There are many myths about automation and sometimes it can be hard to tell whether they are true or not. This is why we put together a list of some of the most common misconceptions on the topic and we reveal for you below the reality behind these myths.
Automation is only for large companies
Wrong! Small and medium-sized enterprises (SMEs) in particular can benefit from automating their processes. It reduces the amount of resources spent on repetitive tasks and allows time to be spent on projects that move the business forward.
Implementing automation is too expensive and complicated
This is not true! With the rise of artificial intelligence (AI), automation software has become much more affordable. There are several solutions that do not require high initial costs at all and are very easy to implement. It is possible to go through the entire implementation process without having any technological expertise.
Automation will replace all jobs in finance
Wrong! Rather than replacing jobs, it will create more opportunities. While it’s true that some (especially repetitive) tasks can be easily replaced by automation software, this doesn’t mean that human workers have nothing to do. Instead, they can focus on new opportunities, giving the company a competitive advantage. However, it is still important to have a basic understanding of automation and AI so that everyone can work with the technology.
Automation takes control away from financial professionals
This largely depends on the individual. If financial professionals are well trained in the use of automation software and remain critical of the results it produces, they don’t lose control – they gain a new set of tools. Automation can handle repetitive tasks, but it still requires human oversight to ensure results are aligned with strategic goals. Professionals who actively engage with automated processes can focus on higher-level analysis and decision-making, allowing them to maintain authority while increasing efficiency. In fact, automation can even empower finance professionals by freeing up time to delve into complex problem solving, giving them more control over outcomes than before.
Automation is a one-off solution
Wrong! The last few months and years have seen a rapid proliferation of new technologies and software. The pace of innovation has become very high, especially thanks to AI. Using an automation tool doesn’t mean that you’re done, but rather that it’s an important first step in a more efficient direction.
Automation is a temporary trend
If you look at the great innovations of the last few decades, this myth isn’t true. Humans have always tried to automate certain tasks. They invented machines, used various resources and devices, and built factories. In modern times, AI and smart technology are rapidly increasing the ability to automate tasks, and this trend is likely to continue in the future.
Compliance is complicated with automation
Absolutely not. In fact, most software can help you by ensuring compliance and automatically detecting fraud. They are programmed to minimize any risk and keep the workflow running smoothly without any complications. Human workers still need to be aware of potential issues, and it is important never to hand over the responsibility entirely to technology, but in general compliance becomes easier to manage with automation.
Automated systems are inflexible
Not at all! The first step is to understand your current needs. Once you know in which areas you require help, you can start looking for solutions. Today, there are many automated solutions that can be perfectly tailored to your needs. With the help of AI, automation systems can be implemented in a flexible and personalized way to best suit your needs.
If you are looking for an automation tool in the financial sector which certainly does not represent the myths listed above, Nobel RPA is your solution! Using the power of AI, Nobel RPA is a tool of the future, allowing SMEs to benefit from the latest advances without having to invest a lot of time or money.
