Robotic Process Automation And Cash APplications
RPA CASH APPLICATION
The ideal starting point is to analyse existing scenarios to identify existing pain-points. Identifying the existing scenarios is important, as it will allow clearer evaluation of the opportunities which the cash application automation process offers. Pinpoint the type of transactions that make up the bulk of the Cash Application workload and examine, in detail, the manual actions all stakeholders involved in the Cash Application processes, e.g. Accounts Receivable, Credit Collections, and other Cash Application personnel, take today.
Step 2: Defining the scope of the automation projectOnce the magnitude of the project and its objectives have been explored, it is important to define the scope of the automation project. Having identified the pain points, this forms the starting point for the automation project: identify what processes should be automated first and gradually scale up. Define the Scope of Work and focus on key areas Application setup, Integration, Automation, and Process Optimization and break these areas down into functional requirements. In this way, the scope of work serves as benchmark to move forward with the project.
Step 3: Selecting the Automation Platform Having identified the Cash Application process pain-points and defining the scope of the project, the next step is choosing the right automation platform. The platform should have the potential to streamline the Cash Application process. Executive decision-makers need to select platform that offers broad coverage across their specific Cash Application needs and comes with reliable user support system, enabling easy- and fast configuration.
Step 4: Building the automation mechanism Using the platform as basis, the Cash Application automation process should be designed and built. Simulations should be designed and realistic testing systems created. This will provide clear indication of how well the solution is performing against the outlined objectives. The project must be tailored to the particular company and its needs, so that the automation process can fully integrate with the companies existing systems and processes.
Step 5: Evaluating and Monitoring the Cash Application Automation solutionOnce the automation mechanism has been built, it needs to be given thorough test and evaluated against previous Cash Application data. When evaluated, the Cash Application automation process must match and exceed expected performance, especially in terms of efficiency, accuracy and cost-saving.
Continuous monitoring is essential in order to keep the automation process running efficiently. Strategic Key Performance Indicators (KPIs) must to be established at the start of the project, in order to provide benchmark and measure the effectiveness of the Cash Application automation solution.
Implementing solution for robotic process automation for Cash Application is profound step for any company. Automation can offer significant cost and time savings and increased accuracy throughout the Cash Application process. With these five steps, Executive decision-makers can take the right approach and have the best chance of success when automating the Cash Application processes.
