Robotic process automation is reshaping the accounting and finance profession. In fact, 40% of transactional accounting work is expected to be automated by 2020 (Financial Management) and predicted to touch 230 million knowledge workers, 9% of the global workforce, according to McKinsey Research.
Driven by the need to stay competitive with decreased costs and increased efficiency, RPA is quickly making a significant impact on the profession. Companies no longer think about ‘if’ but “when” to implement RPA. Furthermore, the adoption of RPA technology is already making significant impacts to organizations - the RPA market is expected to grow to $2.9 billion by 2021 according to an article in Forrester.
So, what does that mean for accounting and finance professionals? Because of the anticipated prominence of the implementation and use of RPA, it’s critical for those in the profession to understand how it’s transforming businesses - not only in their organizations, but for their clients as well.
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