{"id":46477,"date":"2022-02-15T04:07:00","date_gmt":"2022-02-15T09:07:00","guid":{"rendered":"http:\/\/blog.cybercon1.com\/?p=46477"},"modified":"2022-02-15T04:07:00","modified_gmt":"2022-02-15T09:07:00","slug":"is-robotics-just-a-sticking-plaster-for-the-finance-function","status":"publish","type":"post","link":"https:\/\/blog.cyberconservices.com\/index.php\/2022\/02\/15\/is-robotics-just-a-sticking-plaster-for-the-finance-function\/","title":{"rendered":"Is Robotics just a sticking plaster for the Finance function?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">By Christophe Kosolowsky &#8211; <strong>Robotic Process Automatio<\/strong>n (<strong>RPA<\/strong>) can be traced to the early 2000s, but the technology entered mainstream Finance transformation solutions around 2015. To put this into context, a KPMG paper published in 2015 cited research that found only 12% of financial services firms had gone live with<strong> RPA<\/strong> solutions, 24% of firms were only talking about RPA and 43% hadn\u2019t even thought about it. (<a href=\"https:\/\/assets.kpmg\/content\/dam\/kpmg\/pdf\/2016\/05\/rise-of-the-robots.pdf\">source<\/a>)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Flash forward to today and <strong>RPA<\/strong>, an umbrella term for software that can be easily programed to learn and then automate processes using structured inputs and logic, was valued at $1.8Bn in 2021 and expected to grow at double digit rates through 2024. (<a href=\"https:\/\/www.gartner.com\/en\/newsroom\/press-releases\/2020-09-21-gartner-says-worldwide-robotic-process-automation-software-revenue-to-reach-nearly-2-billion-in-2021\">source<\/a>). A mature vendor market has been established with providers like Blue Prism, Automation Anywhere, and UiPath broadening out their offerings and undertaking highly valued IPOs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CFOs have long been considering how <strong>RPA<\/strong> can be applied to the Finance function and replicate the enormous value delivered by automating industrial processes. There are some emerging learnings from the last five years which can guide Finance Change leaders on how to maximize value from Finance RPA programmes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the late 1990s and early 2000s, finance professionals started to seriously exploit the ability to write their macros and other automated routines in desktop-based software like Microsoft Excel and Access. These macros became ever more sophisticated, suffused by difficult to follow VBA code that would reside on the user\u2019s C drive. For a while, these \u201cEnd User Computer\u201d solutions checked the better, faster, cheaper boxes. They gave finance access to more data, reduced reporting times and eliminated some manual work. But there were limitations because these EUCs lacked integration into a control framework and were technologically unstable.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After the collapse of Enron and the subsequent introduction of the Sarbanes-Oxley regime in 2002, CFOs became personally accountable for the accuracy of their statutory returns which was incompatible with the proliferation of EUCs in Finance. The resulting audit and cleanup of EUCs was great for consulting firms but destroyed all the value delivered in the early days overnight.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The risk for robotics in Finance is exactly the same: if Finance departments just apply robots throughout the department it may initially make things a bit Better, Faster, Cheaper but will invariably result in expensive audit requirements in the not-so-distant future.  <a href=\"https:\/\/www.google.com\/url?rct=j&amp;sa=t&amp;url=https:\/\/www.finextra.com\/blogposting\/21770\/is-robotics-just-a-sticking-plaster-for-the-finance-function&amp;ct=ga&amp;cd=CAEYCCoTNTIwMzQ0NDkzNzc1Njk3Mjg0ODIaODc5MTAwZmJiYzcxYjA2NDpjb206ZW46VVM&amp;usg=AFQjCNFSk4-vR-nNf9n9_5Z0KhlhRcPbLQ\">Read On:<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Christophe Kosolowsky &#8211; Robotic Process Automation (RPA) can be traced to the early 2000s, but the technology entered mainstream Finance transformation solutions around 2015. To put this into context, a KPMG paper published in 2015 cited research that found <span class=\"excerpt-dots\">&hellip;<\/span> <a class=\"more-link\" href=\"https:\/\/blog.cyberconservices.com\/index.php\/2022\/02\/15\/is-robotics-just-a-sticking-plaster-for-the-finance-function\/\"><span class=\"more-msg\">Continue reading &rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[674,628],"tags":[675,629],"class_list":["post-46477","post","type-post","status-publish","format-standard","hentry","category-robotic-process-automation-processs-automation","category-rpa","tag-robotic-process-automation","tag-rpa"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack-related-posts":[{"id":44573,"url":"https:\/\/blog.cyberconservices.com\/index.php\/2021\/03\/08\/get-started-with-robotic-process-automation\/","url_meta":{"origin":46477,"position":0},"title":"Get started with robotic process automation","author":"Rick Backus","date":"March 8, 2021","format":false,"excerpt":"RPA is the tool I use for automating AP invoice entry to reduce manual keying of data. Accounting firms are using up-and-coming technologies with the potential to change the business landscape forever. One technology gaining interest is robotic process automation (RPA), a tool that computerizes\u00a0mundane, repetitive tasks\u00a0and completes them far\u2026","rel":"","context":"In &quot;Robotic Process Automation&quot;","block_context":{"text":"Robotic Process Automation","link":"https:\/\/blog.cyberconservices.com\/index.php\/category\/robotic-process-automation-processs-automation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/cdn.pixabay.com\/photo\/2014\/10\/16\/20\/08\/income-tax-491626__340.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/cdn.pixabay.com\/photo\/2014\/10\/16\/20\/08\/income-tax-491626__340.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/cdn.pixabay.com\/photo\/2014\/10\/16\/20\/08\/income-tax-491626__340.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":46186,"url":"https:\/\/blog.cyberconservices.com\/index.php\/2021\/09\/08\/rpa-examples-and-use-cases-that-prove-robotic-automation-works-the-server-side\/","url_meta":{"origin":46477,"position":1},"title":"RPA examples and use cases that prove robotic automation works &#8211; The Server Side","author":"Rick Backus","date":"September 8, 2021","format":false,"excerpt":"According to Gartner Research, Robotic process automation (RPA) has become one of the fastest growing segments of the software industry as a result of the technology\u2019s ability to mimic tasks humans would normally be required to perform. Modern RPA applications have evolved significantly over the years, with improved tooling making\u2026","rel":"","context":"In &quot;Robotic Process Automation&quot;","block_context":{"text":"Robotic Process Automation","link":"https:\/\/blog.cyberconservices.com\/index.php\/category\/robotic-process-automation-processs-automation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":41919,"url":"https:\/\/blog.cyberconservices.com\/index.php\/2020\/08\/17\/how-robotic-process-automation-rpa-and-digital-transformation-work-together\/","url_meta":{"origin":46477,"position":2},"title":"How Robotic Process Automation (RPA) and digital transformation work together","author":"Rick Backus","date":"August 17, 2020","format":false,"excerpt":"I am not quite sure how, ultimately, you could have one withot the other. Digital Transformation by ideal definition would include RPA-like automation. By\u00a0Stephanie Overby - \u201cRPA can touch the back, middle, and front offices with dramatic reductions in cost, increases in speed, improved compliance, et cetera,\u201d says Wagner. RPA\u2026","rel":"","context":"In &quot;Robotic Process Automation&quot;","block_context":{"text":"Robotic Process Automation","link":"https:\/\/blog.cyberconservices.com\/index.php\/category\/robotic-process-automation-processs-automation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/cdn.pixabay.com\/photo\/2017\/08\/07\/18\/27\/businessman-2606506__340.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":33197,"url":"https:\/\/blog.cyberconservices.com\/index.php\/2020\/03\/03\/robotic-process-automation-rpa-moves-beyond-finance-4-popular-use-cases\/","url_meta":{"origin":46477,"position":3},"title":"Robotic Process Automation (RPA) moves beyond finance: 4 popular use cases","author":"Rick Backus","date":"March 3, 2020","format":false,"excerpt":"By\u00a0Kevin Casey - Finance is commonly mentioned as a business unit\u00a0ripe with opportunities\u00a0for\u00a0Robotic Process Automation (RPA).\u00a0It makes sense: RPA is often a fit for repetitive, high-volume, computer-based tasks. Finance is full of those, from invoice processing to financial reporting and plenty more. When Gartner interviewed more than 150 corporate controllers\u2026","rel":"","context":"In &quot;RPA&quot;","block_context":{"text":"RPA","link":"https:\/\/blog.cyberconservices.com\/index.php\/category\/rpa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/cdn.pixabay.com\/photo\/2018\/09\/03\/10\/05\/rock-3650793__340.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":77641,"url":"https:\/\/blog.cyberconservices.com\/index.php\/2025\/02\/04\/the-rise-of-rpa-robotic-process-automation-in-washington-is-driving-growth-and-excellence\/","url_meta":{"origin":46477,"position":4},"title":"The Rise of RPA Robotic Process Automation in Washington is Driving Growth and Excellence","author":"Rick Backus","date":"February 4, 2025","format":false,"excerpt":"RPA Robotic Process Automation Washington is transforming industries, enhancing efficiency, and driving innovation across sectors.","rel":"","context":"In &quot;Robotic Process Automation&quot;","block_context":{"text":"Robotic Process Automation","link":"https:\/\/blog.cyberconservices.com\/index.php\/category\/robotic-process-automation\/"},"img":{"alt_text":"Image of the inside fo the US Capital rotunda with people in suits interacting with humanoid robots. They are passing papers and accordian files between them and talking and shaking hands","src":"https:\/\/i0.wp.com\/blog.cyberconservices.com\/wp-content\/uploads\/2025\/02\/Image-of-the-inside-fo-the-US-Capital.png?fit=1024%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/blog.cyberconservices.com\/wp-content\/uploads\/2025\/02\/Image-of-the-inside-fo-the-US-Capital.png?fit=1024%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/blog.cyberconservices.com\/wp-content\/uploads\/2025\/02\/Image-of-the-inside-fo-the-US-Capital.png?fit=1024%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/blog.cyberconservices.com\/wp-content\/uploads\/2025\/02\/Image-of-the-inside-fo-the-US-Capital.png?fit=1024%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":44353,"url":"https:\/\/blog.cyberconservices.com\/index.php\/2020\/10\/26\/rpa-untapped-potential-for-law-firms\/","url_meta":{"origin":46477,"position":5},"title":"RPA: Untapped Potential For Law Firms","author":"Rick Backus","date":"October 26, 2020","format":false,"excerpt":"Robotic process automation (RPA) is one of those rare technologies that has the potential to impact every aspect of a business by automating repetitive and manual tasks that exist in every industry. RPA is especially suitable for law firms because of the many rote and volume-driven tasks that legal teams\u2026","rel":"","context":"In &quot;Legal&quot;","block_context":{"text":"Legal","link":"https:\/\/blog.cyberconservices.com\/index.php\/category\/legal\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/cdn.pixabay.com\/photo\/2017\/02\/12\/14\/00\/justice-2060093__340.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/cdn.pixabay.com\/photo\/2017\/02\/12\/14\/00\/justice-2060093__340.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/cdn.pixabay.com\/photo\/2017\/02\/12\/14\/00\/justice-2060093__340.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/cdn.pixabay.com\/photo\/2017\/02\/12\/14\/00\/justice-2060093__340.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/blog.cyberconservices.com\/index.php\/wp-json\/wp\/v2\/posts\/46477","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.cyberconservices.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.cyberconservices.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.cyberconservices.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.cyberconservices.com\/index.php\/wp-json\/wp\/v2\/comments?post=46477"}],"version-history":[{"count":0,"href":"https:\/\/blog.cyberconservices.com\/index.php\/wp-json\/wp\/v2\/posts\/46477\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.cyberconservices.com\/index.php\/wp-json\/wp\/v2\/media?parent=46477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.cyberconservices.com\/index.php\/wp-json\/wp\/v2\/categories?post=46477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.cyberconservices.com\/index.php\/wp-json\/wp\/v2\/tags?post=46477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}