Innovature BPO at Accounting & Finance Show Singapore 2022
Innovature BPO’s Conference Theater presentation “Will Business Process Outsourcing (BPO) become obsolete in the era of automation?”
RPA stands for Robot Process Automation and as its name implies automation can help save time, and money in some cases, for redundant tasks. If there is some AI/ML algorithm layers being added, the robot could automate more and more complex tasks.
However, in the real world, RPA can’t be applied to everything and Human input is still the best solutions in most of the cases.
An employee spends around 4 hours 38 minutes per week completing repetitive manual tasks, which can be taken over by RPA.
The average amount of avoidable rework in Accounting departments can take up to 30% of a full-time employee’s overall time. This equates to savings of 25,000 hours per year at a cost of $878,000 for an organization with 40 full-time accounting staff (according to Gartner research).
RPA can save up to 70% over outsourcing, according to Experts at Deloitte Consulting, Everest Group, and KPMG.
The recent application of RPA in business has caused a strong negative impact on the BPO industry (The 2019 A.T. Kearney Global Services Location Index).
Source: Deloitte Global RPA Survey 2017
Flexibility and speed
For any tasks that are rules-based and definable, you can consider applying RPA. You can quickly increase or reduce the workload that you can process, simply by adding more RPA robots or reducing the number of working robots. This gives management the flexibility and speed they need to adapt to business change.
Less training cost
For the tasks that are repeated and rule-based, you will need to train the robot once, after that, the robot does the repeated tasks 24/7 without exception. You do not need to worry about people leaving and training new members.
Higher work accuracy
Once the rules are defined, the RPA robots can follow and achieve higher accuracy rate than humans.
Your RPA software can be customized to follow a predefined standard, as well as record any audit trail of the tasks. With this, you can easily make sure the compliance of your operation with any standard, either ISO or HIPPA.
Higher customer satisfaction
With standard compliance as well as the speed of response, the overall service quality, and customer satisfaction will be higher.
Besides advantages, RPA has its weakness compared to humans. The following are some weaknesses you shall consider when applying RPA to your organization.
RPA impacts accounting work not only in BPO industry but also to any business. Accounting professionals can take advantage of automation for their own good.
Acceptance of RPA and its benefits in improving Efficiency and Effectiveness
As Automation and AI are taking over more traditional accounting duties, they can help accountants focus more on non-repetitive, strategic tasks such as financial planning and analysis, or financial risk management.
Accounting professionals need to diversify their skills, become as familiar as possible with the advanced features of accounting softwares (such as forecasting and analytics) in order to interpret and translate the increasingly deep data it provides into actionable advice.
Cybersecurity should become a bigger priority of Accounting professionals. Your responsibility to protect your data goes well beyond the walls of your own company’s data. It includes the data for all contacts in your system, including clients, employees, and service providers.
Source: 2021 Deloitte’s Global Intelligent Automation survey
RPA can be your differentiation to other players.
Applying RPA technology not only give you the cost benefit but also make you stand out among the BPO providers.
RPA increases the capacity of your workforce quicker.
RPA offers an alternative to the traditional labor-intensive BPO model that we are familiar with.
Your robot workforce is ready to take on repetitive tasks and run 24/7. And there is no limit to the capacity, all you need is more CPU, memory, and software license.
Vietnam is very tech-oriented oriented country.
We can work on your RPA templates or BI tools while other accounting agents can focus on more complex tasks.
Benchmarking is indeed important to create added value for your business.
Benchmarking is a process to discover what is the best standard of performance seen in a specific company, by a particular competitor or in a completely different industry.
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