Like many accounting and financial technology professionals, I am busy getting up to speed on best implementation practices for ASC 606, Revenue from Contracts with Customers. ASC 606 takes full effect for both public and private companies within the next several years, and applying the new guidance won’t easily happen without adequate planning and effort. Here are highlights to consider thus far.
First, adoption will not be trivial: ASC 606 replaces scores of individual provisions in existing GAAP, and the cost of delaying implementation or trying to correct mistakes later could get scary. Start now, identify crucial differences between existing GAAP and the new guidance, designate an implementation champion, develop a project plan and educate key stakeholders.
BTerrell Group Blog
Visit any website focused on business software and you’ll find robotic process automation (RPA). And for good reason: RPA software has proven to reliably reduce costs by removing manual work from various business workflows and processes.
But is RPA adoption all enterprises need to automate their business processes? What else does process automation have in store other than RPA? To answer these questions, it helps to understand where RPA technologies came from and at what capabilities they now offer.
There’s a lot being said about robots these days and about Robotic Process Automation (RPA). RPA describes a software development toolkit that allows non-engineers to quickly create software robots (commonly known as “bots”) to automate rules-driven business processes by replacing human effort to complete tasks. Since RPA is trending, it’s given business audiences reason to think – is this new and emerging type of automation replacing other “gold standard” types of automation such as Business Process Automation?
Call it digital transformation, digital disruption, digital operations or digital process automation. No matter what term an organization uses to describe automation technology, the goal the same everywhere: to harness the power of digital to elevate the customer journey and drive end-to-end business outcomes.
The robotic process automation market has been witnessing a vast number of strategic M&As in recent years. These proactive initiatives have profitably leveraged the robotic process automation industry growth, as per experts. Citing an instance, Accenture PLC, an IT service provider, has acquired Genfour Limited, an information management service company and a global leader in the RPA and AI delivery sector, with an aim to consolidate its position in the overall robotic process automation market. Through this deal, Accenture aims to develop and apply machine learning across complicated IT processes to automate them and improve the overall operational effectiveness. The need to automate the IT services through machine learning, big data analytics and artificial intelligence will thus impel the overall RPA market share in the ensuing years.