Automation And Machine Learning: Transforming The Office Of The CFO

What's more, when asked how much return on investment the finance organization has generated from digitization and automation in the past 12 months, only 5 percent said it was a substantial return; the more common response was "modest" or "minimal" returns. While that number may seem low right now, automation is coming to the finance function, and it will play a crucial role in furthering the CFO's position in the C-suite. Research suggests corporate finance teams spend about 80 percent of their time manually gathering, verifying, and consolidating data, leaving only about 20 percent for higher-level tasks, such as analysis and decision-making. In its truest form, RPA will unleash a new wave of digital transformation in corporate finance. Instead of programming software to perform certain tasks automatically, RPA uses software robots to process transactions, monitor compliance, and audit processes automatically.