Are you looking to increase the efficiency of your business using Robotic Process Automation (RPA)? If so, it’s important to track the performance of your RPA bots in order to optimize their efficiency. In this blog post, we’ll outline three key RPA metrics that you should be tracking. By monitoring these metrics, you’ll be able to improve the overall efficiency of your business operations. Let’s get started!
Why should you determine how effective your RPA implementations are?
Today, more and more companies are turning to robotic process automation to streamline their business processes. RPA can provide a significant boost to productivity and efficiency, but only if it is properly implemented. There are various benefits to determining the effectiveness of your RPA implementations; you can:
- Identify the areas where RPA has been successful and where it needs improvement.
- Assess the Return on Investment (ROI) of your RPA implementation.
- Practical RPA implementations help you to improve your performance management system.
- Determining the effectiveness of your RPA implementations helps you to make informed decisions about future investments in RPA.
3 Key RPA metrics to drive efficiency of your business
In order to ensure that your RPA implementation is as effective as possible, it is important to determine how effective it is on a regular basis. Here are the three top metrics you should consider:
Total Automated Processes
This is one of the main RPA metrics that indicate tracking the total number of automated processes you have in production is a great way to see how your RPA programs are evolving. It also shows what teams do well at identifying opportunities for automation and prioritizing them through development, as well as which aspects or phases within an organization’s journey towards becoming fully automated.
Velocity is a metric that quantifies the time and cost savings of using an automated process, like an RPA bot, rather than an employee. It’s calculated by taking the average time it takes for the process to execute. Because velocity measures how quickly a bot can complete a task, it’s a key metric for determining whether an automation project is successful. If the bots are completing tasks faster than the employees, the company saves time and money.
Velocity is also important for comparing different automation solutions. By knowing how quickly each solution can complete a task, businesses can choose the one that will save them the most time and money.
By understanding utilization, you can optimize your RPA deployment to include more off-hours processing and free up employee time during the day. Additionally, high utilization rates can help justify the ROI of an RPA deployment by demonstrating that the technology is being used to its full potential. Improving utilization rates should be a key goal for any organization that has deployed RPA.
This is important because it allows you to ensure that your bots are available to work when needed. Additionally, knowing when your bots are working can help you to troubleshoot issues that may arise.
Robotic process automation is a powerful tool to increase the efficiency of your business. By understanding and tracking three key performance metrics, you can ensure that your RPA implementation is helping you meet your goals. If you are interested in learning more about how RPA can help your business or want to discuss specific RPA metrics for your organization, contact us today. Our team would be happy to help!