Robotic process automation in finance revitalises the companies by automating complex to simple workflows. Damco helps clients in finding the right opportunities across the existing workflows and enables in scaling up businesses. Know more: https://www.damcogroup.com/financial-services/rpa

1. Efficiently Optimize Workflows with Robotic
Process Automation in Finance
The financial services companies have various labor and time-intensive processes and workflows.
There is enough room for driving compliance and productivity. With the strategic implementation of
robotic process automation in finance, businesses can modernize workflows of varying subtleties -
from complex to simple.
In other words, order-to-cash, record-to-report, and procure-to-pay, cycles can be automated
efficiently. With the adoption of robotic process automation in finance, companies can efficiently
enhance bottom-line productivity, increase efficiency, and experience second-wave agility.
The growth-focused business players are already reaping these benefits and acing the competition.
As an intelligent digital workforce, the software bots can skillfully imitate manual tasks including
data entry from one application to another, copy-paste, data entry and management, and so on.
Putting it simply, figurative bots can perform no-brainer tasks in much less time compared to human
resources including dragging, dropping, clicking, typing. There are various RPA use cases in finance
that have helped the organizations in scaling up workflows. Take a look at the RPA opportunities in
the record-to-report process where it is doing wonders.
 Accounts Closing

2. All the transactions of different departments and divisions are recorded in journals. This has to be
consolidated and reconciled for accuracy and precision. With RPA in finance, an organization can
easily assign this task to smart robots. These bots can efficiently gather and consolidate transactions
and reconcile them in the ERP, leading to maximized productivity.
 Financial Planning
Closing and reporting the financial year is an uphill task. The professionals dealing in this know what
it takes to complete this process. It involves various tasks such as closing out sub-ledgers to making
and delivering financial file documents to regulatory bodies. But thanks to RPA, the automated
robots can collect and post data from several sources such as Excel to these sub-ledgers.
 Data Management
Analyzing financial and operational performance is necessary to ensure the proper functioning of
businesses. However, pooling and processing this data in real-time is challenging for a majority of
organizations. So, offloading this activity to figurative bots lightens the time-sensitive burden for
employees involved in gathering data and enhances their bandwidth. It also provides intelligent
business insights augmenting the decision-making process.
Winding Up
The new-wave technologies are driving changes in the financial services industry. At the forefront of
this revolution is robotic process automation as it is orchestrating digital transformation in
organizations. It is making the processes convenient, simple, and faster, thus resulting in big wins in
productivity as well as profit margins.
The key to the making most out of new-age technologies such as automation is exploring different
RPA use cases in finance and finding the right-fit scenario!