By Andrew Guy, CEO at FD Intelligence
Throughout this series, I’ve explored challenges facing accountancy firms, introduced Intelligent Automation as a game-changing solution, and examined its transformative impact through real-world applications.
In this final post in the series, I’ll provide insights for successfully implementing Intelligent Automation across your firm.
Six Key Success Factors
Before discussing the implementation process, it’s crucial to understand that Intelligent Automation is not just a tactical tool, but a strategic asset. To deliver major value, you must think strategically about how to apply it across your firm. Here are six key considerations.
- Align with business vision – ensure your strategy and operating model align with your overall business vision.
- Clear objectives – identify specific issues, risks, or savings to be addressed through your program.
- Prioritise wisely – select business process automation opportunities that will generate the fastest benefits.
- Define good processes – be crystal clear about what makes a process a good candidate for Intelligent Automation. Look for processes prone to human errors, or high volume of manual and repetitive tasks, or areas requiring customer experience improvements
- Measure success – understand how to measure the success of your Intelligent Automation program. This includes evaluating if you’re automating the right processes and applying resources to the best automation opportunities.
- Focus on people – remember, the people, talent, and structure behind Intelligent Automation are as important as the technology itself.
Your Implementation Roadmap
Assessment phase
This is where you conduct a thorough analysis of your current processes, then identify pain points and bottlenecks. Finally, determine which processes are best suited for automation
Planning phase
Set clear, measurable objectives for your Intelligent Automation program and develop a detailed implementation plan. Allocate resources and budget.
Proof of Value phase
Start with a small-scale implementation and choose a process that can demonstrate quick wins. Gather feedback and learn from the Proof of Value.
Scaling phase
Gradually expand Intelligent Automation to other processes based on lessons learned, then continuously monitor and optimise performance.
Culture and training phase
Foster a culture of innovation and continuous improvement. This means providing a comprehensive training to staff on working alongside Intelligent Automation tools. Emphasise the shift towards more strategic, high-value work.
Overcoming Common Challenges
Early engagement with your team is a critical success factor, especially in managing the inevitable fear of ‘digital’ change, so everyone is ready and receptive.
Resistance to change is normal, so communicate the benefits of Intelligent Automation clearly to all stakeholders. it’s about how they can best work with positively disruptive technologies. Emphasise how it will make their jobs more interesting and valuable.
It’s also important to understand that you must already have the right core systems, and their refresh cycle timings. This is because you won’t be ready for Intelligent Automation if you are about to upgrade or change them.
Consider working with Intelligent Automation specialists who have these skills and how they relate to the accountancy sector.
Final Thoughts
Intelligent Automation represents a huge, unmissable opportunity for your accountancy firm. By not embracing this capability your firm risks shifting from being in the accountancy business to being in the business of survival.
Proving value is a crucial success factor, where every figure counts, and each moment wasted is a cost for your firm. Those that start intelligently automating work should expect to see:
- 30% cost savings
- ROI typically within 6-9 months Significant time savings
- Improved accuracy and compliance
- Enhanced employee and customer satisfaction
- Increased profitability
As we’ve seen throughout this series, Intelligent Automation is not just about removing tedious tasks. It’s about reimagining what’s possible for your firm. It’s about freeing your talented staff to focus on strategic, high-value work. It’s about providing faster, more accurate services to your clients.
The future of accountancy is here, and it’s intelligently automated. Are you ready to take the leap?