FIN TECH
Why so many
finance automation
projects stall
Progress is slowly being made in automating finance activities
and processes, but common sticking points often stand in the
way of companies achieving their true potential
Uniline inks
deal with
Wipro
Uniline Energy System
has signed an agreement
with Wipro for the supply of
22,000 nos of UPS Systems
for empowering the Indian
Armed Forces communication
network throughout the
country.
Three years ago, a Bank of
America report forecast
there was a 90 per cent
chance of accountants being
replaced by robots come 2025. But
automation in finance has so far
grown more slowly than expected.
According to an Accenture
survey carried out in 2018, expect
fewer than 50 per cent of all finance
tasks to be automated in the next
two years, despite the fact that as
much as 80 per cent of backwardlooking
accounting could be.
When you start to scale it and
make sure it works, you then
need to have the right governance
backing up your IT function
However, progress is being
made. Robotic process automation
(RPA) is increasingly being used
for applications such as bank
reconciliations, travel and expenses
payments or automatically creating
timing or accounts payable accruals
for enterprise resource planning
reports.
“There are several major ,” says
Kapil Chandra, senior partner at
McKinsey & Company.
“Examples include financial
planning and analysis, payroll
administration, accounting,
accounts payable and accounts
receivable, for example generating
and validating invoices and creating
reports like accounts receivable
ageing.”
Uniline MD RK Bansal
said that these UPSs would
be supplied over a wide range
starting from 600 VA to 5
KVA depending upon the
nature of deployment.
The company expects to
complete this installation
before the completion of this
fiscal. Mr Bansal disclosed
that earlier the company had
supplied a 120 KVA Hi Power
UPS for the armed forces. He
said the entire maintenance of
all these installations shall also
be handled by them as well.
www.smartgovernance.in | February 2020 49