Tangentia Newsletter – February 2020

  • Tangentia Newsletter
    February 2020

We Have Our 7 Finalists – Congratulations!
Come out to cheer the brightest minds in India as they compete for the title of Jigyasa 2020 Champion on March 7th in Goa and learn about the latest technology and business trends.

Barriers to Implementing
Robotic Process Automation
in Finance
Read our latest blog, to learn about the benefits of RPA for your business.
What is Robotic Process Automation? (RPA)
View our latest infographic to find out why 80% of business are using or considering RPA technology to manage their financial processes.

Find us here:
Agile RPA Implementation
Global Success Stories
Pune, India
Date: March 11, 2020
Time: 8am to 11am
Location: Hyatt Regency Pune & Residences, Weikfield IT Park, Nagar Road
Pune, Maharashtra, India, 411014
Find us here:
Canada India Insight
Event Gold Sponsors
Date: March 25, 2020
Time: 5.00 to 8.00 pm
Location: Paramount Eventspace, 222 Rowntree Dairy Road, Woodbridge, Ontario. L4L 9T2
Akash Singh, head of Tangentia’s North American Project Management Office,
will be speaking at the Intelligent Robotic Process Automation Summit
in Toronto on March 06, 2020 at 9:00am
Hiring in Canada, USA & India
Our team is growing we are hiring software developers, engineers and account managers who are looking to join a dynamic and innovative team.
Check out our careers page to learn more
For the second year in a row, Tangentia is a gold sponsor at TEDxPanaji.
Welcome Aboard, Indus Motors
We proudly welcomes Indus Motors to the ever growing Tangentia family.
Indus Motors is the #1 Car Dealer in India for the 13th consecutive year. 
They impressively deliver one car every 15 minutes!

Barriers to Implementing Robotic Process Automation in Finance

  • Barriers to Implementing Robotic Process Automation in Finance

The final days of humans performing tedious and repetitive tasks in the world of finance are drawing near. Robotic Process Automation (RPA) offers companies within the financial sector and companies with a finance and/or payroll department the ability to automate many of the tasks associated with day-to-day operations. And more and more companies are making the leap to automation.According to a survey conducted by PwC in 2017, 11% of respondents are using RPA and 19% are on their way to RPA adoption. In addition, 98% of C-level executives believe developing an RPA program is important.

The benefits of RPA are many. There is a significant reduction in human error and inconsistencies, lower costs, improved customer experience, and improved regulatory compliance and reporting. RPA also removes the need to take up employees’ valuable time with repetitive tasks, freeing them up to engage in initiatives that are more productive and beneficial to the company. However, as with any technological advancement, RPA does not come without its challenges.

Barriers to RPA Implementation

As technological changes sweep through the financial industry, it takes time for companies to incorporate these changes and adjust to them. Shifting from manual processes to digital automation can be particularly jarring and can raise a number of issues within a company. What follows are the most significant barriers faced by the financial sector when it comes to implementing RPA.

Resistance from Employees

Whenever a new technology is introduced, particularly one that takes over tasks once completed by humans, it is common for employees to be concerned. They might worry that their responsibilities will shift, or worse, that their skills will no longer be needed, and they will lose their job.

The solution is to ensure there is constant communication with employees throughout the entire RPA transition. This communication should include what is expected from them during the transition and what they can expect their role to be once the implementation of RPA is complete. If they know they will keep their job, they will more fully support the transition to automation.

Reluctance to Fully Adopt

Even as employees are brought on board with the implementation of RPA, there can be a lot of hesitancy when it comes to full adoption of the technology. While RPA is implemented to take over repetitive and tedious tasks, making better use of human time, it is common for CAO’s and corporate controllers to feel the need to maintain some human interaction with the system.

The need for this constant human presence subtracts from the significant savings of time and money that RPA can provide a company and holds them back from enjoying the full benefits of the automation. One way to avoid this is to run the automation in tandem with the traditional manual operations for a period of time to assess the performance of each in relation to each other. This will help everyone become more comfortable with the fully automated approach.

Poor Process Selection

In order to be a good candidate for RPA, a process must be well-defined and repeatable without the need for human intervention. Ideal processes include tasks like data collection, data migration, and copy-and-paste tasks. However, it is common for companies that want to implement RPA to select processes that aren’t good candidates for automation.

Tasks that require human involvement, such as customer interaction, are a prime example. With this in mind, it is critical for a company to thoroughly review all processes being considered for automation to ensure they are standard, repetitive, and can be done without the need for human intervention.

Ultimately, the implementation of RPA for financial tasks relies on thorough planning from the very beginning. This makes it possible to educate employees, retrain where necessary, and make sure everyone is on-board. It also makes it possible to ensure the right processes are chosen as candidates for RPA. When this planning is done adequately, it makes the transition to RPA smoother for everyone involved.

Tangentia with more than 16 years of expertise in global project implementation and change management, is in an unique position to deliver seamless RPA projects through its Agile methodology. Contact us today to start your automation journey.

Get Started Today

RPA has been embraced by many sectors, such as medicine, hospitality, retail, & manufacturing. Now, the financial sector is gearing up for a shift in financial management that will see companies digitize and streamline financial processes. Read our latest blog on how financial companies and internal finance teams are looking to RPA to become more efficient in day to day operations.
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