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Embracing robotic automation during the evolution of finance
Robotic automation and the evolution of finance
The current evolution of automation technology is transforming the face of the finance function. In response to this, business leaders are recognising the unique opportunities and challenges a digital transformation of their business can deliver.
The growth of ‘digital labour’ will affect organisations for many years to come. In the short term, some organisations may struggle with disparate and uncoordinated automation initiatives, as well as fragmented underlying IT systems and applications. There will be continuing uncertainty over where to best start, when and how to invest in automation.
This report, commissioned by ACCA (the Association of Chartered Certified Accountants), CA ANZ (Chartered Accountants Australia and New Zealand) in collaboration with KPMG, explores the significant opportunities automation presents for the finance function. The report shares results of a global survey and draws insights from leading organisations around the world on the adoption of robotics in finance. More than 2,700 respondents have contributed from a range of sectors.
Findings reveal the finance function has a way to go in terms of implementing Robotic Process Automation (RPA) practices. Fifty percent of respondents say their companies had either not trialled or fully implemented robotics and 45 percent of those say they still need to understand exactly what robotics is before implementing it. There is opportunity to extend the understanding of the technology and its successful application across finance, and the case studies in this report demonstrate that deploying RPA is as much about change management and stakeholder engagement as it is about implementing the software.
– Nikki McAllen |
CFOs have the opportunity to take a proactive approach to shaping their teams to combine human and digital labour. This will require visionary leadership from the CFO, a change in culture, and the digital mindset of finance and the whole organisation.
© 2020 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Liability limited by a scheme approved under Professional Standards Legislation.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.
