General
RPA eliminates the need for human involvement. True or False?
False
Name two companies that are thriving compared to their competitors because they are utilizing technology?
Thriving: Amazon, Uber, Netflix
Struggling: Borders, Taxis, Blockbuster
Do the Big4 use RPA in their audit work?
Yes
What does RPA stand for?
Robotic Process Automation
RPA decreases errors in processes. True or False?
True
What are some common industries that are already adopting RPA?
Healthcare
Retail
Telecommunications
Banking
Insurance
Manufacturing
As RPA utilization grows in the accounting profession will accountants spend more time doing analytical work or routine tasks?
Analytical
Name and describe one benefit of RPA.
-Financial: (cost avoidance & savings) fewer staff & less overtime
-Decreased Task Backlog
-Increased Task Capacity
-Improved accuracy and security
Where was RPA originally developed?
UK
In 2019, the global RPA market size was valued at?
$1.4 Billion
Name three risks associated with using RPA in accounting?
Technology
Regulatory compliance
Operations
Talent
Financial reporting
What are some simple tasks that RPA can perform?
-Login into any application
-Connect to system API's
-Copy and paste data
-Move Files and folders
-Extract and process semi structured content from documents, PDF, emails, and forms
-Read and write to database
-Open emails and attachments
-Scrap Data from the Web
What are the three types of RPA?
Autonomous, Attended & Hybrid
We listed 4 companies that produce RPA software. Name 3 of them.
Blue Prism, Inflecta Rapise, Ui Path, Automation Anywhere
Does RPA better allow for continuous monitoring?
Yes daily reports can be produced quickly and accurately using RPA.
We mentioned five companies that have already adopted RPA. Name three of them.
Coca-Cola
Pfizer
Prudential
Sony
Walgreens
What is the difference between RPA & Traditional Automation?
Traditional automation makes use of application programming interfaces while RPA utilizes bots to understand user actions at the user interface level.
Name two ways RPA is used in the industries we have mentioned.
-Banking & Financial Services:
(1) Cards activation
(2) Frauds Claims Discovery
-Insurance
(1) Claims Processing
(2) New Business Preparation
-Healthcare:
(1) Reports Automation
(2) System Reconciliation
-Manufacturing:
(1) Bills of Material (BOM)
-Hi-tech:
(1) Service order management
(2) Quality Reporting
-Energy & Utilities:
(1) Account Setup
(2) Meter-reading validation
How can we use RPA in Accounting Problems? List at least three ways.
Accounts Payable/Receivable
Vendor & Invoice management
Month-end closing process
Travel & Expense processing
Intracompany Transactions
Profit and Loss reports
Name the four characteristics of ideal process for RPA?
a) Rule based
b) Have a pre-defined trigger
c) Have defined inputs and outputs
d) Have sufficient volume