RPA - Week 10

What is a rule-based task?

Rule-based systems work by rules. Rules outline triggers and actions to be followed (or triggered). Rules tell the machine what to do, and it will do exactly what you tell it to do. From there, the rules-based system will carry out the action until you tell it to stop. • The system does not work on its own or make intelligent decisions. Rules- based systems will also not change or update, and will not 'learn' from mistakes, so make sure you input the correct steps.

What is a system flowchart?

System Flowchart: - Graphical representation of a business process - Includes data input, processing, storage, output AND related operations processes (people, equipment, organization, work activities) - More detailed than process maps: 'system view'

What is a standardised task?

The process follows best-practices (non-value adding tasks should be eliminated). • There is a certain way to complete the task without too many variations. • The data involved in executing the task is standardized, otherwise the bot will not know what to do with unexpected data.

What is intelligent process automation (IPA)?

his evolved version of RPA is called Intelligent Process Automation (IPA) and can perform more complex tasks requiring some form of cognitive ability or high-level thinking.

what symbol is used for termination (end and starting points)

oval

What are some common tasks that are automated?

reading an email, copying data into a form, accessing the enterprise system to write to databases, and then sending an email to solicit human input

What symbol is used for tasks/ processes?

rectangle

What are the steps for process mapping?

step 1. Identify entities/divisions step 2. Draw lines (swim lanes) Step 3. Indicate subfunctions step 4. Draw in activities

What are some reported benefits of RPA?

• Cost savings • Improved process documentation • Lower error rates • Better report quality • Don't need to change legacy ERP systems even when they are cumbersome, cheaper to automate cumbersome tasks.

What is Process Mapping?

- Depicts sequence of business process activities, entities and the relevant data/documents involved

What type of tasks are suitable for RPA?

- definable - standardised - rule based - repetitive - machine read able inputs

Why is RPA used in accounting?

- saves times - saves costs - competitors are doing it

Why are system documentation documents and process mapping needed?

1. Evaluate existing processes (are they efficient & effective?) 2. Support new system implementation, upgrading or integration with another system (what new system?) 3. Support business process re-engineering and RPA (can we do better?) 4. Assess internal controls (are they sufficient?) -important for the prevention and detection of material misstatements in the financial reports (auditors) 5. Train employees on how processes/systems work

What is a definable task?

A task that has a clear process and steps to complete, i.e. you can draw the workflow. (structured task/ problem)

What are some examples repetitive tasks?

Accounts receivable: bots issue and send invoices by email • Accounts payable: bots direct invoices to finance team, match purchase orders to invoices, flag mismatches • Intercompany reconciliations: bots match records, notify discrepancies

What is a machine readable task?

Data is machine readable, e.g. in Excel, Word, PDF, Outlook email • If on paper, Optical Character Recognition (OCR) is used to convert to electronic format

What symbol is used decisions?

Diamond

What are some RPA Implications?

Disproportionately affects accountants with low level skills who do repetitive work. • Not always about saving costs or reducing staff count, although outsourcing may reduce. • RPA to improve speed of tasks and the quality of work. • Can improve work satisfaction. - complex to understand - Automation of bad processes can cause more trouble than benefits - Need to implement 'bot governance' to manage risks of RPA. - Need to understand processes at a keystroke level -> more tech-savvy accountants needed.

How will accountants benefit form RPA?

Many back-office workers are involved in repetitive and routine tasks that are uninteresting. • Takes the robot out of the human. • RPA is a software (a bot!) that mimics the work of humans. • Virtual workforce that is rules-based. • RPA performs tasks quicker and more accurately. • Individuals can focus on tasks that require creativity, critical thinking and Emotional Intelligence.

What occurs before RPA?

Process analysis - the process must be defined and standardised before it can be automated

What is RPA method for documenting processes and systems?

RPA requires the understanding and documentation of processes and tasks to be automated.

What are some key advantages of RPA over Human?

RPA: - quicker - can work 24 hour if necessary - will not make errors if implemented correctly - will not become bored - lower staff costs Human: - Much slower - cannot work non-stop - productivity doesn't vary throughout teh day - potentially expensive

What is Robotic Process Austomation?

Robotic process automation (RPA) is the application of technology that allows employees in a company to configure computer software or a "robot" to capture and interpret existing applications for processing a transaction, manipulating data, triggering responses and communicating with other digital systems.