Robotic Process Automation is an effective solution to all the concerns around cost deductions and streamlining operational procedures. To make it a feasible solution, it is crucial to take note of the Key Performance Indicators that help measure the ROI on an RPA deployment.
Selecting the right pilot project
It is important to keep in mind that the right processes were selected for automation. Choosing the processes that are mostly repetitive and prone to errors ensure a significant increase in ROI. This way, only the frequent variations within the processes will need to be automated. Having the Bots deal with every variation will inevitably skyrocket costs.
The second KPI that needs to be in focus is most certainly the factor of specific programming. Bots will only do what you ask them to do, and the sooner they know it, the faster the task is completed resulting in a greater ROI.
Bot count and utilization
You can have a thousand bots and still not achieve the expected business value. This could be because the bots may only be adding up problems rather than fixing them. The focus needs to be on both short and long term business goals around saving time and effort for a higher ROI.
Process speed and executions
A clear idea of what to expect from an RPA deployment is certain to reflect itself in terms of speed and the number of executions that is actually accomplished by the bot.
Quality of output
It is possible to measure the output quality by actually evaluating the need to rework the RPA programming. This can be done by comparing efficiency when the tasks are carried out by bots as opposed to human employees.
This is an important KPI, although it depends on how correctly the Bot is programmed. Fewer errors lead to an increase in return. Accuracy is also vital to maintain a list of the attended and unattended errors to eliminate the risk of running into the same problems repeatedly.
One thing that businesses ought to work around from the very beginning has to be development and testing. A miss of any sort may result in increased time for deployment. The project’s feasibility becomes questionable if deployment takes longer than development.
Productivity and Alignment
The faster and more accurate the output is, the higher the productivity. This results in higher returns which will in turn help in alignment with revised plans in order to sustain the competency promised by automation.
Factors such as customer satisfaction and increased morale among employees take RPA implementation a long way. These are equally crucial in spite of not being measurable in terms of statistics.
While there may not be any uniform list of KPIs valid across all the spectrums for all kind of organizations, some fundamental factors like cost, accuracy and improved quality remain constant, improved customer experience topping all the charts.
At Botstatz, we provide the perfect RPA program management application to measure, manage and monitor an automation program in the best way possible. Our product can help in the easy analysis of the data produced by Bot activity to analyze Bot behaviour with insightful reports and dashboards to track KPIs.
Schedule a demo now to learn more about how our product can add value to your RPA initiative.