Robotic Process Automation (RPA) for Economics

Intelligent automation solutions that relieve the work of manual and time-consuming processes in the finance department.

If it can be automated – it must be automated

The everyday life for the finance department is associated with many transaction-heavy work tasks that are repeated day-by-day, week-by-week, month-by-month and it is often due to habits that it is not a priority to change the way the tasks are solved. In addition, the work tasks are often person-dependent and must be performed in a predetermined order. Manually handled work tasks are therefore a bottleneck, and the rule of thumb should therefore be that; “If it can be automated – it must be automated” – for the benefit of the entire finance department.

Digitalization and optimization of the operational work tasks within accounting, such as creditor invoice management, expense documents, time registration, payroll administration, invoicing, payments, depreciation on facilities, etc., must be continuously optimized and replaced with good, digital solutions to automate and manage the basic, transaction-bearing processes so they don’t delay the work processes or causes errors in the reporting.

AAutomate with RPA

One of the methods that can be used when automating financial tasks is RPA. RPA and artificial intelligence (AI and Machine Learning) can be used as a complement to the work processes and ease much of the manual work of identifying and solving errors, thereby ensuring a greater degree of accuracy in the rule-based and transaction-heavy work processes.

Simply put, RPA can be used by the finance function in part, in order to:

What can be automated?

Overall, a task is suitable for RPA if the following conditions are present:

  • Very manual and repetitive
  • Rule-based

  • Low degree of exceptions

  • High volume
  • Mature and stable process

But other factors are also significant – such as data types, systems, IT upgrade plans, resource savings as well as costs associated with the introduction of RPA. It is therefore important to take these indirect factors into account on an ongoing basis.

Get started with RPA

To get started with RPA in the finance department, it is a good idea to get an overview of the potential that is best suited to your work processes. Reaching the potential map does not have to be a long analysis process. Start by drawing a map of your central work processes and attach an indication of the expected potential

Once the potential map has been made, the work of identifying which tasks specifically suitable for RPA can begin – and later the map is used for the status of the progress of the RPA implementation.

Considerations for a good start

  • Start with simple processes for proof-of-concept – such as input tasks

  • Do not try to automate the whole process but focus on the parts with the ones that offer the greatest effect based on the least effort

  • Initially, limit yourself to internal work processes in the finance department that require the least possible involvement across organizational boundaries in your company

  • Slowly expand your scope with tasks that include multiple actions such as entering, reconciliation, and archiving

  • Think agile and iterative so you do not get overwhelmed by too many tasks at once

  • Remember that changes generally take up more time and resources and require planning that ensures involvement and ownership of the affected employees

Want to more about RPA for Economics?

Do as a large number of the country’s most ambitious companies:
Fill out the form or get in touch with Stig – then we can have a chat about your challenges and dreams.

Stig Thougaard
Senior Commercial Advisor, Digital Strategy
+45 31 63 29 21