RPA technology, sometimes called a software robot or bot, mimics a human worker, logging into applications, entering or consuming data, calculating and completing tasks, then logging out. Use case example: As a virtual account analyst, a software robot takes a bank application form, logs into a credit check site, a background check site, a known terrorist database, and a criminal database, collecting results and snippets and automatically building a background profile on the applicant for final review. IPA is the application of artificial intelligence and machine learning to process technology to create an enhanced solution. The technologies included in an overall solution might be RPA, BPM/Workflow and the use of image recognition and machine learning. UI Path defines 6 distinct categories of Intelligent Automation skills that can be leveraged in RPA shown in the graphic below.

Shamrock Solutions supports a variety of financial department solutions for accounts payables, accounts receivables, and remittance processing. These solutions address a range of processes including invoice processing, audits, account openings, expense reporting, payment options, customer engagement, and order entry. All accounting procedures, especially remittance and AR/AP processing, are critical to any organization's financial well-being. Manual data entry of invoices is an inefficient, expensive, labor-intensive and often error-prone process. Slow and mistake-laden document processing lengthens payment cycles, reduces staff productivity, adds late payment penalties and causes missed early payment discounts.

There are exciting advancements in process automation and robotics technologies which have resulted in an ever-growing interest in – and need for – Robotics Process Automation (RPA). Robotics has been very successful in industrial and manufacturing industries for some time. The advancements that can impact back-office uses today are many, and can represent a good ROI. But when we think of robots, what comes to mind? The Hollywood references are endless: I, Robot, WALL-E, Transformers, Data from Star Trek: TNG, Ash from Alien, or even The Jestsons' maid. But, without a clear understanding, how can we determine how it can help?