Week 7

• What is the definition of Robotic Process Automation (RPA)?

  Tools that operate on user interfaces like humans
• How do RPA tools operate on data?

  They follow structured commands for decision-making
• What does RPA mimic in its operation?

  Human actions in completing tasks
• What type of processes are typically automated by RPA?

  Relatively limited processes like data entry
• What forms can RPA automation take?

  Communicating, sending notifications, and data manipulation
• What are the use cases for RPA in Accounting/Finance?

  • Accessing multiple programs
  • Collecting data
  • Entering transactions
  • Generating final reports
• What is a rule of thumb for RPA automation?

  If it can be trained in weeks, automate it
• Which repetitive tasks are suitable for RPA according to Moffitt et al. (2018)?

  Payroll, accounts payable, and accounts receivable
• What benefits does RPA provide in finance functions?

  More accurate and efficient process completion
• In which area did Cooper et al. (2019) find RPA most developed in Big 4 firms?

  Tax compliance
• What initial processes did Big 4 firms automate?

  Internal manual processes and compliance checking
• What factors should be evaluated when choosing processes to automate?

  • Process suitability
  • Potential benefits
  • Activity type
  • Effort needed
  • Data structure
  • Frequency of activity
  • Process stability
  • Quality improvement needs
• What coding languages are commonly used for in-house RPA setup?

  Python
• What is Microsoft Power Automate?

  A platform for creating automated workflows
• What is a simple example of RPA implementation?

  Automating mileage claims verification
• What significant improvement did the mileage claims automation achieve?

  Saved 19 hours with 100% coverage
• How does RPA impact the role of accountants?

  Accountants may take on new roles in RPA
• What do Kokina et al. (2021) suggest about accountants and RPA?

  Accountants can identify processes for automation
• What is a potential challenge of RPA implementation?

  Choosing suitable processes for automation
• What are the opportunities presented by RPA?

  • Increased accuracy and efficiency
  • Process improvement through redesign
  • More fulfilling jobs for lower-level employees
• What challenges does RPA face in implementation?

  • Process suitability
  • Complexity of processes
  • Resistance to change from employees
• Why is it important for accountants to understand RPA?

  To identify opportunities and control implementations
• What potential role can hybrid accountants play in RPA?

  Specialists in RPA implementation and analysis
• How does RPA encourage organizations to redesign processes?

  By improving logic and decision-making data
• What example illustrates RPA's efficiency in a bank?

  85 bots handled 1.5 million requests
• How does RPA affect transaction processing?

  Allows concurrent processing of transactions
• How can RPA empower lower-level staff?

  By allowing them to suggest automation processes
• How does RPA improve process task completion?

  It removes potential for human error.
• How often can RPA operate without breaks?

  24/7
• What is a benefit of concurrent transaction processing in RPA?

  It allows multiple transactions simultaneously.
• How did a bank utilize RPA according to Marr (2021)?

  Used 85 bots for 1.5 million requests.
• What opportunities does RPA provide for process improvement?

  • Allows redesign of processes
  • Improves logic and skips unnecessary steps
  • Enhances decision-making with more data
• How can RPA impact employee job satisfaction?

  It can make mundane tasks more fulfilling.
• What type of processes is RPA best suited for?

  Highly structured, rule-based, and repetitive.
• What does McCann (2018) say about bots breaking?

  Many bots cease working after updates.
• What is a challenge of using RPA according to Harrast and Wood (2023)?

  RPA can mask the need for system development.
• Why is controllability important in RPA?

  To prevent incorrect reporting and safeguard assets.
• What concerns do employees have regarding RPA according to Joshi (2019)?

  Concerns about training and skill upgrades.
• How has RPA been observed to affect headcount in organizations?

  RPA increases capacity instead of reducing headcount.
• What are the learning outcomes for Week 7 regarding RPA?

  • Define RPA
  • Identify accounting/finance use cases
  • Evaluate opportunities and challenges of RPA
  • Discuss impact on AIS/Finance function