RPA: Reimagining Automation
Nowadays, businesses are making use of RPA (Robotic Process Automation) which saves hours of time, eliminate data entry errors and saving the cost of manual labour. These savings and productivity can revolutionize the businesses. We need to analyse and measure deployment of RPA to predict its expansion. We need to strategize RPA performance metrics to demonstrate the benefits of RPA to the stakeholders. By analysing RPA performance metrics, we can demonstrate its impact, plan for the future and track ROI (Return on investment).
RPA Performance Metrics:
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- Improved Accuracy
- Robot Utilization
- Employee Retention Rate
- Proportion of audit trails digitized
- Number of errors
- Number of new projects undertaken
Humans are bound to make errors due to complexity and loss of concentration. When RPA did not exist, inaccuracy was prominent. Most of the businesses work required re-work because of inaccurate error. Therefore, to reduce the occurring of errors, optimization was the key. Besides this building in checks and balances were some other techniques necessary for increase of efficiency.
With the introduction of RPA, errors were limited. The re-work was also reduced which was one of the benefits of RPA which saved time as well as money.
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Robots are less prone to error; they need less rest and they don’t eat. Most importantly, their downtime was much less. Robots were used for upgrades and development. Users can isolate a process and study it before and after using RPA. Tracking of the downtime and other things can be easily analysed.
Employee Retention Rate:
With the advent of RPA, losing employees needing to train their replacements is quite expensive. Study shows that jobs are having the highest turnover rates. RPA improves the employee retention rate to do more valuable and critical business tasks.
Proportion of Audit Trails Digitized:
Audit demands in diving in previous records and verifying all the mandatory details. In this, most of the tasks are manual but automation can be done. RPA connects the data silos by comparing the data in different systems which does a double and triple check on call on auditors. Furthermore, RPA digitizes the audit trail and use robots in order to maintain it. RPA automates auditing tasks like reconciliations, internal control testing and detail testing.
Number of Errors:
With RPA, errors in data entry is reduced to a minimum. As the number of errors are less so will be the compliance problems. Robots can also be used to protect the data and track the reinforcement of any compliance changes like GDPR (General Data Protection Regulation). By setting the frequent checks by RPA ensures that compliance standards are being met. RPA reduces the count of errors in a particular process and the metric can be compared.
Number of New Projects Undertaken:
RPA is booming the business by boosting the productivity. With the introduction of RPA, manual errors are limited and the processes are becoming more rapid and better. Humans are being employed for other tasks where they can add more value. Employees can be attributed to new projects wherever robots are handling the work leading to customer success reporting. The projects requiring more creativity and problem solving can be handled by human workforce.
By establishing all the above performance metrics, progress can be measured to reach towards the goal. We can also draw correlations among different automation benefits. This is a wrap up on this post, we hope to enlighten our readers with how automation is coming in trend and how they can reimagine automation with RPA. We will keep on providing knowledge on latest technologies. Stay tuned for more blogs.