Many companies have embraced the idea of Robotic Process Automation, almost as it being a holy grail and perfect answer to shortage of labor capacity and not having to deal with boring repetitive tasks anymore. We predict that RPA as a “stand alone” solution won’t stand the test of time and is doomed to fail unless it is part of:
A. some bigger CFO tool kit,
B. a broader set of capabilities such as ML and AI and
C. event processing
Thatis, at least, our vision and based on a recent Gartner study, we see that we are not the only ones with these believes. The Gartner study states the following:
“When thinking about automation, CFOs have fallen into the trap of overusing a singular technology tool — RPA — to try to achieve their efficiency goals. However, RPA cannot be scaled to automate the large proportion of finance’s processes, which are complex, exception-heavy, decision-driven and reliant on judgment and subject matter expertise. Unable to scale RPA to deliver resilient operational excellence, many CFOs are discovering that far more than just RPA is needed.
CFOs must understand RPA is one of many options within a broader set of hyperautomation technologies. Alongside RPA, artificial intelligence (AI), machine learning (ML), event-driven software architecture, intelligent business process management suites (iBPMSs), integration platform as a service (iPaaS), low-code tools and other types of decision, process and task automation tools provide a robust toolbox that enables hyperautomation ambitions”
You can read more about the Gartner “Top Strategic Technology Trends for Finance” by following this link. As always, we are more than happy to tell you about our vision and technology in relation to this study, and a short 1:1 session offers a great place to start.
Alternatively, we invite you to check out our website and learn more about how we bring together various aspects of hyperautomation within our proposition and services.