Which finance task should you automate next

When it comes to credit risk, automation is no longer a ‘nice-to-have’. The ability to work smarter and faster helps finance teams to maintain competitiveness and deliver business growth as they balance a wide range of tasks. But where should you start?

Automated decisioning is a game changer but maybe there are other duties that would benefit even more from some software-shaped help. Here we’ll talk you through what to think about when starting your automation transformation and where to focus your efforts for maximum impact.

Not all tasks are ready for optimisation

Not every task should be automated straight away, especially those in more complex and high-risk areas or where existing workflows aren’t working quite as they should do.

What benefit will I get from automating this task?’ It’s a question you should ask before moving away from any manual process. Let measurable value guide you. Whether it’s cutting process times or improving decision consistency, you need to think about the difference automation will make before changing ways of working.

Starting in the wrong place can lead to wasted investment, low adoption and frustrated colleagues. The key is to balance ambition with practicality. Find processes that are mature enough for transformation, yet simple enough to deliver quick wins.

Three types of tasks ripe for automation

Some finance processes are better suited to automation than others. Try focusing on the following types of tasks to help whittle down where to start:

• Repetitive but critical – From onboarding to data monitoring and smaller jobs in between, some low-intensity tasks are unavoidable and can take up time that can be better spent by your team.
• Low-value decisions – It’s not just tasks that aren’t created equal, decisions are too. Identifying decisions with lower credit volumes and where consistency matters most can help prioritise your ‘to-automate list’. 
• Rule-based processes – Could setting credit limits or scoring customer risk be outsourced to automation? Rule-based processes deliver consistency you can trust, so you can focus on more strategic tasks.
   

How to prioritise what to automate next

Ask yourself, ‘what does success look like?’ Whether you’re looking to reduce costs or better manage risk, automation should support your business’ goals. Think about how you’ll measure success from day one, communicate this to wider teams and keep track of your progress to keep everyone invested. Remember, culture is key to implementing a long-term automation overhaul.

Can your new process grow with your business? We’ve seen finance teams automate their customer journey while overlooking their back end and bottlenecks forming overnight. When automation outpaces operations, it can be a victim of its own success. The most successful transformations come from attention to every detail.

Finally, start with low-risk areas. Automating simpler tasks with fewer implications first will help you to build the confidence to take on major transformation projects. A mix of short- and long-term projects covering customer-facing and internal processes will help to build momentum across teams and give your colleagues the drive to take on larger-scale and more complex automation overhauls.

Starting automation the smart way

Once you’ve decided the task you want to automate next you’re almost ready to begin. For your best chance of delivering success try the following:

• Fix workflows before automating – Broken processes stay broken, even when you’re using the latest and most intelligent software. Iron out any problems with existing processes and think of automation as a means to refine and not repair.
• Run pilot projects – Running newly automated processes alongside their manual counterparts can help you to compare results while minimising risk. Use this approach to see where automation aligns with or diverges from your expectations before scaling.
• Use champion-challenger testing – Apply your newly automated processes to a small subset of data. Use this as an opportunity to refine smaller details before your final rollout.