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Is Being Too Risk Adverse Hurting Your Finance Department?

You already know that technology is changing the way business is done. So what’s holding back your Finance Department from adopting robotic process automation (RPA)?

If your company isn’t yet incorporating RPA into your financial close, it’s likely because of budgetary constraints or concerns over the risks of RPA.

While it’s fairly easy to dispel the myth that this tech needs to be expensive, the apprehension over potential risk lingers and the standing question remains: will this technology put my finances at risk?

Unfortunately, this question moves finance leaders into a defensive mindset, making it more difficult to see technology as an opportunity for competitive advantage.

While it’s essential to vet technologies and understand their advantages and limitations, there is a point when it becomes foolish to pass on the opportunities technology can offer.

As RPA adoption increases across industries and companies run more efficiently and effectively, the most important question is quickly becoming: is it dangerous to not use it?

The answer is yes. Refusing to adopt emerging technologies can hurt your company because your competitors are adopting it and reaping all of the benefits—benefits you are now operating without.

And the truth is, too long of a delay or too many delays in technological advancements could very well put your company out of business.

Technology is changing business, and no organization will remain untouched by RPA. Finance Departments need to understand what this means for them, and that begins with moving past their current mindsets.

Leaders need to operate and think differently. According to PwC, “RPA {…} call[s] for a new mindset when it comes to risks and controls”.

RPA has moved beyond basic rule-based processing and is now beginning to tap into unstructured data and intelligence through content analytics and process automation.

An article from PwC clearly explains some of the top benefits: “In an environment where there is pressure to digitize operations, RPA enables rapid implementation, delivering significant and sustainable value in short timeframes as it can be incorporated into an organization’s legacy systems and manual processes.”

As this technology continues to prove its stability and scalability, the time has come to find out what it can do for your finance department today.

Read this blog to learn how to embed robotic process automation into record-to-report activities in SAP.