With its multitude of touchpoints and high cost of correction for human error, the finance and accounting industry is a prime candidate for business process management and intelligent automation.
Business Challenges for Finance & Accounting Teams
Finance is a core pillar of every business, part of the business plan from its inception. Unfortunately, this often also means that their long-standing departments are still leveraging legacy systems to manage at least some parts of the workflow. Add to this the influx in online data and evolving customer expectations, and it becomes clear that digital transformation can be a driver for efficiency.
For businesses within the financial sector itself, like banks and lenders, challenges are similar. And within this sector, there are a number of additional considerations, including fraud, regulation and compliance, security and other risk mitigation. Here again the stage is set for accelerated growth potential with automation.
Early Adopters Leading Innovation
Banks and other financial organizations were among the first to use robotic process automation (RPA) and other business process management tools at scale. Today, many of them are leading the charge for new and innovative use cases for automation.
Here are some of the ways today’s businesses are using automation technology in accounting and financial services.
Document and Data Management.
Documentation is a big challenge for financial institutions and accounting initiatives, primarily because of the sheer volume. Much of this data is also unstructured. But for AI, that’s no problem. With the EPSoft Intelligent Automation Platform (IAP), advanced algorithms and models are able to parse this data, route it where it needs to go, and or be programmed to easily fit in any other specified scenario. And it works 24/7 with virtually perfect accuracy.
Improving the Customer Experience.
From a rapidly changing marketplace to evolving customer needs, it’s more important than ever to create a cohesive digital experience for customers. Businesses need to digitize services quickly, creating and improving their payment platforms, adding chatbots and improving portals and retail checkout. Business process management helps accelerate these types of digital transformation initiatives, improving legacy systems and processes with new workflows that automate parts of the experience while elevating the experience as a whole.
Improve Compliance and Security.
Human error is a fact of life, and in business it can be a costly one. By offloading error-prone, data-heavy financial and accounting work to the EPSoft IAP, businesses can recapture this time for their employees and redistribute it in a way that improves the employee experience and reduces security issues that arise from errors. Not only that, with real-time monitoring and change alerts, you can be one step ahead of upcoming compliance changes—make adjustments whenever needed without disrupting the entire workflow.
Custom Reports and Seamless Analytics.
Thanks to its integration-first design, the IAP offers complete seamless integration to your existing ecosystem, even if you already have automations running. Get the most out of your automation, leverage your data and do more with it, with a system built for integration.
Intelligent Automation for Accounting and Finance
Are you an early adopter of RPA and intelligent automation looking to do more with your technology? Have questions about getting started with your first automations? No matter where you are in your automation journey our team of pros at EPSoft will meet you there. Schedule a free consultation or demo today to see how the EPSoft Intelligent Automation Platform can transform your business.