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India | Information Technology | Volume 8 Issue 12, December 2019 | Pages: 2093 - 2106
The Impact of Early Automation Tools on Efficiency in Enterprise Financial and Risk Advisory Services
Abstract: The financial and risk advisory services (FRAS) sector has experienced an upsurge in demand for new methodologies, technologies, and products as a result of globalization and growing customer needs. In this regard, automation is predicted to boost compliance efficiency exponentially. In the sector of FRAS, as compared to traditional auditing, fewer literature reviews have been conducted in the context of automation tools, although fully automated auditing procedures might be implemented in the future. It is critically important to understand the impact of pre - RPA and RPS on efficiency improvements in these sectors. This research aims to fill this gap. Moreover, it examines the interrelatedness of automation tools and analyzes how sophisticated automation tools impact a higher efficiency increase. In this regard, it emphasizes its contribution to both scholarly literature and societal practice. End - to - end process automations and robotic process automations (RPA) solutions as innovative processes are considered. For RPA solutions, rigid, desktop - based automation tools and multi - tiered, high - level solutions are differentiated. A pioneering quasi - experiment deployed by measuring real process runtimes with the aid of an experimental process group is introduced. A cross - industry study is carried out in which field expert interviews augmenting quantitative data pave the way to uncovering the routine increment while mitigating the biases of the self - reporting character of survey questions. In terms of per - process evaluation of the efficiency improvement rate, thriving efficiencies are found in the sector of FRAS from automating processes with automation tools ? especially RPA solutions. The degree of the efficiency increase is reported, and higher efficiency increases are highlighted based on the experience of the automation process as well as the sophistication level of the automation tool. Impacts of automation tools among pre - RPA, RPA, and DPA have strong but differing relationships on efficiency improvement in the FRAS sector. Pre - RPA and RPS have positive impacts on the efficiency increase. The latter has a more considerable impact on efficiency improvements. The relative efficiency decrease rates of processes with annual run times lower or higher than a specified threshold are modeled, emphasized, and validated. Board examination, which is among the junior automation processes sacrificed due to its satisfaction of efficiency improvements in automation, is proposed for further research and to mitigate organizational resistance. These findings assist FRAS audit firms in determining which processes to deploy automation tools on the one hand and supporting process managers in the FRAS sector in further success modeling the relationship of the automation tool on process efficiency increase on the other hand.
Keywords: Automation tools, Enterprise efficiency, Financial advisory, Risk management, Process automation, Early - stage automation, Digital transformation, Financial services technology, Risk advisory services, Workflow optimization, AI in finance, Robotic process automation (RPA), Operational efficiency, Compliance automation, Technology adoption in enterprises
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