Keeping PAO’s relevant in an increasingly competitive market
The adoption of hyperautomation by the wider accountancy sector has, in the last few years, resulted in a faster, more secure, more reliable and more efficient service, both in-house and for their clients.
It’s had to though, as in order to remain competitive in a saturated market, the globes top PAO’s have needed to provide the very best experiences to their customers, whilst also maximising efficiency and reducing costs wherever possible within their own firms at the same time as maintaining or increasing their cybersecurity levels.
Automation uses technology to automate tasks that once required humans. Hyperautomation deals with the application of advanced technologies, including artificial intelligence (AI) and machine learning (ML), to increasingly automate processes and augment humans. Hyperautomation extends across a range of tools that can be automated, but also refers to the sophistication of the automation (i.e., discover, analyse, design, automate, measure, monitor, reassess.)
Hyperautomation has played a huge role in this digital transformation process, speeding up complex accounting processes, reducing time consuming manual tasks and just in general making workflows more organised and, if it doesn’t sound too obvious, automated.
Hyperautomation is particularly good at doing away with manual and labour-intensive back office processes that keep staff from doing other, more important tasks. In freeing up this time from human to machine, a PAO can either reduce staffing costs (if they have a need to) or their teams can instead concentrate on projects that bring real ROI to the organisation.
As no single app or tool can replace a real, thinking human, hyperautomation involves combining robotic process automation (RPA), intelligent business management software (iBPMS) with AI and machine learning (ML) with an end goal of making certain descisions increasingly AI led.
PAO’s have to deal with a ridiculous amount of data, much of it personal, sensitive or oft times, both, often using very manual processes. The problem with manual, repetitive processes however is that they’re very prone to human error and as any account reading this will tell you, one small error in the data up the line can lead to huge mistakes further down… even if everything else is correct.
Hyperautomation does away with all of that, minimising manual processes to avoid human error and speeding tasks up to a tremendous degree.
An RPA bot can reduce processing costs in a PAO from anywhere between 30% to 70%.
PAO’s can make use of hyperautomation in so many different areas that they’re really only limited by their imagination, or the imagination of the Digital Transformation partner they’ve chosen to work with.
Some of the most common area’s hyperautomation is applied to accounting processes though are…
Hyperautomation is irreversible and inevitable. Everything that can and should be automated will be automated.
Hyperautomation lets Professional Accountancy Organisations do so much more for less, reducing HR costs and human errors all whilst increasing efficiency and the all-important ‘bottom line’.
It can provide an ‘edge’ over competitors and the efficiency savings provide growth within your organisation.