IMA Releases New Report on Transforming the Finance Function with RPA

Robotic process automation (RPA) allows finance and accounting staff to take the power of automation into their own hands.

IMA(R) (Institute of Management Accountants) published a report today explaining how robotic process automation (RPA) presents a clear and sustainable path to transforming the finance function.

The report, "Transforming the Finance Function with RPA," explores RPA technology, including its capabilities and software, and explains its impact on the finance and accounting function, detailing RPA's wide-reaching applicability to specific finance and accounting process areas.

Finance and accounting professionals are performing tedious manual processes daily, spending less time on higher-level, value-added tasks for their businesses. RPA, a form of business process automation technology, automatically completes the less complex business processes, which increases operational efficiency and can generate millions of dollars in financial savings.

Since many organizations have yet to implement RPA or realize expected benefits, the paper also provides a blueprint for implementing RPA at scale in large and small businesses alike and demonstrates how finance and accounting professionals can derive the most value from the technology.

"In today's business environment, accounting and finance professionals are being asked to do more with less, and many are just treading water," said Loreal Jiles, Director of Research, Digital Technology and Finance Transformation at IMA and author of the report. "This report is intended to be a comprehensive guide for finance professionals to begin using RPA to lighten their loads and focus on more value-adding work."

The report concludes with action items for finance and accounting professionals who want to get involved with automation at their companies and learn more about RPA.

"RPA has plenty of potential and can be simple for all enterprises," continued Jiles. "Unlike other digital transformation projects, initial RPA pilots can be implemented in a matter of days for well-documented processes, and RPA skills can be developed in a few short weeks, rather than months or years."

To read the full report, visit here. To complement the report, IMA has launched a NASBA-approved online mini-course series that provides a step-by-step and holistic guide to bringing RPA into an organization. More information can be found here.

About IMA(R) (Institute of Management Accountants)
IMA(R), named the 2017 and 2018 Professional Body of the Year by The Accountant/International Accounting Bulletin, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA(R) (Certified Management Accountant) and CSCA(R) (Certified in Strategy and Competitive Analysis) programs, continuing education, networking and advocacy of the highest ethical business practices. IMA has a global network of more than 125,000 members in 150 countries and 300 professional and student chapters. Headquartered in Montvale, N.J., USA, IMA provides localized services through its four global regions: The Americas, Asia/Pacific, Europe and Middle East/India. For more information about IMA, please visit www.imanet.org.