Recently, we presented at the AICPA National Banking and Financial Institutions Conference on leveraging automation and analytics to enable financial strategy. Three key takeaways stood out:1. Define an innovation agenda for now and the future.
By digitally enhancing your finance and accounting practices, you can expect to increase efficiency and capacity for value-add activities, increase quality assurance and reduce risk, improve data insights to drive decisions, and minimize your reliance on It. Plan to achieve this through:
- Robotics Process Automation (RPA) - Reduces efforts for mundane repetitive tasks.
- Data Analytics - Helps make better decisions and insights from data.
- Artificial Intelligence (AI) - Creates the ability to mimic what a human can say, think and do.
2. Leverage Automation to improve capacity in your organization for value-add activities.
Utilizing automation has the capability to:
- Complete tasks across multiple applications, website and systems.
- Reconcile and cleanse data.
- Create, run and deliver reports.
- Complete data entry between systems.
- Follow business rules to complete tasks.
- Basic exception handling.
- Codify institutional process knowledge.
3. Create better insights through data analytics to drive your business.
As tools continue to embed advanced, self-service data preparation, analytics, and visualization capabilities, non-technical business users will have a larger role in driving and running with analytics insights. This supports faster business insights to inform decision making. The other implication is the need for data and analytics translators on these teams who bring the right mix of business context and analytics experience.
Holistic approaches to leveraging automation and data analytics initiatives provide organizations with comprehensive bedrock for the “Value Loop.” Automation enables enhancing data sets by capturing new sources of data (i.e. unstructured); a comprehensive data set based on sound principles provides for meaningful, validated and customized business insights that can be incorporated back into existing processes to streamline and further improve.