It is the known fact that back-office jobs are the works which can be automated. The rule-based work and the repetitive work are the nature of work in the finance industry and BPO industry. So, there are so many functions in the finance industry and BPO industry which can be handled with RPA. The employees will utilize the maximum opportunities, impose better control over the operations, minimizes the error and speed up the process with a high level of profits. Here we provide some of the functions which can be effectively handled with the implementation of the RPA. Let us deep dive into the topic the Finance and BPO industry with RPA implementation. Some of the example operations for the RPA implementation are listed below.
Portal for the suppliers
Suppliers use the e-invoicing and it is the manual process in the company. The new suppliers are engaged with a robot which takes information such as credit scores and tax data.
Portal for the customers
Organizations gather information through portals. This information gathers manually in the organizations and it is possible to take care of these tasks with the help of RPA.
Price comparisons
The prices are compared with the competitors to source the fluctuating price of a specific product. Robots compare the catalog prices with the help of the web code and select the best price for the products.
Market intelligence
Analyzing the market is a rule-based job and it can be taken over by the robots with the help of RPA. The robots will provide the report with all the details about the market.
Contract automation
The vendor contract data is validated with the contract terms. This is also one of the functions need to be automated in the companies. RPA is used to automate this process and give periodical information.
Sales order
Sales order need to check the current price and the history of prices to finalize the order. The price has to be held for a period of time and then confirm the sales order. This task can be done by the RPA with intelligence and speed.
Accounts
The journals are posted on daily basis and the final accounts are prepared after doing the reconciliation and consolidation. This task can be taken over by robots and the final reports are added to the ERP.
Data management
Data management is not only about the storage of the information but it is about the usage of the information in a wise manner. RPA use the information from the financial and operational performance to analyze the business. RPA is used to take over this process.
Report about the risk
The fiduciary risk management report consists of the details of the e-mails, websites, and statements from the brokers. This task in the banks is automated with the RPA and the robots check the email systems, external websites, and the statements to analyze the risk.
Transactions and customers in the banks
AML which is anti-money laundering and the KYC which knows your customer are the two difficult tasks in the banks. With the help of RPA, these two tasks are effectively carried out. The suspicious transactions are tracked with the robots and reported back by the RPA.
Mortgage section in the banks
The loan origination, servicing document preparation, valuations, underwriting, foreclosure and tax management are some of the tasks in the mortgage section. RPA is used to process this information in the banks.
Front office process in the banks
The front office executive’s access multiple applications of the customers and the information of the customers are saved in the database with high security. This task can be done with one screen with the help of the RPA.
Finance And BPO Industry With RPA Implementation
