Present generation technology allows humans to focus on more important initiatives rather than spending long hours doing the same tedious task that a simple robot can do. More entrepreneurs are growing when they decided to integrate Robotic Process Automation (RPA) in their businesses. Its an automated software that allows a “robot” to do a very simple job so employees can be more productive in other areas of the business.

Gartner’s study discusses that RPA is a huge help for financial institutions. Common benefits include reduced human error, lesser manual and repetitive work, and improved quality of governance.
In financial institutions, their world revolves around numbers. Making one digit mistake can make or break a project. With RPA, finance people could “do more with less”. RPA robot will handle the tedious work, while humans can focus on more pressing matters that can improve the business. However, only 29% of controllers use RPA today. The study predicts that the number will increase to 88% by 2020.
While the benefits mentioned are just a few of the many advantages of using RPA, finance people still face many roadblocks in implementing this technology. To overcome these roadblocks, it is essential to understand what causes these problems in the first place. Let’s talk about some common roadblocks and how you can overcome them.

Fear of Robots Taking Over Humans

It is common for people to face this fear especially with all the AI movies going around over the past decade. RPA does not function like a cognitive automation. It cannot mimic human judgement or thinking. Accountants think that there are plenty of financial processes that require human judgement and interaction than there actually is.
The solution for this could be as simple as resisting to interfere with the RPA robot or resist unnecessary human interaction with the process the software is conducting. You will be the one setting up the process that the robot will follow so make sure to run a manual process that pairs well with an automated process. This will help the RPA robot to provide additional proof and support that his job is accurate and consistent even without human interaction.

Setting Up Realistic Expectations

Set up and implementation of the RPA process is the toughest part of onboarding the technology. It has to go through different functionalities of the company that affects the whole level of processes. You have to set realistic expectations when you decide to integrate RPA in your financial department. But things will go smoothly as the robot has been standardized to do a certain task.

Lack of Automation Team

One of the biggest roadblocks in using RPA is the lack of a team that knows their way around RPA. You will need a team or train a team that will handle the implementation of the RPA.

RPA Maintenance

Setup does not end with standardization and deployment. Your machine still needs to be maintained. Since the machine is doing repetitive tasks that needs to be accurate and efficient, the quality of the output must be maintained within standard.
It is wise to seek help in maintaining your RPA by choosing the right vendor. Your relationship with them does not stop once you buy their product. They should have extended care as long as you use their machine in your business.

Choosing the Wrong RPA

A lot of companies misguidedly invest in the wrong kind of RPA. You cannot simply choose among a list of vendors who provide RPA. You must know the process and how it works. The right vendor will help you with standardization, implementation and maintenance.
These are just a few of the roadblocks that financial institutions experience as they use RPA in their field. Overcoming these obstacles requires time, knowledge, and a lot of patience. Choosing the right processed and doing the correct implementation will save your company a lot of money in the long run. RPA may seem like a huge investment at first but it will definitely be different after a couple months of implementation.
The activities of the robots are now helping the business grow. Employees will achieve more as they will be tasked to focus on more important things and not repetitive boring jobs.RPA solutions is the answer to present generation business hurdles.

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