automating finance & accounting
TRANSCRIPT
Automating Finance & Accounting:
'Automate the Automatable' Summit
From Quick Wins to End-to-End Automation
2
‘Automate the Automatable’ Summit: Assign automatable work to robots
Keynote session:
Why and How to
Begin Automating
the Automatable
BFSI:
Towards
Accelerated and
Sustainable
Automation
Automating Finance
and Accounting:
From Quick Wins to
End-to-End
Automation
How to Find
Automatable Work
in Procurement and
Order Management
Processes
June 21 June 22 June 23 June 24
3
‘Automate the Automatable’ Summit: Assign automatable work to robots
Automating Finance
and Accounting:
From Quick Wins to
End-to-End
Automation
June 23
4
Agenda
IntroductionsAutomation at
WeWork and
Thomson Reuters
Why Automate
F&A?
Use Cases and
KPIsWhat's Next? Q&A
5
Amit Kumar
Global BFSI Practice Lead,
UiPath
David Larson
Head of Corporate Finance,
Thomson Reuters
Lance Shyr
Director of Process Automation,
WeWork
Our Speakers
6
Automation at WeWork
Plan: To build up RPA capabilities in-house over the course of 2021 and use finance as a spearhead empowering WeWork to
leverage RPA in an effective, thoughtful way.
Where WeWork was as a company
Five robots launched in the last year
Aligning to new goals Need to find and add value
Plan to stand up CoE 'lite' in 2021Going forward: Develop strategic
enterprise-wide automation roadmap
7
Automation at Thomson Reuters
2017 Began using RPA in the Finance
and Accounting space
2021 Automation and Analytics Center of
Excellence created and TR Change
announced
Push to move manual, repetitive
tasks in F&A to automation
More teams across the organization begin
using automation on their own
"COVID-19 has changed how, when and
where professionals work. Their need for
trusted, authoritative ‘always-on’
actionable content combined with unique
data, AI/machine learning and software will only increase – a real opportunity for
us to better serve our customers."
- Steve Hasker, President and CEO, Thomson Reuters
Currently in TR Finance 11 bots are managing 60 automated processes.
By the end of 2021, we plan to have 200+ processes automated with RPA.
8
Automation Progression
Va
lue
Time
Fully automated
enterpriseTM
Single department /
targeted use cases
Use case and
department expansion
Proof of concept
Governance
Citizen development
Executive sponsorship
Flywheel begins
Enterprise-wide deployment
Flywheel
C-Suite engagement
Full platform adoption
9
Why Automate F&A?Automation potential in the F&A domain based on currently available technologies
Predictable physical work
Data processing
Data collection
Unpredictable physical work
Stakeholder interactions
Applying expertise
Managing others38% 39% 40% 41% 42% 43% 44% 45% 46% 47%
Europe
APAC
Americas
Global 44%of the work can be automated
41%of the work can be automated
46%of the work can be automated
44%of the work can be automated
Time spent
by activity
Automation
potential
10
The Impact of Automation
More than 1,000 hours saved
in document
extraction, 35,000+ invoices
extracted
Achieved 90% accuracy in
invoicing process and reduced
rework by 85% in one area
Cleared thousands of
pending open items in SAP
35% of activities automated
and 1,108 manual hours saved
annually in payment task
validation process
11
Finding Automation Use Cases
Impact
Ease of implementation
Low High
High
Invest wisely No brainer
Low hanging fruitNo go
Gathering use cases: Learning Day, form
submissions, Citizen Developer Program
Benefit and complexity assessment
Development
Review/test and deploy
12
What's Next?
A fully automated enterprise reaps business-wide benefits
Accelerate
growth and
operational
efficiency
Improve
customer
experience
Minimize risk
and ensure
compliance in
operations
Increase
employee
engagement
Combining Automation with Predictive Analytics, Machine Learning, AI to
achieve end-to-end transformation