BTerrell Group Blog

ShipMonk, an ecommerce fulfilment provider, is no stranger to robotics and automation. It uses these technologies to reduce its picking and packing times and to drive revenues, CEO Jan Bednar said. The company is also no stranger to soothing employee fears about job losses due to the introduction of these technologies.

When ShipMonk deployed a robotics process automation application, “I told my employees that they would have nothing to fear due to automation for two reasons," Bednar said. "First, we have an environment that is very conducive to continued education. Employees who were interested in receiving training in the maintenance and operation of these robotics could absolutely receive it.” Second, he said: “I was very transparent with them that our investment in robotics would mean more growth and less hires — but not job cuts.”

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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.

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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.

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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?

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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.

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