Soon, robots will take my job – a fear we encounter more and more while browsing digital platforms.
The possibility of automation meeting companies’ needs and their desire to evolve creates a completely new era in the business world.
When it comes to automation in finance, we’re talking about optimizing the time spent on daily tasks by every employee.
What does this mean in simple terms?
Understanding Automation
Imagine I work in a company as a Treasury Manager. I lead a team of several employees, each with a specific set of daily tasks. On the other hand, I also have strategic tasks related to the company’s global goals.
My job is to organize my team’s work for maximum business efficiency. At the same time, it’s crucial that my team maintains good mental well-being and that no one is overloaded with daily tasks. (If you want to learn more about efficient teamwork, please check out my previous article How to Create an Efficient Team – A Personal Approach).
How do I achieve this? First, I assess the current workload within my team (the number of daily tasks per employee) and consider the company’s strategic plans. Let’s say our company is planning to expand. I know that, in this scenario, my team would be overloaded, so we need to explore tools that will allow us to grow our business while prioritizing employee well-being.
As a result, we either need to hire more employees to cover the increasing workload (which, for various reasons, may not be the best solution), or we can turn to a more innovative option: automating manual and repetitive tasks that consume a lot of time and require constant focus.
The Positives...
Robotic Process Automation (RPA), despite fears about rising unemployment, can bring positive changes to the business world.
The general idea of automation is to allow business processes such as:
- posting invoices in a payment system
- creating templates for counterparties
- issuing payment instructions
- daily reconciliation
- reporting, etc.
to be handled by a robotic system. This ensures that financial specialists and the team can complete these tasks on time.
...and Roles
Efficient time management for a growing business, however, isn’t the only reason automation is beneficial. Implementing robotic processes also allows companies to:
- avoid the cost of hiring new employees
- create development opportunities for existing staff
- reduce the risk of human error
- prevent employee stress and, in turn, professional burnout
When discussing automation in business, it’s important to consider both the pros and cons for each specific case. Automation is a global, long-term process, and the right solutions will differ from one business to another.
That’s why automation is such a hot topic today: it offers every company the chance to create its unique story of progress towards the future.
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