital working.

**What are bots and what are they doing in** [finance settings?](https://www.financedigest.com/setting-the-finance-cogs-in-motion.html "SETTING THE FINANCE COGS IN MOTION")

Bots are essentially [digital assistants that augment human](https://www.financedigest.com/the-human-platelet-lysate-market-to-stay-digitally-put.html "The Human Platelet Lysate Market to stay digitally put") intelligence. They adapt themselves automatically by learning from their previous mistakes and so come to understand the ongoing [analysis of structured and unstructured data](https://www.financedigest.com/durham-county-council-reduces-data-log-analysis-costs-by-50-with-real-time-analysis-and-security-tool.html "Durham County Council reduces data log analysis costs by 50% with real-time analysis and security tool"). This optimises efficiency in workflows to do with loan processing, [financial reporting](https://www.financedigest.com/board-report-highlights-complex-decision-making-process-across-banking-and-finance-sector.html "Board Report Highlights Complex Decision-Making Process Across Banking and Finance sector"), supplier invoicing, policy administration, billings and collections. Intelligent bot assistants can discover specific patterns, predict decisions and eventually [offer recommendations](https://www.financedigest.com/germanys-slm-recommends-shareholders-accept-nikon-takeover-offer.html "Germany’s SLM recommends shareholders accept Nikon takeover offer") to the user.

Bots are now designed to target a wide range of manually-intensive processes, such as procure-to-pay, order-to-cash and record-to-report. RPA is also used by CFOs to retrieve budget approval, incorporate mergers, [manage talent and meet compliance](https://www.financedigest.com/fintech-and-compliance-managing-the-eternal-balancing-act.html "Fintech and compliance: Managing the eternal balancing act") requirements. All this saves employee time for the bigger analytical tasks, and therefore makes [finance teams](https://www.financedigest.com/how-finance-leaders-can-equip-their-team-to-tackle-change.html "How Finance Leaders Can Equip Their Team to Tackle Change") more productive. There are also benefits for CFOs in [terms of accuracy and compliance](https://www.financedigest.com/ifrs-15-moving-away-from-short-term-fixes-is-vital-for-effective-compliance.html "IFRS 15: Moving away from short-term fixes is vital for effective compliance").

According to [Gartner](https://www.gartner.com/en/finance/insights/robotics-in-finance): “Around 80% of finance leaders have implemented or are planning to implement RPA.” Tech giants [Google](https://cloud.google.com/blog/topics/developers-practitioners/bots-are-here-use-rpa-and-ai-automate-digital-tasks) and [Microsoft](https://blogs.windows.com/windowsexperience/2021/03/02/download-power-automate-desktop-for-windows-10-to-automate-tasks-and-processes-at-no-additional-cost/) have recently said that they are attempting to move into the RPA space, suggesting the lucrative opportunities that they think will come from enterprise-wide RPA adoption, although their technologies remain unproven in an enterprise setting.

I forecast that very soon every member of a [finance team will have a digital](https://www.financedigest.com/how-digital-is-transforming-finance-in-2023.html "How Digital Is Transforming Finance in 2023") assistant automating previously manually-intensive processes. But while RPA’s features are enticing for [finance teams](https://www.financedigest.com/protecting-the-finance-team-from-burnout-to-drive-employee-retention.html "Protecting the finance team from burnout to drive employee retention"), they need to step back and consider the best ways to scale the technology before they automate.

**How to get there**

As a first step to achieving the best results from RPA, [CFOs need](https://www.financedigest.com/cfos-need-a-focus-on-forex-in-financial-planning-tools-accountagility-reveals.html "CFOs need a focus on forex in financial planning tools, Accountagility reveals") to optimise their chosen business processes internally. Taking the [time to evaluate existing processes will allow companies](https://www.financedigest.com/oxford-bus-company-outsources-for-the-first-time.html "Oxford Bus Company Outsources for the First Time") to pinpoint the areas that need development to scale at volume. Putting in place the right foundations — including [senior management](https://www.financedigest.com/the-senior-management-regime-takes-shape.html "The Senior Management Regime takes shape") sponsorship, robust process management to select and prioritise the right processes, and agile business practices — is a must.

In my experience, typically 30% of the [time dedicated to introducing](https://www.financedigest.com/now-is-the-time-for-banks-to-introduce-intelligent-account-analysis.html "Now Is the Time for Banks to Introduce Intelligent Account Analysis") RPA should be dedicated to process identification, and 70% focused on implementation and value realisation. But in the initial stages, it’s likely that the majority of time will be spent purely on process identification until the RPA [project gains](https://www.financedigest.com/cherry-picker-crane-market-is-expected-to-experience-substantial-gains-with-projections-around-6-to-8-cagr-from-2021-to-2031.html "Cherry Picker Crane Market is expected to experience substantial gains, with projections around 6% to 8% CAGR from 2021 to 2031") momentum internally. Mapping each step in a particular process is critical when supporting the process identification cycle. It’s [important to have a clear overview of your organisation and the business processes](https://www.financedigest.com/5-reasons-why-modernising-is-the-most-important-ongoing-process-for-any-business.html "5 Reasons Why Modernising Is The Most Important Ongoing Process For Any Business") that are being carried out. The good news is that the technology now exists to map the [activities in a business](https://www.financedigest.com/euro-zone-business-activity-contracted-again-in-aug-outlook-bleak-2.html "Euro zone business activity contracted again in Aug, outlook bleak") and identify those processes that are ripe for automation within days. The management team can then base automation decisions on [data that’s been extracted](https://www.financedigest.com/from-sec-edgar-to-business-applications-exploring-an-alternative-to-manual-data-extraction.html "From SEC EDGAR to Business Applications: Exploring an Alternative to Manual Data Extraction") internally.

For successful RPA implementation it’s important to advocate a holistic, end-to-end approach, from process discovery through implementation to ROI and [impact evaluation](https://www.financedigest.com/equinor-evaluating-impact-of-british-windfall-tax-on-projects.html "Equinor evaluating impact of British windfall tax on projects") for the best results. Ultimately, RPA can ingest any type of data, process it, run it, and make it use more efficient. RPA undeniably has real [benefits for finance](https://www.financedigest.com/online-marketplaces-embracing-embedded-finance-to-benefit-both-customers-and-vendors.html "Online marketplaces: embracing embedded finance to benefit both customers and vendors     ") teams. This time the hype is real.


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