Escaping the Vicious Circle

With achievements like saving 700 hours in edge interest tax analysis, the team is enhancing collaboration with business units, allowing the tax team more time for crucial projects.

Maximizing Value with Robotics and Machine Learning

While the team has embraced Robotics Process Automation (RPA), they are delving into machine learning for even greater potential. Jonovska believes combining RPA for time savings and machine learning for advanced transparency and business collaboration is the key.

Automating Error Correction and Fraud Detection

Despite global automation projections, the accounting industry faces challenges of manual processes, errors, and fraud. Intelligent automation is crucial to prevent human errors and fraud, driving BlueScope's adoption of autonomous accounting projects.

Addressing Workforce Concerns

To allay workforce concerns about job loss due to automation, Jonovska asserts, "AI won't take your job; those using AI will take over tasks." This shift allows accountants more time for value-added projects and potentially positions them in consultative roles within the organization.

Best Practices for Automation

Jonovska suggests viewing automation as a journey, focusing on challenges, assessing solution feasibility, and ensuring managers and staff comprehend the tool's digital outputs. Data accuracy and understanding its journey are crucial before automation.

Understanding, then Optimizing

Management needs a comprehensive understanding of processes before optimizing through automation. Sharma recommends starting with low-risk, likely successful processes and emphasizes transparent communication with employees for successful robot integration.

Realistic Expectations

Transparent communication and managing employee expectations are critical during the introduction and implementation of autonomous projects. Time is needed for employees to adapt to automation processes.

Judicious Evaluation of Automation

BlueScope measures success with metrics like "hours saved" and "cost of inaction." Management's open-mindedness is key, as Sharma advises against relying on a single KPI, acknowledging that not everything can be quantified.

Trial Automation Tools

Sharma advises companies to adopt an iterative approach to automation tools, avoiding the pursuit of perfection in each tool. Each tool should be seen as a step towards achieving automation goals. In summary, BlueScope's finance team's remarkable achievements in digital transformation exemplify the positive impact of strategic automation. Let's anticipate more businesses achieving success on the digital frontier!

source: CMAP-CPA