Robotic Process Automation for Finance
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1 Robotic Process Automation for Finance Intelligent System Promotes a More Strategic Department WHITE PAPER Sponsored by Copyright Ventana Research 2016 Do Not Redistribute Without Permission
2 Table of Contents Automation and Finance Departments... 3 Types of Robotic Process Automation... 4 RPA Supports Continuous Accounting... 5 The Next Step in Streamlining Finance... 6 About Ventana Research Ventana Research
3 Automation and Finance Departments Robotic process automation (RPA) is a relatively new concept in the software industry. It involves the use of programming or analytical algorithms to execute the most appropriate action in an automated workflow without human intervention. RPA eliminates the need for individuals to perform the sort of repetitive routine work that lends itself to computerized automation. This approach is particularly appropriate for today s finance department. Using this technology can enable the finance and accounting function to play a more strategic role in the management of its company, which is a longstanding goal of many CFOs. Improving efficiency enables the department to shift resources so it can be more active, engaged and forward-looking. Computers have been used to automate processes since the beginning of the Information Age. Simple process automation manages workflows within a single application. RPA systems can make companies more efficient by, in effect, outsourcing repetitive tasks to digital systems. An RPA system does more; it automates the execution of a process within one or across multiple systems and can act on data from multiple sources. It manages or interprets the data according to established rules and can communicate the result to another digital system or create an alert. RPA systems can make companies more efficient by, in effect, outsourcing repetitive tasks to digital systems. Moreover, just as robots in manufacturing can perform repetitive actions more consistently than humans, RPA systems can improve the quality and accuracy of work and shorten cycle times. In cases where they enable skilled employees to concentrate on matters requiring their education, experience and judgment, they also help make an organization more effective. Finance departments in particular can realize substantial performance improvement from implementing RPA because a significant portion of the accounting department s day-to-day and period-end workload involves performing rules-driven repetitive tasks involving structured data. For example, processing invoices in the accounts payable function can be streamlined to enable companies to take advantage of early payment discounts or handling account reconciliations. Such automation can have a significant impact on the finance function s performance. For example, our Office of Finance benchmark research finds a correlation between the degree of automation used in the financial close and the rapidity with which the process can be completed Ventana Research
4 Nearly three in four (71%) companies that use a substantial degree of automation said they are able to complete their monthly close within six business days. In contrast, only 43 percent of companies that use some automation and just 23 percent of those that use little or none in their close process said they can close in that time frame. Types of Robotic Process Automation Ventana Research distinguishes between two basic types of robotic process automation systems: programmatic and algorithmic. Purely programmatic robots execute rules-based tasks based on defined parameters. For example, they might take a set of data from one system, place it into a spreadsheet and, after using a macro to make adjustments, upload the resulting data into a second system for additional processing or storage. This form of automation has been available in a range of applications. For example, web crawlers are employed to index the internet and internet bots are used to emulate human activity such as in chat bots. Algorithmic robots are more sophisticated in that they perform some sort of analysis to determine what to do next. For example, they might do some ratio analysis and then, based on the value, choose one of four courses of action. Or the system might determine whether two values are close enough that the difference isn t material. RPAs of either type eliminate the need for individuals to perform rote assessments of conditions or data at one or more points in a process. They speed the completion of that process while ensuring that it is executed consistently. For example, judgments about materiality are made programmatically according to established rules; these are likely to be more consistent than individual judgments. However, because ambiguities exist to some degree in almost all business situations, rarely can an algorithmic RPA be fully automatic. Nonetheless, it can be valuable because it enables an organization to deal with these situations through exception-based management. Handling only the exceptions utilizes employees time, experience and judgment most productively. And because RPA can process items faster than humans, it can reduce costs by eliminating the need for hiring temporary staffs to handle periods of peak workload Ventana Research
5 RPA Supports Continuous Accounting By taking over the rote aspects of repetitive finance tasks, robotic process automation can free individuals and the department as a whole to do more productive work that draws upon their professional skills and has a strategic impact on the company. A case in point is what we call continuous accounting, an approach to managing the accounting cycle that can improve departmental performance. Continuous accounting is built on three principles: Automating accounting processes in a continuous, end-to-end fashion to improve efficiency, ensure data integrity and enhance visibility into processes. Distributing workloads continuously over the accounting period to eliminate bottlenecks and optimize when tasks are executed. Establishing a culture of continuous improvement that sets rigorous objectives, reviews performance to those objectives and makes addressing shortcomings a departmental priority. Rather than just automating existing practices to improve efficiency, continuous accounting recognizes that longstanding processes may no longer be the best approach because today s software offers greater flexibility Continuous accounting enables the finance and accounting organization to better serve the needs of a modern corporation. in how and when elements of the accounting cycle are performed. It provides a foundation that enables the finance and accounting organization to better serve the needs of a modern corporation by being more responsive, forward-looking and agile. Moreover, when used as a concept to define and explain a departmentwide change management initiative, continuous accounting can facilitate necessary changes in a department s culture. RPA supports continuous accounting in two ways. First, it can automate accounting processes to improve efficiency, ensure data integrity and enhance visibility into processes. Second, it can distribute workloads continuously over the accounting period to eliminate bottlenecks and optimize when tasks are executed. As mentioned, this is not a minor innovation; robotic process automation is an important evolutionary step beyond decades-old business process automation. It extends the scope of automation into the realm of decisions that require judgment. Because accounting often requires making choices based on established rules, it can benefit from RPA Ventana Research
6 Incorporating analytics into automation eliminates the need to waste skilled individuals time on routine matters of judgment; RPA thus is able to execute tasks that once required human intervention. In doing so, it can enable finance organizations to use the gains in efficiency to provide more timely and insightful information to executives and managers. RPA also can improve the consistency of accounting treatments, thereby acting as a high-level control for maintaining the integrity of financial statements. Automation enhances the effectiveness of the finance organization. In our Office of Finance research, for example, 57 percent of corporations that automate reconciliations said they are able to complete their monthly close within six business days, compared to only 27 percent of those that use a manual process. How quickly a company closes its books affects the timeliness of the information that is available. Our research finds a correlation between how quickly a corporation completes its close and the timeliness of the financial information that executives and managers use to make decisions. Three-fourths (75%) of companies that close their quarter in one to two days said they have timely information, compared to 38 percent that take three to six business days and only 10 percent that take 11 or more business days. When managers have financial and managerial reports sooner, it enables them to seize opportunities and address issues sooner. Closing earlier also provides more time for actionable analysis that can focus executives and managers' attention on what to do next and why. It provides companies more time to craft narratives for external financial reports. The Next Step in Streamlining Finance Robotic process automation also sustains another effort that can yield a more strategic role for finance: continuous improvement. Even companies that have frequent process reviews will find that the fixes they make don t always stay fixed. Process automation establishes and sustains consistency in execution, which translates into fewer process issues to deal with. Moreover, well-designed RPA systems make it straightforward to make adjustments to processes and how they are performed. When companies identify changes that need to be made, altering the system is relatively quick. Department heads can devote more scrutiny to refining other aspects of work and addressing the ongoing goal of optimal performance Ventana Research
7 By applying automation and analytics, robotic process automation frees individuals to turn to value-adding activities that take advantage of their professional skills, training and experience. In doing so, it can support a finance organization s continuous accounting efforts by enhancing data quality, accelerating process completion, strengthening fiscal control, promoting consistency in the application of accounting policies and reinforcing continuous improvement efforts. RPA also enables finance executives to use the gains in efficiency to concentrate on filling a more strategic role in their company by providing more timely and insightful information to corporate executives and line-of-business managers. About Ventana Research Ventana Research is the most authoritative and respected benchmark business technology research and advisory services firm. We provide insight and expert guidance on mainstream and disruptive technologies through a unique set of research-based offerings including benchmark research and technology evaluation assessments, education workshops and our research and advisory services, Ventana On-Demand. Our unparalleled understanding of the role of technology in optimizing business processes and performance and our best practices guidance are rooted in our rigorous research-based benchmarking of people, processes, information and technology across business and IT functions in every industry. This benchmark research plus our market coverage and indepth knowledge of hundreds of technology providers means we can deliver education and expertise to our clients to increase the value they derive from technology investments while reducing time, cost and risk. Ventana Research provides the most comprehensive analyst and research coverage in the industry; business and IT professionals worldwide are members of our community and benefit from Ventana Research s insights, as do highly regarded media and association partners around the globe. Our views and analyses are distributed daily through blogs and social media channels including Twitter, Facebook and LinkedIn. To learn how Ventana Research advances the maturity of organizations use of information and technology through benchmark research, education and advisory services, visit.blackline WP Ventana Research
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