True automation finally is coming to finance. Just as robots are taking over repetitive, manual tasks on the factory floor, automation powered by pattern recognition, artificial intelligence, and machine learning promises to eliminate routine finance and accounting tasks in the office.

In a nod to their manufacturing counterparts, some refer to these new finance capabilities as robotic process automation (RPA)-but we think "intelligent process automation" (IPA) is the more appropriate term. The reason? IPA not only replicates existing processes, it makes them more efficient and effective by eliminating tasks, improving process flows, and squeezing out errors.

This new wave of software has the potential to transform how work gets done in all areas of the finance function. Chief among the changes: it will allow finance professionals to finally make the move from a transactional focus to a strategic focus.