To grow their competitive advantage, businesses are now looking to invest in a set of digital technologies which will help them automate repetitive and monotonous tasks and instead focus on their core competencies. Therefore, an area of consideration for them is Robotic process automation (RPA). With intelligent software systems, RPA can help businesses to free up their resources for more strategic initiatives.
BTerrell Group Blog
Back in 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) released new guidance on recognizing revenues in contracts with customers. Revenue recognition is essential for strong financial management and yet can be challenging for certain types of businesses, such as those managing recurring and deferred revenue.
As indicated in “Why Did The FASB Issue A New Standard On Revenue Recognition?,” posted on FASB.org, the proposal of new revenue recognition guidelines by the FASB and IASB were intended to clarify the reporting of financial statements that include the nature, timing, and uncertainty of revenue generated by certain types of contracts starting in 2018 for public companies and 2019 for private companies.
The £100m-revenue ($138m) VAR, based in the UK, has begun piloting RPA vendor Thoughtonomy's technology among its mid-market client base following an internal project that it claims has doubled the growth potential of its managed services business.
Robotic process automation has become a buzzword most procurement professionals can’t escape. But despite its seeming ubiquity, RPA still tends to produce just as much head scratching as efficiency gains.
Taken out of context, RPA can seem like yet another disruptive technology to keep track of alongside machine learning, blockchain and the like. Really, RPA is a single element of an overall procurement digital transformation strategy, and one of the more readily accessible technologies, in fact. For many procurement organizations, adopting RPA can be a first step on the digital roadmap that helps sustain more complex initiatives further along.
Let’s say you’re an overworked sales manager for a growing widget manufacturer with annual sales in excess of $50 million.
You’re a hard worker (okay the hardest working person in the company) and you’ve just been notified on a Saturday morning that a $100,000 sale came through the website. You go to the office and check the accounting system and yes indeed the order was placed at 2 a.m. You check the CRM system and yes the new customer’s info has been correctly entered. To your even greater delight, the sale was entered in the ERP system.
But wait, who entered the info correctly in the three systems that don’t talk to each other? You’re the only person in the office. It’s hard to imagine any of those young sales guys giving up a Saturday morning. And who notified you?
Then you remember the company’s newest member – the RPA robot – a virtual system that can move data between systems that the IT department said could never be integrated. Without any grumbles, the robot has monitored the website, accurately copied data, looked up customer info, and notified you before you had your first cup of coffee. Better still, the robot won’t ask for time off, call in sick or grumble about impossible hours. You happily give him the title of being the company’s hardest worker.