Robotic Process Automation (RPA) for Accounting Firms
April 14, 2017
When major daily newspapers publish stories on a seemingly niche technology, you can be pretty sure something big is happening.
That’s exactly what’s happening around Robotic Process Automation (RPA) for accounting firms. The Minneapolis Star Tribune recently published an article titled “Robotic Software Sweeping Large Accounting Firms and Clients.” You can read the article here:
The writer, Nicole Norfleet, summarizes high-level benefits of RPA well when she cites research by Deloitte that estimates what it takes a human 15 minutes to accomplish, an RPA bot can do in just 60 seconds.
The article, however, stops short of covering RPA’s full impact across a broad swath of industries. The emergence of RPA as transformative technology extends well beyond accounting firms. The uses for RPA are as broad as the industries that make up our modern economy.
An e-book recently published by Kofax validates this, citing the following statistics:
- 32% of transportation and logistics companies rely on manual steps in more than half of all processes
- 50% of manufacturing companies still use manual processes for monitoring critical supply chain and planning activity
- 34% of all financial organizations rely on manual processes
- The top efficiency challenge for CFOs in the insurance industry is manual processes
- 47% of AP professionals consider manual data entry and inefficient processes as their biggest challenges
The point is that RPA can impact just about any business for the better. And the ROI is nearly instant when you consider the cost difference between full-time employees and an RPA solution. And that doesn’t even take into account eliminating risks associated with human error and privacy concerns.
During a recent Genus Technologies webinar, David Aichele of Capturis described how his firm is leveraging RPA to great effect. You can hear his insights on the recorded playback here.
Whether you’re new to the concept of RPA or you are considering RPA for your organization, tell us about your objectives and we can provide clear ideas to help you achieve them with RPA. Contact John Peters at (612) 361-8425.