Intelligent Automation Across Financial Workflows

The next generation of finance leaders need to close the emerging operational technology gap by embracing intelligent automation-intelligent automation meaning robotic process automation (RPA) combined with artificial intelligence (AI) and business process management (BPM) and ramping up adoption across core financial domains. Automation in finance is not new, nor are the drivers. Cost reduction, speed of processing, and accuracy have driven past automation initiatives. Today the ever-evolving technology landscape is providing new opportunities for further automation. However, the buzzword du jour—Machine Learning and Artificial Intelligence—along with all the press attention they receive are causing these technologies to be overhyped while evasive at the same time. While RPA is considered a low-risk no-brainer for executable work, AI is viewed as high-risk and hard to control, yet also provides the biggest promise. In contrast to RPA and AI, BPM receives little attention or discussion. This lack of attention is surprising given that BPM provides the framework for understanding, designing, monitoring, and implementing processes. Concentrating on systems and process architecture will provide a balanced view of the technology landscape and give confidence to finance leaders so that they venture beyond RPA and embrace intelligent automation across core financial domains.

Automating finance functions is not as straightforward and simple as RPA and the service providers and vendors selling it would have people believe. Automating finance functions requires a careful consideration of models, processes, design, orchestration, stakeholder engagement, selection, measurement, and benefit realisation. Automating accounts payable and accounts receivable therefore requires more than simply mashing together RPA and OCR. The devil is in the detail of the respective processes, and thoughtful consideration and analysis are mandatory—especially for more complex closed-loop processes comprising non-executable work and requiring decision-making—if tangible benefits are to be achieved.