Automation for the transforming role of finance
As we swiftly turn around to reflect on the pandemic’s impact on companies and worklife, we often hear finance teams across the globe speak more and more about the increasing importance of automation and the integration of digital workers.
September 28, 2021 – Marchela Georgieva, Capto
Pre-Covid the topic of digital transformation already had a firm seat at finance teams’ discussion table, but we had not previously seen the extent of the stories of companies keeping heads above water in such challenging times thanks solely to process automation.
The CFO as a strategic partner
With business demand going up and down sporadically and forecasts serving as little more than a guess exercise in a market full of uncertainty, automation allows finance teams to become strategic partners who provide real-time financial information, essential for making critical decisions. Finance teams are zooming into processes such as invoice processing, order-to-cash, preparation and filing of statutory returns, in order to identify the processes that are highly-automatable. Automating these saves businesses time, risk, and cost as well as any further market exposure and vulnerability.
Every problem needs an infrastructure
At Capto, we work with finance teams to identify and implement automation solutions. Our partners like Robocorp come in to provide the much needed sustainable infrastructure. Together we build and facilitate the swift transition from the past—where relatively stable global markets allowed finance teams to focus on month-end closing—to the present and the future— in which a highly uncertain climate shifts the CFO’s focus towards timely financial information fit for data-driven decision-making.
With Robocorp’s consumption-based pricing model, companies of all sizes are finally able to realise the full potential of RPA, and to design, build and manage robots that can take over virtually any manual, repetitive process. Their modern open source platform approach, flexible development options, and increasingly sustainable deployments bring to the forefront a universe of higher-ROI automation projects.
Survival of the automation-fittest
The practices and processes characterised by manual data entries, paper-based approvals, copying and pasting data from CRM platforms to ERP and accounting systems are not all in the past, but they are quickly running towards extinction. Company executives now have to manage geographically dispersed teams, supply chain challenges often outside of their control, and suppliers and customers experiencing financial difficulties, to name just a few. Naturally, in this rapidly escalating environment of change, it is now a matter of business continuity whether—and to what extent—efficiencies, risk and cost savings are achieved through automation.
Now that the infrastructure is in place and is easily accessible by any-sized company globally, 45% of professionals are challenged to determine what in their processes should be automated in priority, according to a survey our Capto team conducted. Our automation experts advise that the rule of 20% efforts for 80% rewards holds true in automation as well and suggest starting small and building up.
And so, the questions on finance teams’ agenda now relate to what processes to automate exactly and how to go about doing that. To answer these and other key questions, we prepared a comprehensive CFO guide to automation which is a mighty resource whether you are looking to automate your first business process, or you are already scaling your RPA.
Download Capto’s CFO Guide to Automation and start automating your company’s way to business continuity, growth and sustainability.
And we invite you to contact Capto with any questions about RPA or to explore how automation can help your organization.
Team Capto is on a mission to empower your workforce. We design, build and manage bespoke solutions, a.k.a digital workers, to automate routine tasks and complex manual processes. With our Automation-as-a-Service model, we create automations specific to companies' unique processes, team goals, business needs, and appetite for change and investment. We believe work should be analytical, efficient, value-adding and purpose-driven and we are here to create the infrastructure to make it happen!