RPA has emerged as a powerful automation technology in the last few years, used extensively  by businesses around the world. Robotic Process Automation (RPA) is an invaluable tool for business and industry processes due to its ability to foster innovation, boost efficiency, and help companies offer a much better customer experience. 

If you are excited about the impressive benefits that smart automation provides, you are not alone. Many organisations have leveraged RPA in numerous ways to generate added value, save thousands of dollars and promote cultures where their employees are able to do what they enjoy and not be burdened with repetitive rule-based tasks. 

Using bots to interact with business applications not only decreases the burden on employees but also streamlines processes in the organisation. 

While RPA offers a raft of benefits, companies still want to ensure if implementing an RPA solution will far outweigh the initial advantages. To assess the impact of process automation, there are many useful methods available today that businesses can leverage to make a sound decision regarding RPA implementation. 

A recent Deloitte survey, based on the responses of 523 executives from 26 countries, reveals that 8% of organisations have started to make extensive use of automation, which is double the percentage from the previous year.

In order to make a compelling case for automating business processes, RPA performance metrics are absolutely necessary. These KPIs provide a transparent and measurable representation of RPA’s operational as well as financial impacts on the organization.

By implementing Robotic Process Automation programmes, organisations can benefit in numerous ways. However, one of the most common challenges faced by companies is to measure and monitor such benefits. Nevertheless, businesses can evaluate a project’s Return on Investment ( ROI) by first identifying key performance metrics that can be used to calculate and track benefits. 

Mentioned below are the KPIs essential to evaluate the success of your RPA deployment:  

  1. Implementation Costs: 

An RPA implementation can be achieved with a lower budget and within a shorter time frame as opposed to IT infrastructure projects. A typical enterprise-wide IT infrastructure project can end up costing millions of dollars in licencing and cost development and could take years to deploy. Whereas, due to the short implementation time, which is usually three months per bot, RPA implementation can be done at a fraction of the cost. Consequently, calculating implementation costs is important because it can have a direct impact on the ROI of a project.

  1. Cycle Time 

Estimating efficiency based on the overall time it takes to complete a process will place RPA in a good light. In addition to low implementation costs, the other advantages of RPA include reduced cycle times, increased throughput and enhanced accuracy. 

Cycle time is the average time it takes to complete a process from start to finish. By performing repetitive tasks faster than a person could, RPA decreases cycle time significantly. A bot can continuously run 24 hours a day without taking a break, which directly implies that a bot has more time available to generate more output. 

  1. Throughput 

Throughput is the rate at which output at a given time is generated. To automate the main processes that benefit most from RPA, it is important to identify the bottlenecks throughout an organisation’s processes. 

Sometimes automating a process may generate bottlenecks in some areas because dependent processes do not have the ability to process the increased output. Therefore, when planning an organisation’s digitisation via RPA deployment, it is a good idea to first define end-to- end processes and then identify the possible bottlenecks.

  1. Accuracy: 

A bot is programmed to perform a task over and over again without making an error, as compared to people who can easily commit mistakes. As long as a bot is correctly programmed, the precision rate for the processes it automates is expected to increase. Increased accuracy can be translated into less human mistakes, which prevents company losses.

  1. Increase Compliance: 

RPA can be critical in handling regulatory compliance issues that companies usually face. Both enforcement and regulation requirements can be easily solved by ensuring automatic compliance check-ups in the workflow. Moreover, robots are designed to handle the task of generating regulatory reports, thus enhancing both the speed and the accuracy of the processes.

RPA leads to less compliance problems owing to its increased accuracy. The bots facilitate data security and make it easier to streamline adherence to new laws. 

There are two ways in which this metric can be quantified: the amount of compliance errors (if any), and the expense of resolving it. 

  1. Qualitative Indicators 

There are some benefits that can not be measured directly, but those advantages can have a positive impact on a business. Increased employee productivity, increased customer loyalty, better compliance, flexibility and scalability are some qualitative advantages of RPA adoption. 

For instance, employees may use their additional time arising from RPA implementation to focus more on value-added tasks. In addition, as a consequence of quality improvements, customers may experience improved customer satisfaction. Also, a company can better meet legal and regulatory requirements by enhancing efficiency and productivity.

  1. Process Outcomes

This metric is measured the standard way by comparing process results before and after RPA implementation. The outcome tells you what software robots have been able to accomplish for your business, how they have streamlined critical processes and to what degree they have helped in the achievement of your business goals.

Conclusion 

The insights generated  by the KPIs for RPA motivates business leaders to jumpstart their digital journey. RPA performance metrics essentially help you measure the progress towards your automation goals. The provision of such a large variety of metrics helps to make an even more compelling case for enterprise-wide RPA deployment. 

Implementing RPA has become imperative for organizations to survive in the long run. At Tevince, we provide end-to-end RPA solutions specific to your organisation and industry needs. Our solutions provide superior business scalability, flexibility and tailor-made responses for your organisational needs. Interested to automate critical business processes at scale, drop us a line