IMA: transforming finance with RPA technology
In a recent report conducted by the Institute of Management Accountants (IMA), the company highlights how robotic process automation (RPA) presents a clear and sustainable path to transform the finance function.
Within the report titled ‘’ the company details the technology’s capabilities and software, as well as explaining its impact on the finance and accounting function, including its applicability to specific processes.
“Finance and accounting professionals are performing tedious manual processes daily, spending less time on higher-level, value-added tasks for their businesses,” explains IMA in a company statement. With the use of RPA, organisation’s can automatically complete less complex business processes, to help increase operational efficiency and generate financial savings.
With many organisations yet to implement RPA or realise the benefits, the report also provides an implementation blueprint for RPA at scale for large and small businesses to demonstrate how finance and accounting professionals can achieve the most value from RPA technology.
“In today's business environment, accounting and finance professionals are being asked to do more with less, and many are just treading water," said Loreal Jiles, Director of Research, Digital Technology and Finance Transformation at IMA and author of the report. "This report is intended to be a comprehensive guide for finance professionals to begin using RPA to lighten their loads and focus on more value-adding work."
The report ends with action items finance and accounting professionals for those looking to learn more about RPA technology.
"RPA has plenty of potential and can be simple for all enterprises," continued Jiles. "Unlike other digital transformation projects, initial RPA pilots can be implemented in a matter of days for well-documented processes, and RPA skills can be developed in a few short weeks, rather than months or years."
Alongside the report, IMA has launched an NASBA approved online course series to provide step by step and holistic guide to implementing RPA into an organisation.
About the Institute of Management Accountants (IMA)
Founded in 1919, the Institute of Management Accountants (IMA) operates within Asia Pacific (APAC), the Americas, Europe, the Middle East and India. IMA is one of the largest and respected associations that focuses exclusively on advancing the management accounting profession. IMA provides support via research, the CMA and CSCA programs, continued education, networking and advocacy of the highest ethical business practices.
IMA’s global network has over 125,000 members in 150 countries, with 300 professional and student chapters.
Dell to sell cloud-based iPaaS Boomi in US$4bn deal
Global investment firm Francisco Partners and private equity platform TPG Capital have entered into an agreement with Dell Technologies to acquire cloud-based integration platform as a service provider Boomi in a cash deal valued at US$4bn. The deal is expected to complete this year.
“Boomi has flourished as part of Dell Technologies, growing exponentially since we acquired them in 2010. This proposed transaction positions Boomi for its next phase of growth and is the right move for both companies, our shared customers and partners,” said Jeff Clarke, vice chairman and chief operating officer of Dell Technologies.
“For us, we're focused on fuelling growth by continuing to modernise our core infrastructure and PC businesses and expanding in high-priority areas including hybrid and private cloud, edge, telecom and APEX. All designed to help organisations thrive in the do-from-anywhere economy.”
Dell’s Boomi sell-off follows VMware spin-off
This announcement comes just two weeks after Dell said it would spin-off its 81% equity ownership of VMware to form two standalone companies. This would result in an expected US$9.3bn cash dividend payment to Dell, which says it will use those funds to pay down debt.
When Dell acquired Boomi in 2010 for an undisclosed fee, Boomi offered the industry’s only pure SaaS application integration platform, powered by its revolutionary AtomSphere technology. Dell saw Boomi as addressing one of the top barriers to cloud adoption at that time, which was managing and integrating cloud-based applications with existing applications and databases.
Now, Boomi has more than 15,000 customers globally and is still seen as a leader when it comes to organisations connecting applications, processes and people across a range of locations and devices – a process that can take weeks rather than months.
“I am incredibly proud that through innovation, passion and relentless execution, the Boomi team has created a unified platform for the modern-day hybrid IT landscape that thousands of customers worldwide depend on to digitally transform their business,” said Chris McNabb, chief executive officer of Boomi.
“By partnering with two tier-one investment firms like Francisco Partners and TPG, we can accelerate our ability for our customers to use data to drive competitive advantage. In this next phase of growth, Boomi will be in a position of strength to further advance our innovation and market trajectory while delivering even more value to our customers.”
Francisco Partners has invested in more than 300 technology companies since its launch 20 years ago and has more than US$25bn in assets under management.
“The ability to integrate and connect data and workflows across any combination of applications or domains is a critical business capability, and we strongly believe that Boomi is well positioned to help companies of all sizes turn data into their most valuable asset,” said Dipanjan Deb, co-founder and chief executive officer, and Brian Decker, partner, at Francisco Partners
Nehal Raj, partner, and Art Heidrich, principal, at TPG Capital added: “The need for automation and data integration across applications has never been greater. Boomi's cloud-native platform enables enterprises to streamline business processes and is essential for driving digital transformation.”