Rapidly expanding technologies both complement and augment human skills and boast the power to exponentially increase the speed, scale, quality, precision, and operational efficiency at which enterprises operate.
We prefer the view that, rather than signaling the rise of a digital workforce, these terms represent a cross-section of the many innovative applications available under the broad umbrella of intelligent automation (IA). These rapidly expanding technologies both complement and augment human skills and boast the power to exponentially increase the speed, scale, quality, precision, and operational efficiency at which enterprises operate.
Modern manufacturing facilities commonly employ legions of robots to incorporate subassemblies into final, fully functioning products, but these noncognitive machines still require humans to provide monitoring, oversight and quality control. Clearly, the introduction and expansion of automation technologies has had an impact on manufacturing organizations. What about businesses with less tangible products and services such as finance and treasury organizations? The intermediate effects on these enterprises are less clear.
Intelligent automation generally falls into three high-level categories:
Basic Process Automation (RPA) – Entry-level processes that are repetitive, rule-based and transactional in nature (e.g., bank reconciliations)
Enhanced Automation – Interpretation of unstructured data supporting selflearning and limited decision making through natural language processing (e.g., cash and cash flow forecasting)
Cognitive Automation – Self-learning and Adaptive technologies that are taught, rather than programmed, and designed to identify trends and make humanlike decisions within wide parameters (e.g., cash positioning and investments)
This paper provides a brief overview of the current intelligent automation landscape, supported by observations and examples that illustrate how emerging technologies can enhance your current and future treasury operating model.
The bots are not coming—they’re already here. With so much unstructured data out there, businesses can work smarter, rather than harder, by embracing, understanding and implementing intelligent automation technologies across the enterprise, from front office to back.
We believe if we can teach machines to do repetitive, routine tasks that currently tie up and exhaust human workers, there would be more time for them to prioritize issues, address deficiencies, connect with stakeholders, think and innovate—things that increase people’s satisfaction with their work.
At KPMG, we’ve made significant investments in intelligent automation and are experienced leaders using progressive approaches to digitally transform our own organization to lower costs, improve quality, mitigate risks and enable our professionals to deliver higher value to clients and do more rewarding work. We can help your treasury organization expand its role as a creator and protector of shareholder value.