Hyper-automation in Shared Services
Robot-enabled processes and capabilities have been deployed on factory floors and in workshops for decades now. However, the implementation of similar technologies in back-office environments has been a recent development.
The emergence of Artificial Intelligence (AI) and cognitive learning has redefined the role of business support services. Organizations are now more agile and future-ready while operating more effectively and efficiently. Many organizations are already leveraging intelligent technologies to transform their HR, Finance & Accounting, and other back-office functions. They are also using the Shared Services model to provide business support to their global operations.
In other words, Shared Services serve as the operational hub of business services and support. This function owns and process a sizeable amount of business data. It is, therefore, among the frontrunners in adopting and leveraging intelligent automation and cognitive capabilities. Organizations all over the world are acknowledging that the intelligence and insights gained from intelligent automation are enabling improved sourcing, processing, and resource allocation.
Shared Services play a key role in leveraging intelligent automation to enhance business performance and growth. In light of this, automation is being adopted and implemented rapidly by progressive organizations.
Implementing Intelligent Automation in Shared Services
When it comes to Shared Services, almost everything can be automated. Typically, any task or process that is included under Shared Services will end up getting automated. The processes included in Shared Services tend to be clearly defined, repetitive, and are high-volume operations that don’t need specialized knowledge or expertise. These processes are, therefore, ripe for automation. Leveraging robotic processes supplemented by intelligent automation enables organizations to automate repetitive and routine tasks.
Businesses can deploy a digital workforce or virtual bots that mimic human actions and finish them at lower costs, in lesser time, and with minimal-to-no errors. This, however, does not mean that software bots are set to replace the human workforce. In fact, they allow your human employees to perform more value-adding, strategic tasks that foster innovation and growth.
Shared Service centers typically include operations related to HR, Finance & Accounting, Legal, IT, and Insurance. Most of the processes involved are clearly-defined, rule-based and logical, which makes these functions the perfect candidates for automation. Automation can be of particular benefit in Finance & Accounting offices, by eliminating a great deal of non-value adding tasks. In fact, AI-powered automation can be highly efficient in performing even those tasks that need the imitation of complex human behaviors. No wonder, an increasing number of finance organizations are embracing intelligent technologies!
The Accounts Payable (AP) process is among the most eligible processes in the Finance & Accounting function to be moved to Shared Services. Whenever a business receives an invoice, AP comes into the picture since it is a part of the P2P (procure-to-pay) process. Here, some of the steps involved, such as receiving the invoice, matching the pay order, making payments, and reporting, can be easily automated since they are straightforward, rule-based, and repetitive. Automating these processes with Robotic Process Automation (RPA) and intelligent processing technologies will help organizations collect invoices/data from multiple sources, such as emails, scanners, and document folders.
Further, unstructured data can be extracted and converted into structured information that enables enhanced decision-making. Digital bots can then use this data to approve and submit payments. Invoice transaction processing is another great contender for automation through the integration of RPA and cognitive learning. RPA bots can extract data from the Enterprise Resource Planning (ERP) system as well as other sources to generate and reconcile invoices. It can then gather information from invoices, review applications, learn from patterns in structures and unstructured data, check for inconsistencies in information, and more. When invoice processing is automated, bots are deployed to perform repetitive tasks like documenting receipts, classifying documents, digitizing documents (via Optical Character Recognition), and so on. In the same way, other areas where automation can make a huge difference and create greater value for all include Accounts Billing, Compliance, Corporate Accounting, IT Services, HR, Sales Admin, and others.
Bots manage copious volumes of invoices and data, while providing enhanced performance and reducing Average Handle Time (AHT), full-time equivalent (FTE), processing time, and labor costs. Automation is all set to play a huge role in enabling you to realize your key business objectives such as cost reduction, standardization, increased process efficiency, improved control, and process excellence.
Benefits of hyper-automation in Shared Services
Apart from faster and error-free processes, the Shared Services function can avail of the following benefits by harnessing intelligent automation.
1. Easy Integration with Existing Systems
RPA and intelligent automation technologies can be easily superimposed on existing systems. This means that organizations work on a platform that is compatible with ongoing developments while creating minimal interruptions. It also becomes easier to streamline Shared Services processes.
2. Greater Reliability
RPA-driven bots are deployed to function with high levels of accuracy when performing rule-based tasks. The entire process becomes more efficient, precise, and reliable, while minimizing human intervention.
3. Enhanced Scalability
Bots can be easily scaled up and down to match demand high and lows respectively. This, in turn, increases scalability opportunities for Shared Services. Intelligent automation technologies reduce the need for the organization to hire, train, re-train, and manage employees.
4. Better Analytics
Organizational teams work with the latest and most accurate data received from various sources. The use of high-quality data enables enhanced decision-making and further refines overall process execution.
5. Enhanced Adaptability
Since bots can be redesigned or reprogrammed to accommodate changes, they can easily adapt to procedural and technological shifts in the organization.
6. Reduced Costs
Leveraging intelligent technologies in Shared Services results in lowered operational costs as bots can operate round-the-clock without taking holidays. This results in greater productivity and higher business profits.
How Hyper-Botz Can Help You
At Hyper-Botz, we understand that technology has always been a critical enabler of success in various departments, and Shared Services is no different. The inclusion of intelligent technologies has had a huge impact on process delivery. When organizations harness intelligence and technological capabilities in an organized manner, the results can be phenomenal.
Hyper-Botz has been helping organizations deal with the challenges that plague their Shared Services function. Our experience and expertise enable us to deploy technologies such as Intelligent Process Automation, RPA, AI, Machine Learning, Advanced Analytics, and more to help your organization meet its unique goals.
We will help you simplify and streamline your Shared Services processes by lowering manual workload, enhancing the turn-around time, and reducing operational costs. Our experts will integrate automation, AI, and analytics, and empower you with the data you need to always make optimal decisions.
Your organization can rely on us to not only equip you with the most suitable intelligent automation technologies, but also enable the transformation of your Shared Services functions.