As part of the survey, CFOs were questioned on 16 different technologies within the category of process automation and optimization. Only three technologies within the category are expected to see an increase in investments from current levels over the next two years: reporting automation, RPA and process mining. Of those three technologies, only reporting automation was rated as currently delivering “high value” to finance departments.
“Finance processes are complex, exception-heavy and reliant on judgment and subject matter expertise,” said Bhandare. “This currently puts a ceiling on RPA’s value creation, and CFOs need to explore additional options both to enhance RPA’s usefulness, and in some cases, select better fit technologies for their automation goals.”
Process Mining Attracts Greater Investment
Gartner’s analysis of the survey results indicates three key drivers of growth for RPA over the coming two years: embedded machine learning, cloud delivery and integration with process mining. While process mining is still an exploratory technology, not yet being widely adopted by finance departments, the potential to enhance current RPA implementation makes it an attractive technology within the category.
Process mining is designed to discover, monitor, and improve real processes by analyzing event logs in information systems. Finance leaders can review exactly what happened during the execution of their process after the event logs are analyzed by the process mining algorithm. Process mining can be used in three distinct and additive ways, including:
- Process discovery – Build a model to reveal how a current process is operating “as is”
- Process conformance – Compare the actual event’s process to its ideal model
- Process enhancement – Improve or extend processes, including with RPA
“Process mining gives finance leaders a tool to identify the root causes of inefficiencies and exceptions in real-time,” said Bhandare. “This provides the opportunity to streamline and correct processes that may have been perceived to be resistant to automation and introduce more opportunities to use RPA—and automation more broadly—in achieving additional efficiency and cost gains.”
Gartner clients can read more in: 2022 Finance Technology Bullseye Report. Nonclients can learn more in: Top Strategic Technology Trends in Finance
CFOs and finance leaders can participate in Gartner research and get complementary access by joining the Gartner Research Circle.
About the Gartner CFO & Finance Executive Conference
Gartner experts will provide additional insights on the key issues facing CFOs during the Gartner CFO & Finance Executive Conference, June 6-7, 2022, in National Harbor, MD. The Gartner CFO & Finance Executive Conference delivers actionable, objective insight to CFOs and their teams to help them leap-frog forward on their digital journey by understanding what successful teams are, and are not, building, buying, and borrowing in the market. For the full agenda and to register visit: https://www.gartner.com/en/conferences/na/cfo-finance-us.
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