What Is Robotic Process Automation?
Robotic Process Automation uses computer programs, rather than human employees, to oversee finance, accounting and general business processes. These computer programs, called software robots, use the entire computer system to capture and analyze data and operate systems as a person would. To perform the desired task, they collect all the necessary information, interpret it into useful tools, communicate with other aspects of the system and initiate the appropriate responses. The robots can do all of this in a fraction of the time it would take a human employee. Plus, the computer doesn’t sleep, collect a salary, take vacations or make mistakes.
While this type of automation might appear to threaten the security of specific jobs, it benefits your employees in the long run. Now that your employees are no longer performing repetitive, low-value tasks, they are free to learn and master more complex, high-value skills. RPA allows your company more time to focus on employee growth, customer service and solving business challenges.
Another major benefit of RPA is that it does not change the existing infrastructure or processes you have in place. Software robots can integrate into any system because they are easily programmed and reprogrammed. With some programming, you can instantly multiply the robots as you go. RPA allows your system to improve continually since the robots are always reporting their progress. With each system you run and modify, the larger system gets smarter and more complex, resulting in an efficient, personalized network.
When using RPA, critical changes in accounting processes also occur in Accounts Payable and Accounts Received, including:
- Product orders: RPA can confirm the order is cross-referenced with the product catalog to ensure the product’s quantities, weights and codes are accurate.
- Supplier management: RPA can improve the speed of supplier acquisition, invoice uploads, dispute resolutions and much more.
- Analytics and reporting: With RPA, you can quickly retrieve any document based on platform content and events.
- Catalog management: RPA allows your company to upload and manage various product catalogs with minimal instruction.
- Ship notes: With RPA, you can create a ship note and immediately send it to the buyer system. This expedited process can help with operations in the warehouse, freeing up employees so they can better prepare for the arrival of the merchandise.
- Approval Processes: RPA enables approvers to monitor all the invoices the company has received. The software robots can collect all the invoices and check them against the document logs.
Book a free meeting with our experts and learn how you can bring new productivity levels to your AP team. Investing in RPA will allow your organization to streamline its processes while offering meaningful cost savings, eliminating human error, and giving employees their time back to focus on more thoughtful tasks.