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Intelligent Automation in Accounting and Finance with IMA Queens College Student Chapter

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Intelligent Automation in Accounting and Finance with IMA Queens College Student Chapter

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Learn and discover how RPA and AI can change the work we do in Accounting and Finance for the better. In this session we will cover the following:

How does RPA impact accounting?
How does AI augment, and play a vital role?
How can I develop the skill sets to be relevant in the future?
Speakers:
Alp Uguray, MVP, Ashling Partners
Sharon Palawandram, Machine Learning Consultant Ashling Partners

Learn and discover how RPA and AI can change the work we do in Accounting and Finance for the better. In this session we will cover the following:

How does RPA impact accounting?
How does AI augment, and play a vital role?
How can I develop the skill sets to be relevant in the future?
Speakers:
Alp Uguray, MVP, Ashling Partners
Sharon Palawandram, Machine Learning Consultant Ashling Partners

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Intelligent Automation in Accounting and Finance with IMA Queens College Student Chapter

  1. 1. Intelligent Automation in Finance
  2. 2. 2 Ashling Partners | Automate to Innovate Agenda Introductions Who is Ashling Partners? How does RPA impact Finance? Intelligent Automation How can I develop the skills to be relevant in future? 1 2 3 4 5
  3. 3. ALP UGURAY Senior Solutions Engineer at Ashling Partners Ashling Partners | Automate to Innovate 1 +3 years of managing partnerships, launching, running and scaling solutions and products as a Practice Leader Witnessed 2 company exits at Symphony Ventures acquisition and UiPath Inc. IPO 3x UiPath MVP Award – 2020, 2021, 2022 Host & Creator at Masters of Automation Podcast – A podcast and article series on creative technologists and entrepreneurs who change the future of work and our lives. https://themasters.ai Early adopter and implementer of RPA and AI – know old times of UiPath in Romania before Series A Since 2016, 6.5 years of RPA, analytics, AI, and Low Code expertise Introduction
  4. 4. SHARON PALAWANDRAM Machine Learning Consultant at Ashling Partners Ashling Partners | Automate to Innovate 1 Proven track record of delivering custom-production ready machine learning automations & developing algorithms. 7 years of experience in machine learning, Artificial Intelligence & Intelligent Automation. UiPath Document Understanding expert with multiple experience of developing intelligent automation solutions using AI & machine learning. Introduction
  5. 5. Ashling Partners l All rights reserved 2 Don’t just standardize, innovate, build new products, experiences and service offerings, empowered by Intelligent Automation.” — Param Kahlon, Chief Product Officer at UiPath Inc. RPA Process Mining Analytics Low Code No Code AI/ML Workflow Management Advisory
  6. 6. The Ashling, Outcome-Based Difference Ashling Partners | Delivering the End-to-End Intelligent Automation Experience When we talk to our customers about the main challenges, they are looking to address using intelligent automation, conversations inevitably center around 3 core concepts that drive the Ashling Difference: 1. Value Realization 2. Change Management/ Awareness 3. Broader Automated experiences Perspectives & Experience Automation in a product-centric org Industry Expertise Industry Acknowledgement E2E Intelligent Automation Focus The 4 As of Ashling Holistic Technical Architecture Specialized yet Global Outcome Obsessed Tech-enable Continuous Improvement Unique Service Models Client Stories
  7. 7. Ashling Partners | Automate to Innovate  Industry / Domain SME  Value Engineering  COE & Benchmarking  FoW Change Management  RPA  Low – Code Apps  Automated Testing  Attended Automation  Process Mining  Insights & Dashboards  Task Mining  NLG  IDP/ Document Understanding  Machine Learning  ML Ops  NLP PLAN BUILD RUN MEASURE & IMPROVE E2E Intelligent Automation Focus The 4As of Ashling Automation that delivers business value at scale requires a holistic approach. The 4As of Ashling provides that E2E capability Automation Advisory Analytics Artificial Intelligence
  8. 8. Ashling Partners | Automate to Innovate Perspectives & Experience Industry Acknowledgement Going deep AND wide requires specialization in a technology platform that is best-in-class across the needed automation capabilities of today. That platform for Ashling is UiPath and the partnership is innovation and extensive. & UiPath Diamond Partner ☆ Highest Partner level ☆ Top .5% of US partners that are Diamond + USN certified UiPath Innovation Hub Grant Winner UiPath Service Network Growth Innovation with UiPath Platform ☆ Process Mining ☆ Document Understanding ☆ Task Mining ☆ Test Suite ☆ AI Center ☆ Automation Suite ☆ UiPath Apps ☆ Insights UiPath Partner of the Year ☆ 2020 – Industry Partner of the Year, Americas ☆ 2021 – Industry Innovation Award ☆ 2022- Worldwide and Americas Industry Innovation Part of the Year – Growth Products ☆ Manufacturing and Distribution ☆ First Global Partner Member
  9. 9. Ashling Partners | Automate to Innovate Specialization Around the Globe Building the digital workforce of the future today Global Coverage: As programs scale globally, having a local presence helps with change management and business processes as well as supporting 24x7 SLAs With programs scaling over multiple years and across the globe, enterprises are pressured to show better unit economics Having options across regions of the world help to keep velocity high in order to deliver value is critical Scale: Outcome Focused: E2E Intelligent Automation Focus Specialized yet Global We are the global boutique that will drive the most out of your global automation program, not just a departmental project
  10. 10. Improving your business across all processes Lead-to-Order Order-to-Cash Trade Promotions Claims Mgmt Account Mgmt Customer Service Mgmt Incident Mgmt Other Accounts Payable Accounts Receivable Treasury Mgmt Financial Reporting Record-to-Report HR IT Service Mgmt Sourcing Purchase-to-Pay Product Allocation Supply Chain Mgmt Inventory Management Warehouse Operations Pallet Lifecycle Other Product Development Make-to-Stock Production Maintenance and Repair Quality Mgmt Change Management Production Planning Other DIO Inventory Turnover Material / Labor Availability Out-of-Stock Rate % Managed Spend Spend/Revenue Supplier Metrics Lead Times Warranty Costs R&D Productivity R&D Expenses %Scrap/Rejects Throughput Machine Downtime On-Time Production ESG Rating OTIF Ratio Order Cycle Time Conversion Rate Automation Customer Satisfaction Resolution Times # Replies per Request Resolution Rates Working Capital Operating Cash Flow AP/AR Turnover DPO & DSO Employee Satisfaction Resolution Time Multi-Hop Incidents Compliance Contact Center
  11. 11. 11 Adopters with a proactive strategy have significantly higher profit margins. Adoption & profit margins
  12. 12. 12 Applications of machine learning
  13. 13. 13 Types of machine learning
  14. 14. How automation can assist – Human-in-the-loop Ashling Partners 2018 l All rights reserved 14 100% Manual Effort 50% Manual Effort 50%* Automated Collect Form from Salesforce Collect GTM Assets Complete Questionnaire Submit Questionnaire Collect Form from Salesforce Collect GTM Assets Complete Questionnaire Submit Questionnaire Question 1 Question 2 Question 3 Question 4 % automated is an example and includes human-in-the-loop tasks such as; forms, action-center and more
  15. 15. 15 What they asked us to automate Classifying and extracting thousands of documents data from a folder Which documents are we targeting IMRs Wage Statements Medical Bills Works Compensation (Report of Injury) Leveraging AI ~90% Extraction Accuracy 85% Reduction of document processing time
  16. 16. What are the business benefits of RPA? Ashling Partners | Delivering the End-to-End Intelligent Automation Experience
  17. 17. How does Machine Learning relate to RPA & Intelligent automation? Ashling Partners | Delivering the End-to-End Intelligent Automation Experience Long term Value Assigning accurate probabilities to events is highly valuable over the long-term Predicts trends and forecast Meaningful predictions come from meaningful data, RPA + IDC technologies are often pipelines carrying meaningful data Identify underlying patterns High-value models recognize patterns within specific, relevant, and large datasets Fast track to market Custom model integration paired with existing RPA/IDC offerings is a fast-track to market
  18. 18. 18 Robotic Process Automation (RPA) What is document Understanding? Document Understanding is the ability to extract & interpret information and meaning from a wide range of documents. It emerges at the intersection of document processing, AI & RPA. Document Processing Artificial Intelligence (AI) Document Understanding Not OCR Not Computer Vision
  19. 19. Anatomy of a document understanding model Load taxonomy to define document types and fields for processing Digitize documents using OCR to make them machine- readable Export the extracted data for further usage Classify and split the files into document types Validate classification results (human review) Train classifiers based on the validated data Extract information from the documents Validate extraction results (human review) Train extractors based on the validated data Human Training via Action Center UiPath Robot(s)
  20. 20. 20 Types of documents and their processing
  21. 21. 21 Document Understanding AI capabilities Get off to a quick start with AI and improve accuracy over time Make use of pre-trained machine learning models to enhance your bot with AI. Empower citizen developers and business users with no-code Forms AI. Coupled with traditional RPA, AI document processing calls for highly intelligent robots that keep learning over time to become more accurate.
  22. 22. 22 UiPath Document Understanding ecosystem UiPath Document Understanding Machine Learning Models Forms AI Rule Based Models Intelligent Form Extractor Form Extractor RegEx Extractor Custom ML models Open- Source ML models Out of the box ML models
  23. 23. 23 Capabilities of Machine Learning In UiPath
  24. 24. Let’s see it in action! Ashling Partners l All rights reserved 24
  25. 25. Careers
  26. 26. 26 Emerging jobs in the ‘automation first’ economy RPA Developers RPA Citizen Developers RPA Users RPA Business Analysts RPA Solution Architects RPA Infrastructure Engineers RPA Educators RPA Project Managers RPA Consultants
  27. 27. 27 The majority of RPA salaries in the U.S. range between $65,000 to $164,000, with the average annual salary being $115,713. The starting salary in RPA is at $65,000. www.ziprecruiter.com Well Paying Jobs $115,713 per year Robotic Process Automation - Growth & Prospects The global RPA market size is anticipated to exhibit a CAGR of 32.8% over the forecast period from 2021 to 2028 for a worth of 13.74 billion in 2028 from 1.57 billion in 2020. www.grandviewresearch.com RPA Market Size Growth 32.8% CAGR Future of work 182 million By 2025, 85 million jobs may be replaced and 97 million new roles created, with new division between humans, machines, and algorithms Future of Work Report 2020 – WEF 84% Eighty-four percent of employers are set to rapidly digitize working processes. Future of Work Report 2020 – WEF Rapid BusinessTransformation Fifty percent of RPA developers were creating automations for the highest led industry of finance and banking. UiPath 2021 State of the RPA Developer State of the RPA Developer 50% 7,000+ unique RPA developer jobs were posted in the US over the past year with only 1 out of 9 being filled. EMSI-2021 Unique Job Postings 7,000+ openings
  28. 28. 28 State of the RPA Developer Career Satisfaction 97% 97% of RPA developers report being satisfied with their career. Even more impressive: This year, 63% report being very satisfied, up from 51% last year. Positive Impact on Career 87% And this field will help you in your career where 87% agree their “job as an RPA developer will have a positive impact on their next career move,” up from 83% last year. Valued by Company 85% 85% agree “My organization values the work I do as an RPA developer,” up from 80% last year. Diverse Field 86% RPA is a diverse field . . . 86% think RPA is at least as or more diverse than other software development fields. Industry Growth 90% The RPA industry has a high potential for growth. Just as we saw last year, more than 90% agree “the RPA industry has a high potential for growth over the next 5 years.” https://f.hubspotusercontent20.net/hubfs/416323/UiPath-2021-State-of-the-RPA-Developer-Report.pdf
  29. 29. 29 * Logos not fully inclusive of all schools in the program Academic Alliance Partners at a Glance United States

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