For all the hype that Robotic Process Automation (RPA) has created in the IT industry, its penetration leaves a lot to be desired. It has been studied that, the collections process (also known as Accounts Receivable or AR), despite being an excellent candidate for automation, has an RPA penetration of less than 15%!
The first step in improving RPA adoption would be educating organizations on the applicability of RPA in AR and the advantages that RPA brings to the table.
Advantages of adopting RPA are multifold.
Reduce headcount (FTEs), perform regular Account Receivable tasks with improved Turnaround Time (TAT) and in turn ensure faster payments.
RPA helps organizations tackle heterogeneity by moving their decentralized AR processes into a central shared services setup, where RPA “bots” (software programs used for automation) take care of the bulk of AR processing, leaving just small bits of region/account-specific tasks to be carried out by the collection teams.
RPA, if implemented correctly with complementing Artificial Intelligence (AI) capabilities, can also be used to proactively identify payment/default trends and take preventive measures to reduce the burden on collection teams.
If you would like to continue this train of thought and understand more about RPA in AR, then drop us a line at firstname.lastname@example.org
Rajeev is a Business Analyst at iNatrix with an ever increasing curiosity for applicability of RPA in IT. He has previously worked on US Healthcare applications such as EHR and Pharmacy Benefits Management systems. He loves a good book and unplanned tours and is crazy about cricket.