Automation and machine learning: Transforming the office of the CFO paid Workday
only 13 percent of CFOs and other senior business executives polled said their finance organizations use automation technologies, such as robotic process automation and machine learning. What’s more, when asked how much return on investment the finance organization has generated from digitization and automation in the past 12 months, only 5 percent said it was a substantial return; the more common response was “modest” or “minimal” returns.
In its truest form, RPA will unleash a new wave of digital transformation in corporate finance. Instead of programming software to perform certain tasks automatically, RPA uses software robots to process transactions, monitor compliance, and audit processes automatically. This could slash the In the right hands, automation and machine learning can be a fantastic combination for CFOs to transform the finance function, yet success will depend on automating the right tasks. The first goal for a finance team should be to automate the repetitive and transactional tasks that consume the majority of its time. Doing this will free finance up to be more of a strategic advisor to the business.
“RPA combined with machine learning provides finance leaders with a great way of optimising the way they manage their accounting processes. This has been a painful area of finance for such a long time and can have a direct impact on an organization’s cash flow,” says Tim Wakeford, vice president, financials product strategy, EMEA at Workday.
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