As multinational companies strive to compete in an ever-changing environment, chief financial officers (CFOs) are playing an increasingly important role. They are expected to reduce costs, provide more insights to the business, and drive profitable growth—all while continuing to manage risk.
From software robots to sophisticated cognitive systems, advances in automation are changing the game, reducing costs by up to 75 percent in some financial processes, while improving speed, accuracy, and control.
Even more, robots reduce the risk of manual error. When an incorrect entry in account reconciliation could have a material impact on reporting, automation naturally takes risk out of the system.
And by out-tasking some activities to robots, CFOs can free up employees for higher-value work that makes finance a better business partner. For instance, a professional who previously spent half his workday processing transactions might now have time to improve forecasts, evaluate customer profitability, or identify opportunities for cost savings. Additionally, the analytical horsepower of cognitive software robots can assist in analysis and decision making.
© 2018 KPMG, an Ireland partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved.