RPA stands for automation of robotic systems, which is the mechanization of business processes using routine activities done by machine tools. There are numerous cases of automation of robotic processes that can lead to substantial improvements in productivity and time. Specifically, in terms of sales and marketing, RPA adoption will reduce repetitive tasks by almost 80%. This means that humans can have much more time and energy for innovative and non-repetitive activities, with 59% of business processes predicted to be automated by 2022. It also means you may have to hunt for a new career, but now let’s not get into it.
Automation plays a growing role, encouraged by the often simple integration of RPA with the existing IT infrastructure.
Here are 5 ways within these organizations to efficiently enforce RPA.
1) Storing Current and New Information for Consumers
A noteworthy case of robotic process automation is that it helps one to store consumer data in a structured and open way. Automatic sorting of various data types, as well as simple visualization of company-wide data, can save time compared to manually entering this information.
2) Cultivating Leads
To automatically nurture leads from a number of different networks, RPA can be used. RPA will lead to quicker and quicker lead nurturing to boost revenue by facilitating instant follow-up and connexions with leads. RPA may encourage the providing of timely responses to data as well as produce polite and attractive responses to advance the discussion.
3) Business Intelligence Reporting
There is a multitude of marketing and distribution details available to the organization that will take way too much time having to manually manage it. On the other hand, in order to simplify these procedures, RPA can be used to set business-defined laws. For eg, RPA bots can all be followed by new business entrants, related activities, promotions, and competitor messaging. Most notably, insights into current account behavior will enable sales reps to reach out at the right time. For eg, if an existing customer has not renewed and is close to the end of their RPA subscription, the respective account holder will be told to check up with the customer and seek to get a renewal.
4) Maintaining & Analysing Competition and Pricing
There are numerous RPA solutions that allow one to watch websites and prices of rivals in real-time, to obtain updates when there is one. This will allow corporations to change their rates accordingly without having to search rival websites manually.
5) Efficient Processing of Sales and Invoice Orders
It is a very time-intensive process to ensure that the data is accurate within an organization. Sales professionals expend large sums of time inserting data into the CRM system, which for the finance department must then be entered into a separate system. Such knowledge transitions contribute to substantial decreases in precision, accuracy, and efficiency. Sales order activities, such as entering sales orders and generating their corresponding invoices, can be automated by RPA on an end-to-end basis. It can also process invoices from multiple formats into unified data directly into a single storage structure. RPA does not only simplify the input of data, but it can process multiple stages of decision-making and search for separate errors.
The current tools required to optimize and automate Accounts Payable (AP) are designed to accommodate the objectives and challenges of larger enterprises. As a result, small to mid-sized enterprises, with annual revenue ranging from $1 Million to $100 Million, are left with limited options. They are more than often reduced to patching together a series of disparate tools, to address the issue. These strategies have limited advantages. Primarily companies use a method to minimize the data entry job to a single pain point.
Managing Accounts Payable (AP) is a costly and tedious process that requires accuracy and regularity. The Automation of Account Payables provides for a simple yet effective way to manage the AP while cutting down on back-office costs and manual errors.
The real advantages of a completely integrated and controlled AP system, though, go far beyond an optimal data entry system. AP Automation guarantees rigorous supervision, simpler authorizations, strategic transfers, and access to transactional data in real-time. Thus, financial practitioners will take quick and optimal decisions for the bottom line of their company.
With the present-day advancements, automation technology has caught up to the specific needs of SMEs. They are no longer deprived of the advantages of an efficient and mature AP state. Robust AP technologies and systems to serve the needs of a mid-size business are now available. They also provide efficiency gains and control enhancement functionality to optimize the results.
Mid-sized firms already enjoying the benefits of AP Automation
Some have just entered this sphere while some others are still stuck with erroneous and expensive manual processes. However, given the advantages and effectiveness of the automating solutions more and more firms are steadily integrating these solutions in their daily operations ERP (Enterprise Resource Planning).
Many firms have digitized the maximum proportions of their invoices. These are the front-runners in AP Automation management. They use cloud-based automation solutions that ensure accuracy in financial statements, reduction in fraudulence and embezzlements, freedom from manual errors, and cost-efficiency.
Next comes the followers, these firms have done partial digitization of the invoices and continue to have a decent percentage of paper invoices as well. Such organizations do not have a well structured and functional automated AP workflow. At most, they have adopted elementary automating solutions such as an invoice registering tool, e-payment tools, etc..
There are, still, some firms that are purely manual-labor intensive and have little or no automation. They are dependent on human-driven processes to manage their AP. These are the beginners and they undertake massive paperwork, manual entry of invoices, and book-keeping. Such firms are prone to human error and bias at multiple levels and processes. Fraudulence, an error of omissions and commissions, delay in payments, and distorted recording to the accounts payable is also seen
The manual recording and discharging of accounts payable result in discrepancies with the supplier’s and vendors’ portfolios, delays in payments, and lower early-payment discount benefits.
While the front-runners can reap the maximum benefits of the AP automation, the followers avail lesser benefits and aren’t as efficient as the firms which have completely automated the process of AP management. The beginners are yet to start benefiting from the automation technology and are still struggling with the drawbacks of manual AP management processes.
Recent market analysis shows that 42 % of the SMEs are still at the Beginner’s level in terms of AP automation while less than 10% makes it to the Front-Runner’s level. It has been observed, the overall cost of managing the accounts payable reduces concerning the increase in the automation levels of its management. (Figure 1)
How to make a high-rewarding investment in AP automation?
The investment in automation technology, like any other, is made post-measuring a bankable ROI. It involves strategic-level decision making. An assured high-percentage return on investment is crucial for Small and Medium-sized businesses as they have fewer resources and small-irregular inflows of investment. It becomes a key issue for SMEs to analyze and invest in the most rewarding automation technology avenues.
Here is a detailed check-list for SMEs on what to look, while investing in an AP automation system :
Compatibility with the existing ERP
The operations and administrations of SMEs are mostly inter-woven in a well-developed Enterprise Resource Planning System. AP management is also an integrated part of this system. The new AP automation technology should be compatible with the existing EPR system and should complement its working. A complete revamping and re-organizing of existing workflow would disrupt the financial and functional soundness of the SMEs. Hence, while evaluating various alternatives, an SME should look for EPR compatibility and integrating features of the AP automation technology.
Establishing an analyzed business case for the adoption of AP automation
Before adopting the AP automation management system, the firm should assess the current position of their payable levels. the current cost incurred in the entire AP management process, and the time consumed should also be considered. This helps SMEs in deciding the end objective of adopting AP automation. Increased visibility, reduced back-office costs, and elimination of manual errors are some of the benefits of AP automation that make a strong case for its adoption.
A ‘firm-friendly’ solution provider
The SMEs investing in AP automation solutions should be cautious while choosing a solution provider. Many solution providers offer AP automation services. A firm should go for a solution provider who ensures a tailor-made option. It should be customized to fulfill the requirements of the firm and takes into account all its limitations. Few of them are size, space, turnover, existing technical infrastructure, and feasibility. SMEs should look for service providers who provide ‘firm-friendly’ automation solutions after assessing the internal and external environment in which the firm operates.
For the efficient and smooth running of the businesses, automation of repetitive and regular tasks is a must. This helps firms to reduce huge costs in terms of resources, monetary, human, and time. Hence, a necessity to survive the competition. Management of Accounts Payable is one such task, making it’s automation highly recommended.
As companies continue to search for cost-effective solutions to increase performance, Robotic Process Automation ( RPA) becomes one of the most prominent breakthroughs. According to a new study by Deloitte, 53% of the companies surveyed already have incorporated or started to integrate robotic process automation into their invoice management approach. This is anticipated to accelerate to a universal implementation within the next five years.
Robotic Process Automation is a robot technology that can complement people to simplify the routine, rule-based, and operating procedures. By communicating with current IT systems, RPA software is capable of obtaining and evaluating those tasks and then automating them continuously. Introducing a digital workforce in place, employees would also be able to devote more time to the client and other higher priority activities.
What is RPA?
Robotic Process Automation ( RPA) is considered to be the technique for mechanization of company processes by automation to minimize human interference.
If each of these words must be sorted out one by one, Robotics are entities that imitate human activity. A process consists of a series of steps leading to productive work. For instance, making your favorite beverage or dish, etc. Automation is any robotic action that does not require human interaction. If we sum up all these concepts, it is also known as Robotic Process Automation. Itimitates human behavior to execute a series of steps leading to concrete action without any human interference.
RPA boosting your business’s operating efficiency
Since the Payable Accounts (AP) are critical for the competitiveness and financial results of the business entity, AP procedures are manual and time-intensivefor many North American organizations.Leading companies are adopting software techniques to boost AP performance, adding to reduce departmental expenses and growing profits within the enterprise. Technology helps AP agencies to retain a solid bottom line for their support. Large organizations with broader financial and technical capabilities have historically powered AP automation, but today automation is adopted in back offices by businesses of all sizes.
AP challenges faced by organizations without a proper RPA solution
Organizations strive to maintain an effective invoice mechanism without the correct AP technologies.
Figure 1 depicts the leading organizational challenges :
Unproductive procedures and manual data entry.
Manual transfer of invoices for authorizations.
Constantly losing or missing invoices.
Major receipts of invoices being in paper format.
In their own words, the companies cited several difficulties when asked to identify their most significant AP problems. They referred to the handling of obsolete, outdated AP applications with entirely manual AP units. Many have used an ERP or an invoicing control program for their applications for the manual submission of invoices information. Many have been criticizing their applications. One respondent who uses an ERP tool also described its AP Department as “paper-intensive” despite the AP program, which was focused on its tool creating the “no constant method of obtaining and authorizing invoices.” Others found ERP based instruments “unsatisfactory” and “glitchy.”
Benefits of using an RPA for your Accounts Payable
Automation of AP tackles a variety of limitations in the AP Division. Figure 2 shows that many businesses can increase approval periods by using AP automation, to improve the productivity of workers.
It points out the major organizational and strategic benefits :
Improving supplier relationships
Simplifying the auditing process
Reducing fraud and duplicate payments
Overall resulting in lower AP costs
Organizations have recognized the beneficial effects and see automation technology as an ability to transform and improve their AP systems technologically and functionally.