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Revolutionizing Finance: Insights on the Impact of Automation

Author

Listed:
  • Bostan Andreea-Izabela

    (Bucharest University of Economic Studies, Bucharest, Romania)

  • Dragomirescu Oana-Alexandra

    (Bucharest University of Economic Studies, Bucharest, Romania)

Abstract

This article delves into the transformative impact of integrating SAP and Robotic Process Automation (RPA) in the realm of Finance. As organizations strive for greater efficiency, accuracy, and agility in their financial operations, solutions such as SAP and RPA emerge as a powerful solution. The article provides an in-depth analysis of how these technologies complement each other, offering a set of different perspectives provided by 13 Subject Matter Experts during an interview. The study begins by outlining the importance of using Artificial Intelligence in Finance, with a focus on the demonstrated benefits and potential areas that are suitable for this technology. It is also highlighted what Financial areas could be considered candidates for automation of processes, with a focus on five main topics. Subsequently, the article investigates the role of Robotic Process Automation and the key features of SAP, in automating repetitive, rule-based tasks within financial processes. Furthermore, through real-world case studies and examples provided by people with work experience in this field, the article provides insights into the practical applications of SAP and RPA, witnessing the improvements in operational efficiency, data accuracy, and compliance. The discussion explores the evolving landscape of finance in the face of digital transformation, emphasizing the following topics: understanding the need of automation, prerequisites needed in Financial processes, tools required, data security, and future prospects.

Suggested Citation

  • Bostan Andreea-Izabela & Dragomirescu Oana-Alexandra, 2024. "Revolutionizing Finance: Insights on the Impact of Automation," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 18(1), pages 3374-3386.
    • Handle: RePEc:vrs:poicbe:v:18:y:2024:i:1:p:3374-3386:n:1048
    DOI: 10.2478/picbe-2024-0275
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    References listed on IDEAS

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    1. Rainer Alt & Roman Beck & Martin T. Smits, 2018. "FinTech and the transformation of the financial industry," Electronic Markets, Springer;IIM University of St. Gallen, vol. 28(3), pages 235-243, August.
    2. Goodell, John W. & Kumar, Satish & Lim, Weng Marc & Pattnaik, Debidutta, 2021. "Artificial intelligence and machine learning in finance: Identifying foundations, themes, and research clusters from bibliometric analysis," Journal of Behavioral and Experimental Finance, Elsevier, vol. 32(C).
    3. Collins, Christopher & Dennehy, Denis & Conboy, Kieran & Mikalef, Patrick, 2021. "Artificial intelligence in information systems research: A systematic literature review and research agenda," International Journal of Information Management, Elsevier, vol. 60(C).
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