The accountant's intro to AI, RPA and intelligent automation
Enterprise resource planning, treasury, finance and accounting systems for the back office haven’t changed significantly in years. While consumers are reaping the benefits of advanced technology in the form Amazon shopping recommendations, instant re-routing through traffic via Google or automated personal investment guidance — finance & accounting (F&A) staff are stuck with manual processes, Excel spreadsheets or user non-friendly interfaces in an enterprise software system. Yes, we have ERP’s in the cloud which is helpful, but these are really utilizing the same underlying approach — rigid business rules — that don’t fundamentally change the intelligence driving the software.
Thankfully, advancements in intelligent automation, increased computing options in cloud software and a realization that F&A staff can use some help too are driving companies to create solutions that fundamentally change how F&A work gets done.
This article describes the core components of intelligent automation with specific examples of use cases that can help F&A staff work smarter, close the books more efficiently and spend more time doing higher value work (or maybe just not working on the weekends).