Misconceptions hold back CFOs from wider RPA adoption

RPA has the potential to save CFOs administrative costs and free up their finance staff’s time to handle higher-value tasks, but the adoption rate of the technology has been slow.

There appear to be two misconceptions in talking with CFOs, Gannon said.

The first is that adoption means turning over a complete process, such as expense reporting, to RPA. But that’s not the way to do it. It’s better to start with sub-processes and build out from there.

The second — and biggest — misconception, Gannon says, is that your data has to be completely cleaned up and standardized before you can start. But that’s not necessary.

“There’s a lingering perception among finance executives that in advance of bringing in RPA to work in my, say, accounts receivable processes, I need to standardize that globally and have everyone doing it the same way. But, actually, you don’t need to. You can actually use RPA in one site on one function with a specific set of rules and give a different set of rules on a different site if they do it differently. And the great thing is — and this is the thing most finance executives miss — you can then standardize your process by just changing the code on your RPA scripts instead of having to convince 30 regional purchasing managers to do things differently.

Read more here: Misconceptions hold back CFOs from wider RPA adoption

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