Top 10 indicators for selecting processes for Robotic Process Automation
by Rajesh Agarwal, on Dec 27, 2018 3:41:23 PM
Estimated reading time: 2 mins
For a successful Robotic Process Automation (RPA) implementation, shortlisting processes which optimize RoI is key. Here using pre-defined checklists to select processes and banking on a sound knowledge-base evolved from multiple RPA implementations is equally important.
RPA is being widely accepted by enterprises in their quest for technology solutions to increase productivity. RPA is a key Business Process Management (BPM) software. Globally, RPA proliferation is growing exponentially. Further, it is expected to reach ~$2.9 billion by 2021 according to Forrester. Banking, Financial Services, and Manufacturing have been the early adopters of such new technologies, which help increase speed and accuracy in tedious process intensive environments. However, quite a few businesses are still in a quandary about investment in this Digital Workforce. Here it is important to note that the crux of a successful implementation lies in the decision-makers and influencers chalking out clearly defined goals and business expectations, with the key being selecting the right processes for automation.
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Indicators for selecting the right process for RPA adoption
Businesses can safely select processes, which involve any of the following criteria, for the business-transformation:
10 indicators for RPA adoption -
- Rules-driven: Processes that are rules-based and consistent are good candidates.
- Repetitive in Nature: Manual and repetitive tasks are the right processes.
- Data Intensive: Tasks that involve systematic churning of voluminous data.
- Electronic Trigger: Processes that commence on receiving electronic data files.
- High error rates: Tasks that involve paper-based data entry or are interdependent.
- Manual Calculations: Laborious tasks involving manual calculation of results, where one error leads to another.
- Out-of-Hours jobs: Seasonal work overloads, round the clock tasks, which involve resolving complaints, orders, etc.
- Electronic Start/End points: Processes involving digital inputs/outputs with intermittent manual steps.
- High Compliance: Processes which require audit proofs for regulatory compliances.
- Validations: Tasks involving multiple systems where validations are required at each synapse.
Optimizing RoI for RPA deployment
Selecting the right process, which falls under the above defined criteria, automatically translates into quick RoI. The process could be small but the savings achieved at the end of the year are significant. Simple processes reach break-even in 2 - 4 months, medium complexity processes in 6 months, while highly complex processes reap ROI anywhere between 6 - 24 months. It is interesting to note that enterprise roll-outs and centralization of operations using RPA bring in efficiencies of scale. RPA is in fact the most reliable and scalable software tool in the stack of BPM service providers.
RPA use cases - The low hanging fruit
Here are automation use cases from different industries and how RPA helps achieve operational excellence across the length and breadth.