The use of robotic process automation created significant efficiency savings around reporting processes by removing the low complexity roles previously carried out by entry-level employees. This frees up time for more complex and stimulating tasks, resulting in higher engagement among trainee accountants.
“We found out we were creating 8,500 reports a month, using trainees and graduates to sift through them, print them out, make sure they got to the right place. We have robots doing that now.”
Angela Noon, CFO of Siemens UK
Digitally enabled transformation resulted in faster delivery timescales for month-end closing, saving three days from reporting procedures. Improved analytics allow Board packs to be produced quicker and more efficiently.
Error rates for high-volume low-complexity work have reduced, creating cost savings across the company. Digital transformation across the business has saved Siemens an estimated £4 million, with the finance element responsible for around £900,000.
• Cultural change is paramount — tell people what you’re doing and why you’re doing it.
• Recruit early to fill skills gaps if you can’t fill them internally.
• Be bold and embrace change.
Read the full report. Finance transformation: the human perspective
insights.cgma.org/story/finance-transformation
