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2020 Global Record to Report Benchmark Report

The Future of Financial Automation

A decade ago, using Robotic Process Automation (RPA) to help increase the efficiency of an organization was a relatively niche idea. But today, RPA has been implemented throughout most companies in some way. From lowering HR costs to streamlining supply chains, RPA has revolutionized how organizations do business.

However, despite how RPA has improved the workflow and efficiency of most other parts of a company, historically the office of finance has lagged behind other business units when it comes to adopting new technology that can improve how their department conducts their day-to-day work. This lack of automation comes at a time when the average office of finance is struggling to keep up with the growing pressure of their increased workload while constantly being told to 'do more with less.' Until recently, many finance professionals were chained to their desks however in today's highly mobile and connected society, the ability to support a remote workforce is a necessary staple. Automating low value repetitive tasks completed by the office of finance is finally starting to gain more traction and year after year the interest in the benefits of financial automation grows. Despite the growing interest, there's minimal research available to show where and how organizations are automating in their R2R processes or what goals they have in mind when implementing automation.

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