The traditional methods of controlling and supporting corporate processes are changing. Intelligent automation (RPA+AI) and other disruptive technologies assist chief experience officers (CXOs) in re-inventing their company operations by bringing inefficiencies. In this blog we will see how business Back Office automation (RPA) process works.
Fast growth means that key team members in strategic roles spend too much time on manual and repetitive activities, leaving them little time to focus on the essential elements of their roles. Automation can provide you with the key to reclaiming part of that time, but most teams will continue in the manual rut unnecessarily because they are unaware of what is feasible or how to begin implementing change. With corporate activities such as IT, HR, and finance, the back office offers critical support and administration to the business and can assist in establishing service distinction. CFOs and CIOs worldwide recognize that attempts to improve customer-facing technology and procedures are limited unless the back-office operations are similarly successful and linked.
Since businesses prepare to be future-ready, technologies like RPA and AI increasingly used to support transformation initiatives. They have the potential to have a tremendous influence on back-office processes, resulting in cost savings, shorter turnaround times, and higher productivity. IA enables end-to-end back-office business process automation and accelerates digital transformation.
It integrates RPA’s rule-based, 24-hour-a-day task execution with AI and cognitive capabilities, including computer vision, natural language processing, fuzzy logic, procedures and performance analytics. Adding AI to RPA increases the potential of back-office automation in almost any situation, including a Digital Workforce that can reason, make choices, and learn on the job to become useful resources in your human workforce.
Below are some of the most typical locations within the Finance/Accounting teams where we encounter these issues and some of the solutions available.
Departments are frequently understaffed and forced to perform more with less. This is particularly difficult since the volume of receiving invoices reduces processing efficiency, as measured by the number of invoices per full-time equivalent (FTE), which is equal to an AP clerk working eight hours a day. A single accounts payable clerk can handle more than 22,500 invoices per year in firms that have implemented accounts payable automation — where at least 70% of invoices received electronically and subsequently processed via an automated workflow. A single AP clerk could produce one-tenth of the output in a similar business that still processes invoices manually.
Automation enhances AP process performance and lowers costs by removing invoice data input, manual invoice handling, and routing necessary for a manual or semi-automated setting. Bots are driven by artificial intelligence (AI) to retrieve and evaluate invoice data, match invoices to purchase orders and proof-of-delivery receipts and submit authorized invoices to an ERP platform.
Accounts receivables are full of time-consuming, tedious, and manual activities, even though it is vital to the company’s operation. Employees must frequently manually enter data from incoming purchase orders and then transfer that data from one system to another. All of this leads to a time-consuming, error-prone procedure. Order processing, fulfillment, invoicing, and cash allocation are the four key process areas. Intelligent automation can completely automate the process and eliminate human mistakes. Organizations may minimize their long days-to-pay timelines by automatically recording incoming order information, automating operations like creating downstream documentation, and manually keying order information into the ERP solution.
Employee data management is one of HR’s most transaction-intensive and high-volume operations. Data modifications and requests occur from various systems, with numerous stakeholders and departments involved. According to Deloitte’s 2017 Global Human Capital Trends survey, 22% of the highest-performing HR businesses are now adopting or have embraced automation, while just 6% of the lowest-performing organizations have done so. According to the Deloitte report, over half of HR global shared services executives believe RPA would save their companies 10 to 20% of their time, with 9% predicting savings of 40% or more. This frees HR to concentrate on creating a complete and rewarding employee experience, from onboarding to engaging them as a key contributor to its success.
Automation can handle tasks like filling up standard forms for new hires, sending out alerts, and populating various database information. Bots driven by AI will save time and produce error-free work in minutes while avoiding lengthy email chains. Therefore, instead of focusing on paperwork, HR can focus on other strategic initiatives, increasing the entire employee experience. Employers and workers have a seamless onboarding experience across your company’s HR systems.
The IT service desk must evolve to address issues proactively, using analytics and intelligent automation to predict problems and initiate remedies as soon as they occur. Automation may help you go from a reactive to a proactive mindset. By automatically triaging incoming requests and directing them to the appropriate queue, intelligent automation may help IT assure business continuity. Password resets, and other frequent difficulties can be triggered by bots that use an IT-approved procedure to fix these issues automatically. This hands-off ticket resolution will allow IT to focus on strategic goals that advance innovation.
Back-office automation can provide significant benefits for businesses, including improved efficiency, reduced costs, and increased accuracy. Here are a few examples of how businesses have used automation to streamline their back-office operations:
Many monotonous, repetitive, and labor-intensive processes in back-office sectors, including procurement, finance and accounting, payroll, reporting, supply chain, and business services center, can be completed faster, more precisely, and more efficiently with automation. As organizations reimagine how jobs are distributed and executed in the back office, they will continue to employ more automation. IA will be used across functions and boards, revolutionizing and affecting the way we operate today.
Automation can manage end-to-end corporate operations and even difficult activities. This allows human resources to become more involved in providing insights to decision-makers, resulting in a qualitatively higher-value addition. Contact us if you want to automate your business.