By now, you've probably seen my first set of blogs on Hyper Automation, where I lay out the opportunity first for Automation of Tasks and then the Automation of Analytics and algorithmic forecasting. This third article aims to present a case for the third leg of the Hyper Automation journey, focusing on Automated Responses.
Over the last couple of years, chatbots have become particularly popular as a source to provide rapid responses to frequently sourced information. With the ability to seamlessly interact, engage and deliver information in web, mobile, and kiosk form factors, chatbots and digital assistants are now a universally accepted form of interactive responses for B2B and B2C use-cases. These days almost every type of online interaction—assistance trading stocks, making travel reservations, requesting IT support—can be achieved through this mechanism.
The other dimension to interactive automated responses comes from email bots. Today, email bots are a universally accepted form of interaction for automated marketing campaigns, sending out promotions, invitations to digital and physical events, automated survey assessments, and more.
For corporate finance teams, the automation of interactive responses through chatbots or email bots can lead to a significant recovery of time. It can save the drudgery of responding to repeated incoming queries. Today's modern finance teams should leverage intelligent automated responses to automate inbound status inquiries on approvals or payments, deal with requests for tax forms, return information on orders, and other similar tasks. However, for these intelligent automated interactive responses to be effective, they must possess the following capabilities:
Automation in the finance back-office takes multiple forms. Today's finance teams leverage best-in-class automation platforms that automate routine and repetitive tasks—invoice accruals, activating vendors, or sending payment/collections reminders—while also automating algorithmic forecasting activities such as forecasting cash or customer remittance times. Another critical element of automation is to ensure that automated intelligent interactives responses are part of the core platform. Doing this extends the HyperAutomation journey for finance teams, and provides complete coverage across all facets of the back-office function.
At Auditoria, we have built the industry's first Cognitive Automation platform that combines automation of tasks and business processes, the automation of analytics, and the automation of interactive responses—purpose built for corporate finance and ERP—in one simple SaaS offering. Combined with cutting edge NLP and ML, we empower CFOs to digitally transform their back-office functions and bring automated outcomes to every part of their charter. The need for automation and digital transformation has only accelerated amidst the global pandemic. Auditoria is thrilled to be at the forefront of helping Finance teams achieve higher efficiencies and resiliencies using our SmartFlow Skills SaaS solution.