Virtual Attendees - Make a note of all letters z Forms of Retirement Plans A. What is a “Defined Benefit” (DB) Retirement Plan? A form of retirement plan where retirement benefits can be determined ahead of time and is based upon a known formula. Social Security, Military Pensions and the ASRS are examples of Defined Benefit retirement plans. B. What is a “Defined Contribution” (DC) Retirement Plan? A form of retirement plan where the retirement benefits are not known ahead of time and are based upon contributions made, investment returns realized, and expenses paid. 401(k)s and IRAs are examples of Defined Contribution retirement plans. 1
How Automation Can Take the Robot Out of the Human October 2019
Learning Objectives • Define the value of automation and current landscape • Understand the types of automation • Define Robotic Process Automation (RPA) • How RPA technology will liberate, empower and challenge • Identifying, rationalizing, and prioritizing ideal RPA candidates • Review sample RPA use cases • Leveraging automation to improve compliance • Lessons learned and best practices 2
Grant Thornton LLP Founded in 1924, Grant Thornton LLP is one of the world’s leading providers of audit, tax and advisory services to both public and private sector. Grant Thornton has 7,500 employees in 57 offices in the United States. Grant Thornton employs almost 100 people in Arizona . Grant Thornton Member U.S. Firms Worldwide Member Firm Revenue (USD) $5 billion $1.80 billion Personnel with Partners & 50,000 8,339 SSC* Partners 3,377 615 Offices 704 offices 58 Statistics as of: Sept. 30, 2017 Jul. 31, 2018 * Total personnel includes professionals in Grant Thornton's Shared Services Center (SSC) which is based out of Bangalore, India. The SSC is a joint venture with the Grant Thornton U.S. member firm, therefore these professionals are included in U.S. employee data. Grant Thornton International Ltd (GTIL) and the member firms are not a worldwide partnership. Services are delivered by the member firms. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions. Please see GT.com for further details. 3
Introductions Chad Kirkpatrick Senior Manager T 602 474 4979 E chad.kirkpatrick@us.gt.com Duc Duong Managing Director T 703 637 2902 E duc.duong@us.gt.com 4
Reality of Automation
What is Automation? In reality, it is this… Most people think Automation is this… 6
Automating Business Processes Description • Automating the financial file load and reconciliation . • A state’s financial system contained daily transaction files that are needed by another agency’s accounting system Challenge • Due to security procedures, the data cannot be automatically imported • Three (3) employees spend a good portion of each day copying, inputting and reconciling the financial files Solution • Using Robotic Process Automation technology (RPA), we showed how a “bot” would login to the systems, input all data, and then verify data accuracy. • The bot work will take minutes, compared to the many hours for three people to do this. 7
Automation – Accounts Payable Manual Steps Automated Steps Yes Code Invoice Current Vendor in Scan/Index Autopost to Receive Invoice G/L and Cost System? (OCR) SAP State Center No Update Vendor Post New Resolve Issue Process Master Payment Vendor to SAP (if required) Information Yes Code Invoice Future Vendor in Scan/Index Autopost to Receive Invoice G/L and Cost System? (OCR) SAP Center State No Update Vendor Process Post New Resolve Issue Master Payment Vendor to SAP (if required) Information 8
Demo – Accounts Payable Roll mouse over black area and click button to start automation demo 9
State of Automation
The Core of the Problem Today's business leaders are looking to reduce risk and enhance efficiencies that allow them to focus more time on creating value for the business Opportunity areas for Time Spent automation activities What would your staff accomplish with a task shift from the manual and repetitive? Cost Is there something your company would rather spend that money on? ROI How much value would your team create if they were free to focus on solving complex challenges? Risk Coverage What if you could be assured that your processes are executed perfectly every time? 11
Market Demand For Automation • In the 2019 CIO Survey developed by Grant Thornton and the TBM Council, CIOs see the value automation software can deliver when deployed correctly • According to a new study by Grand View Research, Inc., global RPA market size is expected to reach $3.97 billion by 2025 o Consulting service was valued at $179.8 million in 2018 and is estimated to witness a healthy growth in near future o Implementation services is An overwhelming majority of our survey anticipated to register the highest respondents have already begun deploying automation software, or are growth of 33.5% over the forecast period considering or planning to do so in the next 2-3 years 12
Business Value of Automation Time savings Optimized staff Processes that require several days of Staff can focus on tasks that require manual labor can be completed in minutes human reasoning and strategy Accuracy Cost savings Tasks are completed based on pre-defined rules Reduce cost of manual labor, human using intelligent automation that can reduce or error, and slow processing times eliminate manual error Compliance Employee satisfaction Rules-based processing enables adherence Employees welcome new technologies that lighten to compliance and regulatory requirements their workload and allow them to perform more interesting work Superior customer service Improve data quality By allowing robotics to handle volume and basic Automation connects disparate systems and queries, staff can focus on resolving complex creates structured process flows, enabling better issues quickly understanding of company data 13
The Spectrum of Intelligent Automation Intelligent Character Recognition The use of Machine Learning (ML) to enhance optical 1 character recognition (OCR) in digital files, images, etc. Robotic Process Automation 2 The application of technology, governed by business logic and New and structured inputs, employed to automate business processes Emerging Data Analytics and Visualization Technologies The presentation of data in a pictorial or graphical format to enable 3 decision makers to see analytics presented visually, so they can grasp difficult concepts or identify new patterns Predictive Analytics and Machine Learning 4 The application of machine learning, predictive modelling, and data mining to leverage data to estimate, or ‘predict’, future outcomes Low Code Application Platforms 5 The application of software development tools that replace custom coding with graphical user interfaces and configurations to generate code and 6 streamline software development Natural Language Processing The use of Artificial Intelligence (AI) to help computers understand, interpret and manipulate human language to respond to queries (e.g. Chat Bots, Alexa, etc.) 14
Aligning the Solution to the Business Automation of algorithmic processes to reduce Automation of repetitive, algorithmic processes Automation of non-standard, heuristic Business Goals cost and enhance speed, accuracy, availability to reduce cost and enhance speed, accuracy, processes typically requiring human and auditability availability and auditability, primarily in IT intervention. Where RPA ends, Cognitive begins. Functional Any process (F&A, HR, Ops, IT, etc.) involving IT processes involving structured digital data Processes that require voice interaction, image structured digital data and business rules and business rules, such as in dev/ops, recognition, fuzzy logic and/or involve semi Targets service desk and end user computing and unstructured data ● Automate any process without changing ● Automate IT “commodity” processes ● Structure, semi-structured, unstructured Value the process or the systems – GUI Level ● Business rules plus learning algorithms; data Proposition ● No change to systems – no data level (API) ● Automate human interaction actions based on trends/patterns ● Medium cost to deploy/run ● Analyze “big data” trends/patterns required ● Business rules-driven ● Typical Pilot = 3-6 months ● Enterprise-ready - security, controls, ● Enterprise-ready - security, controls, auditability, analytics, scalability and auditability, analytics, scalability and reporting ● Higher cost to deploy/run reporting ● Low cost to deploy/run ● Typical Pilot = 3-18 months ● Typical Pilot = 4-6 weeks ● Structured digital data – as found in most ● Structured digital data and data sets for ● Large data inputs required Requirements ● ETL process needed applications and systems autonomic trending and pattern analysis ● Business rules – clear, mature, objective ● Business rules – clear, mature, objective ● Business rules – clear, mature, objective or subjective 15
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