The next big game-changer forworking capital management will undoubtedly be smartautomation—deployment of emerging robotic process automation (RPA),intelligent data capture, and cognitive automation technologies tooptimize execution of transactional, knowledge-based, and decisionwork.
RPA, in particular, has great potential for automating and streamlining repetitive processesthat impact working capital—for example, significantly reducingthe time it takes to create an accurate invoice. Currently, justover 20 percent of finance functions have adopted RPA on a limitedor mainstream basis. Thisnumber is predicted to rise to nearly 80 percent within the nexttwo to three years.
Many companies are combining these capabilities with othertransaction-processing automation initiatives, such as self-serviceportals and automated approval processes, to both strengthen tieswith business partners and deliver continuous performanceimprovement. Realizing these benefits requires careful planning andconsideration for how automation best supports the overallprocess.
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