In 2025, process automation in finance is expected to be significantly advanced, with a focus on utilizing artificial intelligence (AI) and machine learning to automate end-to-end financial processes across multiple business areas, leading to increased efficiency, cost savings, improved accuracy, and better decision-making capabilities.
Our guest blog this week is from one of our exhibitors, Spectrum Digital. They explain all about Process Automation and why it is becoming so important.
“Process automation refers to the use of technology to automate repetitive and manual tasks within a business process.
It includes technologies like robotic process automation (RPA) or intelligent document processing (IDP), workflow orchestration, artificial intelligence (AI), system integrations, and business rules.
The goal of process automation is to reduce the need for human intervention in time-consuming, routine tasks for more efficient and effective processes.
How Does Process Automation Work?
Process automation works by breaking down any business process into smaller and more manageable components. These components are then automated.
Components can be simple, like sending automated emails or messages, or they can be more complex, like automating the routing and approval of documents through a number of places or people in the business.Once the components are automated, they can be integrated into a workflow that orchestrates a larger business process to make the process even more automated. This automated workflow can then be fully customised to meet the specific needs of a business.
RPA vs. Process Automation
RPA and process automation should not be seen as mutually exclusive, but rather, complementary. RPA complements process automation by automating tasks within a process in a way that replicates a human interaction with an application user interface.
It’s a common misconception to think only of RPA when thinking of process automation but many processes require more advanced capabilities than RPA can provide on its own.
RPA is one component of a broader process automation approach where you employ multiple automation technologies to automate the job you need to be done.
Why is Process Automation Important?
Any business has hundreds, maybe thousands, of processes. Most interact with a variety of people, data, and systems, and they are constantly changing and developing.
If your business processes are inefficient, broken, or non-compliant, you will face risks, including poor customer experience, fines, lost productivity, frustrated employees, higher costs, and weak competitive positioning.With process automation, a key part of digital transformation, your technology and your people all work together to complete work in the most efficient way possible. By integrating digital workers into your standard processes for human-based tasks, your operations will be more resilient and you’ll see a marked improvement in outcomes.
Benefits of Process Automation
Automation allows your employees to innovate by freeing them from repetitive work, enabling them to do what they do best. When you adopt process automation, you will:
- Increase the effectiveness of your business processes to drive value and reduce costs.
- Empower operations to adjust to change, whether those changes are due to regulations, economic conditions, or supply chain issues.
In addition, process automation leads to:
- Efficiency
- Innovation
- Cost Savings
- Accuracy
- Competitive Advantage
Implement Process Automation
Getting started with process automation can be confusing, so consider the below first:
- Use the right process automation tool for the right task.
For success, you’ll need a process automation solution that offers a wide range of automation technology. Spectrum Digital have everything you will need in one place.
Using standalone systems for different automation tasks is part of what’s led to such difficult management for IT teams and stunted growth for business leaders.
A process automation platform, like that from Spectrum Digital, that unifies technologies and enables you to use the best-fit technology that works well with your data, and enable automation-native operations.
4 Takeaway Points
Take away these key lessons on What is Process Automation:
- Process automation uses a variety of technologies to automate repetitive and manual tasks within a business process. It reduces the need for human intervention in time-consuming tasks and improves resiliency and accuracy.
- RPA and process automation are not mutually exclusive, but rather, complementary.
- Using multiple process automation technologies that don’t work well together will create substantial challenges as you try to scale your automation initiative. A process automation platform can solve that problem, unifying work and cutting through data silos.
With the proper strategy, process automation can create the operational excellence and effectiveness that’s key to gaining competitive advantage and increasing innovation.
Learn about Process Automation and more at financeSHOWCASE. Get your FREE tickets here
