Featured in MSDUK: Rising stars ROLABOTIC winning global contracts, client endorsements and award nominations
It’s always a proud moment when we see one of our businesses performing well, but when we received news from ROLABOTIC MD Paresh Mistry about their recent successes and how MSDUK have helped them on their journey so far, we thought their work the last 18 months deserves a massive celebration.
So who are they, what have they been up to and why should you care?
Have a look at the NEW ROLABOTIC Intro Video (1-min) The Who, What, Where, When and Why of our business…and keep the volume up.
YouTube : The ROLABOTIC Video
ROLABOTIC tend to work with large FTSE 100/Fortune 500 who are tired of the large consulting houses and want a fresh independent perspective on finance transformation, Robotic Process Automation (RPA) and Artificial Intelligence (AI) – the only 100% truly independent consultancy in RPA/AI as they do not partake in any form of rebate or commission from vendors unlike their competitors.
They have taken on some big global clients in the form of a top 5 global brewer and a top 3 global insurer. As well as winning some large UK based firms including one of the top engineering firms in the country Sir Robert McAlpine.
Don’t believe us? Watch this amazing client testimonials from with Leighton More the Chief Financial Officer (CFO) at Sir Robert McAlpine. A family owned business which has delivered some of the most iconic construction projects in the world and is celebrating its 150th year anniversary.
Aside from working with a prestigious list of global clients there have also been some personal achievements; MD Paresh Mistry has also been recognised and nominated for an Institute of Directors innovation award in the management consulting field.
Paresh, we’re really excited to see what other mountains you climb next. To connect with ROLABOTIC or find out more about what they do you can visit their website https://www.rolabotic.com/ or follow their progress on LinkedIn. They have also recently moved from Central London and acquired office space in the prestigious Green Park Business Park in Reading.
Ubiquitous, mobile supercomputing. Intelligent robots. Self-driving cars. Neuro-technological brain enhancements. Genetic editing. The evidence of dramatic change is all around us and it’s happening at exponential speed.’ So says professor Klaus Schwab, founder of the World Economic Forum, in his book The fourth industrial revolution.
CFOs will need a set of tools to excel in this new era. These tools are the Internet of Things (I), cloud (C), robotic process automation (R), analytics (A), mobile (M) and social (S) – or the ‘ICRAMS model’. ‘ICR’ acts as the enabler and sensors; ‘AMS’ is the feedback and decision-making engine.
Of main interest to the finance function is the robotic process automation (RPA) component. How can this in particular be leveraged for maximum benefit?
RPA is a solution (usually comprising software) that automates rules-based, high-volume and repetitive elements of human labour. For example, in the supplier statement reconciliation process, individual invoices, credits, re-bills, etc, need to be matched to suppliers, and unmatched or unreconciled payments or credits need to be found. Software can do this quickly and accurately, and automate the resulting actions, such as emailing a supplier for further information.
RPA has significant benefits. As the software takes on the rules-based tasks (for example, the financial period-end close, order-to-cash, procure-to-pay and other end-to-end operational finance areas), members of the finance team are freed up and can be redeployed to tasks requiring strategic judgment. Shared service environments.
In addition, by allowing the technology to follow pre-determined rules, human judgment and potential error are removed, increasing the level of accuracy and compliance. This is a huge boon for regulated industries and/or clients with high audit fees or resource requirements.
If a process is highly repetitive, rules-based and follows a pre-determined set of rules, it is usually a suitable candidate for RPA. However, it may not always be the only solution. You may also want to consider process standardisation, excel simplification and process simplification as a complement to the benefits RPA provides.
RPA is a growing trend, with some analysts quoting 30-60% combined annual growth rates (CAGR) to 2022 and beyond. Companies should consider RPA in the context of:
a wider strategic agenda, such as a finance transformation project
change management in process, people and technology
the implications on the wider business, eg, IT, finance, HR, operations etc
the entire end-to-end process, eg, in procure to pay, think about supplier set-up, purchase order process, goods receipt, invoice receipt, matching, managing queries, etc
RPA is only one tool; there are also other options
Finance functions can use the RPA market to monetise their RPA programme in a number of ways:
partnering with vendors/solution providers that are keen to reference client case studies
generating income from the intellectual property in the process post-robotisation
partnering with established consultancies trying to move into the RPA space
taking the wider benefit of RPA – eg, reduced audit fees, higher compliance/regulatory comfort, higher retention rates of finance staff as roles move from data crunching to analysis and decision making.
Technological advances are coming thick and fast. This provides a host of opportunities, but there are also challenges for businesses, which need to ensure they innovate to remain relevant and cost effective. Time to plan how RPA investment can be monetised to benefit your business.
Paresh Mistry FCCA, Managing Director, ROLABOTIC