Identifying the benefits to look for at the post implementation review
1. Efficiency improvements
Resource saving is the biggest and most highlighted benefit of RPA, providing true sense of ROI in tangible terms.
Other examples include:
- Dramatically reduced process timing,
- Running robots on out-of-office hours schedules and;
- Cost avoidance of hiring additional staff to meet a demand of business change caused by competitor actions, market conditions or regulatory commitments
2. Customer Satisfaction
In an ever more competitive environment, customer service has never been so paramount.
Examples of benefits include:
- Reduced waiting times (improved Service Level Agreements – SLAs)
- Reduced average handling times (AHTs) in call centre – making staff available sooner to serve next customer
3. Reputational risk reduction and mitigation steps
Robotics can maximise the reach and effectiveness of the business risk management controls throughout the organisation, without the need for expanding these departments proportionately.
Some of the best examples include:
- Reduction in complaints and escalations
- Reduction in fines
- More control and reporting of system and human errors
- Automatic compliance and regulatory reporting (example GDPR, FATCA, Sanctions, Transactions monitoring, AML)
- End to end audit trails
- Automatic backups
- More robust disaster recovery steps including time-machine archives and reversal of steps
4. Quality Assurance and Accuracy
Robots do not get tired, become ill or take holidays. They work with the same efficiency and accuracy standards on a Friday afternoon at 4:45 p.m. as they would do on a Monday morning at 9 a.m.
Examples of additional benefits include:
- On demand reports
- Error catching, highlighting and auto-corrections
- System prompts allowing humans to make better, informed decisions even in manual processes
5. Improved staff satisfaction/retention
Contrary to the popular perception that the robots are here to replace humans, the reality is that the robotics actually empowers the individual by removing more mundane, repetitive tasks on their jobs, freeing up their time to add significant value through the skill-set which they offer.
This often leads to higher staff retention rates as staff feel valued within their given roles.
Robotic Process Automations are beginning to have a profound effect on all aspects of organisations.
In the longer term, RPA means people will have more interesting work which will rely on human emotional or cognitive decision-making virtues.
Instead of filling mundane forms, sheets and documents, staff will be able to click the button and see the process complete, while finding the opportunity to add value to the organisation with their better skill-set.
We hope that this four part blog series (Click here to view all) serves as a good introduction to the Robotic Process Automation and the journey to its successful implementation.
Can your business benefit from such relentless commitment to perfection? Contact us to find out more!