UAE Ministry of Finance implements robotic process automation

File photo

The UAE Ministry of Finance has completed phase two of embedding robotic process automation (RPA) into many of its internal processes leading to major improvements in productivity and efficiency.

The UAE Ministry of Finance now uses software applications to carry out automated tasks, for 1.8 million transactions with greater than 98 per cent accuracy, saving 39,000 working hours.

The Ministry is responsible for implementing all fiscal, monetary and industrial policies related to the UAE’s economic development. The more efficiently it can manage its internal processes, the better able it is to deliver the UAE’s national priorities.

Before 2020, the Ministry identified functions that could be improved with automation. These included accounts payable, payroll and pensions, financial accounting, IT processes, and web services and hardware monitoring. They were carried out manually and the demanding nature of the tasks led to employee errors and poor delivery.

The Ministry of Finance identified areas to deploy bots to maximum effect, design and test the bots, and then implement the new system. The Ministry worked closely with a partner to set up all the technology and by 2022, it had more than 50 bots working unattended.

To date, the Ministry of Finance has automated 63 processes and sub processes, reflecting in a 95 percent reduction in errors and a 65 percent reduction in average handling time.

More from Business

  • Dubai Taxi profit surges 54% on revenue boost

    Dubai Taxi Company (DTC) has announced its financial results for the year ended December 31, 2023, delivering a strong performance while also completing its listing on the Dubai Financial Market (DFM) in December.

  • Musk sues OpenAI and CEO Sam Altman for abandoning mission

    Elon Musk has sued ChatGPT-maker OpenAI and its chief executive Sam Altman, among others, saying they had abandoned the company's original mission to develop artificial intelligence for the benefit of humanity not profit.

  • Tesla rolls out incentives in China as price war escalates

    Tesla unveiled new incentives, including insurance subsidies, on Friday to woo consumers in the world's largest auto market, where the US electric vehicle giant is in a protracted price war against entrenched rivals such as BYD.

  • UAE ranks among top 10 global soft powers

    The UAE holds firm at 10th place globally in the latest Soft Power Index released by the brand valuation consultancy Brand Finance.

  • G7 finance meeting split over Russia assets

    French Finance Minister Bruno Le Maire on Wednesday publicly challenged US Treasury Secretary Janet Yellen's view that it would be legal to monetise some $300 billion in frozen Russian assets, revealing deep divisions among Group of Seven (G7) countries.