It’s simple - data automation saves businesses both time and money.
Big data is changing how businesses operate as it offers real-time information that can be used for critical decision-making. But to maximise the usage of big data, automation tools are necessary. In America, 54% of companies have already adopted RPA tools.
With automation software, business processes can be handled automatically, so humans can focus on other activities while the work still gets done. With the ability to move with more accuracy and efficiency, the competitive advantage that data automation and analytics provide can make or break your business. Artificial intelligence (AI) has been adopted by 25% of CFOs in 2019, which represents a 7% increase from 2018.
The digital analytics, AI and data automation revolution means that you can work smarter without working harder.
Data automation is the use of systems and equipment to collect, process and store data. Data automation is often accomplished by Robotic Process Automation (RPA). At the very basis, RPA is a form of mechanical automation that performs tasks in the same way that humans do. RPA is best used for back-office responsibilities and duties that are repetitive. A human can record themselves doing the process, and then the robot will follow suit and continue executing the command. As good as RPA is, it lacks limitations because it’s designed for low value and repetitive tasks, rather than advanced analytics, forecasting and modelling.
RPA is helpful for tasks that are simple and repetitive because it can copy and paste data. A great example is CRM data. Rather than having your team input customer information from a form into the CRM, let RPA handle the task. It is also great for connecting legacy systems to put all data in one place.
With such artificial intelligence and automation tools comes machine learning. Machine learning adds an extra layer to automation as it means the robot has cognitive ability to learn with more data. As data and tasks are executed, the form of artificial intelligence uses machine learning to optimise its processes and can change conditions without human interaction. For example, if you use artificial intelligence to calculate the probability of a loan default, machine learning can use algorithms to assess the historical data and make predictions on the likelihood based on what the system has learned.
However, many times human knowledge is required to get the most out of data automation, due to changing regulations, industry complexities requiring a need for a high-value output, where a human can guide the automation tool then human analytical automation like that of Solvexia is the way to go. This kind of automation offers high value analytical and modelling tools that can predict, forecast, create trends and plan for the future.
Harnessing the knowledge base of employees, human analytical automation can help reduce compliance risk, optimise operational effectiveness and perform high-value tasks that are sure to enhance workflows productivities, efficiency and targets while reducing business risks.
The benefits of data automation are extensive when it comes to all businesses, especially within finance departments, where so much work is based on the accuracy of the information and the timeliness of decisions.
Control and Compliance:
Reduced Operational Risk:
Assists Human Resources:
Consolidation of Legacy Systems:
Leverage Large Data Sets:
There are multiple uses for automation, and while some can be accomplished with RPA, others require more advanced automation like that of human analytic automation tools. Let’s take a look at the processes each can handle so that you can better assess what kind of tool you may need for your business.
Human Analytical Automation
Data Extraction, Consolidation and Management:
You have the option to choose between low-value RPA and high value human analytical tools, or you can have them both working together and simultaneously.
If you’re looking to accomplish repetitive tasks like preparing cash flow statements or copying and pasting information from one location to another, then mechanical automation like RPA will suffice. However, if you need a more advanced and robust tool that pairs with human intellect to help project, model, and plan for the future based on trends in data analysis, then a human analytical automation tool like Solvexia could be a great option.