Matthew Campbell considers the implications of robotic process automation for financial statement audit.
The finance function is a key opportunity for organisations to use robotic process automation (RPA) to reduce costs and increase efficiency by adding a robotics layer – which simulates human activity – on top of existing enterprise resource planning (ERP) software.
This makes robotics attractive to organisations using ‘rigid’ ERP software, as financial processes can often be clunky and difficult to change, giving rise to wasteful workarounds, or a reluctant acceptance that the cost of change is too great (and risky) to streamline a process.
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