RPA: The Future of Financial Processes

RPA: The Future of Financial Processes

A guide to preparing your federal agency for financial process automation with RPA

What is RPA?

Robotic Process Automation, or RPA, is a business process automation technology that allows users to define a set of instructions for a robot to perform. By automating financial processes, federal agencies can save money on labor costs and reduce invoicing errors by increasing data accuracy.

RPA also results in improved operational efficiency: staff spends less time completing routine tasks and more time supporting the growth and development of key program areas throughout the agency.

Financial Process RPA Readiness Checklist

To ensure a successful RPA implementation, you need to first prepare your agency. This includes identifying the right financial process for automation and selecting the right tool for the job. There are three key steps you can take to get started:

Step 1
Organizational Readiness

To implement RPA successfully in your financial department, you need to assess organizational readiness. Your agency should already have an established process in place for collecting data and then processing that information. You also need to establish performance metrics for each financial process so you can measure whether or not the technology is effective.

Step 2
Choosing the Right Processes

When you have determined that your agency is ready for automation, it's time to identify which financial processes are likely candidates for automation. Financial processes vary greatly in complexity and frequency, but those that typically require high levels of accuracy and consistency can benefit from automation more than others.

Step 3
Selecting the Right Tool

Once you've identified the processes that are best suited for automation, it's time to choose a tool. There are many different software tools available today that provide varying degrees of automation capability. You should consider factors such as cost, ease of deployment, and scalability when choosing a tool. The right tool will help ensure that your project is successful and efficient.