Analyze the Scope of Automation in Financial Process and Transactions

Abstract

Automation in financial services in today’s time has the capacity and power to transform the way a business is done. Some of the advantages of automating the process are 1. It gives a competitive advantage 2. It allows to optimize performance 3. It lets us build better customer relationships. 4. It facilitates better digital channels All of these advantages add up to something considerably more valuable: a competitive edge. We may work quicker and more efficiently using automation, which improves client happiness and experience. It means we can make adjustments quickly to offer more competitive terms, increase profits with dynamic risk-based pricing, and manage customers more effectively throughout the life cycle. Automation is the way of the future, thanks to the growth of cloud-based access, which allows to centralize all of your applications and decision-making needs. As a consequence, we'll be able to make greater sense of your data and streamline your business operations, making us more accurate, efficient, and capable of acting on previously overlooked insight. When it comes to accounting, many businesses are stuck with outdated procedures. They use Excel spreadsheets to make adjustments and distribute such changes, passing them from employee to employee. They insist on manual approvals, which can take days, weeks, or months for busy executives to sign off on a basic task. Nephroplus was one of these companies. The huge chunk of data which needs to processed, transacted and reported regularly was done manually and involved the coordination and dependency on various teams. The project focused on automating the entire process and look for the scope where the thing can be made easier and how the manual data entry and approval process can take place with minimum exertion of resources. The automation of the accounting process entails the use of software to automate key financial and accounting processes. Accounts reconciliation, updating financial data, and producing financial statements with minimum human interaction are examples of these jobs.