Performance metrics to measure the impact of Robotic Process Automation

Combining automation technologies with the core competencies of a business lays a strong foundation to build a truly digital enterprise. As RPA tools gain prominence, organizations from a plethora of industries are capitalizing on the benefits that Robotic Process Automation has to offer by rapidly developing new business models. The application of new technologies with an enterprise-wide road map that accelerates innovation, agility, and growth helps organizations surpass the expectations of their clients.

Undoubtedly, organizations that have an automation strategy in place have a competitive advantage. With the increasing adoption of RPA — software robots to automate high volume, clerical processes — businesses are navigating the operational challenges as seamlessly as possible. RPA software provides a wide range of advantages, from carrying out time-consuming rule-based tasks previously performed by human workers to streamlining, standardizing, and optimizing key processes. The outcomes gained by leveraging automation technologies help enterprises embark on their digital transformation journey.

A robust automation program or framework

Organizations with an automation-first strategy are indisputably making breakthroughs that were unthinkable in the past. A well-thought RPA strategy helps organizations differentiate themselves from their competitors. Below are a few questions that organizations need to answer before jumping into the automation bandwagon.

Interestingly, businesses are also looking for definitive actions and measuring performance metrics to invest in Robotic Process Automation technology.

How can you evaluate the RPA deployment in your organization? How can you measure the ROI and explore further opportunities? Let’s dig deeper into some of the key performance metrics necessary to assess or evaluate the benefits of RPA solutions.

5 key performance metrics:

Increased accuracy

One of the most common benefits of implementing RPA software is that it eliminates human intervention, resulting in reduced errors, thereby improving accuracy. To determine the value of this key performance metric, organizations can run a comparative analysis to measure the amount of rework required due to human error before and after RPA implementation.

Improved compliance

Errors inevitably lead to compliance issues, and that has devastating consequences in the management of data. Reduced errors eliminate compliance hassles, ensuring adherence to regulation criteria, thereby improving accuracy in the process.

Huge savings in labor cost

RPA software bots are programmed to perform repetitive tasks, improving speed, consistency, accuracy, thus freeing the human worker to focus on higher-value activities, which require creativity, competence, and expertise. RPA implementation unifies the human-digital workforce, rapidly changing the way we live and do business.

Increase in employee satisfaction

As RPA products automate processes and tasks typically performed by the human workers, they allow the employees to shift their focus on more creative activities, increasing productivity and employee satisfaction. Bots amplify human capabilities, providing opportunities for human workers to take on new roles, adding value to the organization’s overall goals.

Speed of processing tasks

High-volume tasks performed by human workers are time-consuming and daunting. In contrast, bots typically take lesser time or AHT to complete the task, ensuring speed and efficiency. This can be applied to completing requests and responding to customer needs or queries, which helps improve customer service in the long run.

Conclusion

Measuring the impact of Robotic Process Automation solutions is a challenge. With clearly defined metrics, organizations can track their automation journey.

In short, organizations across industry verticals can measure the value of RPA and the tangible benefits through a combination of well-conceived RPA strategy and overall results. An RPA automation program demonstrates the benefits and pitfalls, ensuring the company realizes its top and bottom-line objectives in the long run.

RPA performance metrics address current challenges and provide endless opportunities, accelerating innovation, while ensuring the success of a business’ digital transformation journey.