What’s next in tech for finance? The RPA revolution

Technology continues to reshape our world and has been accelerated by the pandemic. As you rethink processes for the new environment, you may be asking how technology can help improve efficiency and effectiveness. This podcast is the next episode in the second season of our What’s next?  podcast series for CFOs, controllers — anyone in finance. This season we’re focusing on what’s next in tech for the finance professional — discussing the benefits of technology through the lens of the finance function. In this episode, host Heather Horn sits down with Michael Engel, intelligent automation leader at PwC Innovation Labs, to discuss Robotic Process Automation (RPA) and the ways finance professionals are embracing the RPA movement.Topics include:0:48 - What is RPA? We begin by talking about the evolution of RPA and how it has developed into an accessible and approachable technology that is being used today by finance teams to automate a broad range of activities and processes.6:25 - Beyond upskilling. Often, it is wrongly assumed that RPA means replacing employees. We discuss the cultural change needed for the widespread adoption of RPA tools—which means going beyond offering training sessions.  11:27 - Identifying the right pain points. We discuss the importance of proactively identifying what should and should not be automated, and then talk about some of the benefits of RPA, beyond just the cost savings.22:18 - What we’re seeing in practice. Michael addresses some common RPA adoption questions, including how RPA aids in attracting top talent and what the next level of RPA looks like. Michael Engel, a PwC managing director and intelligent automation leader at PwC Innovation Labs, is focused on applying intelligent automation in support of business transformation. With over two decades of experience, Michael supports clients in extending, enhancing, enriching, and empowering their organizations in the extraction of genuine business value. Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].