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The Secrets Of Success in RPA Initiatives (Part-1) - 7 Key Metrics To Measure & Improve RPA Initiatives - How To Measure ROI, Delightful Employee & Customer Experiences (DECx)?

Aug. 2, 2022

The Secrets Of Success in RPA Initiatives (Part-1) - 7 Key Metrics To Measure & Improve RPA Initiatives - How To Measure ROI, Delightful Employee & Customer Experiences (DECx)?

Special Bytes By Jincy Oommen, Solution Consultant at AutomationEdge - The Secrets Of Success in RPA Initiatives (Part-1) 

7 Key Metrics To Measure & Improve RPA Initiatives - How To Measure ROI, Delightful Employee & Customer Experiences (DECx)?


Special Bytes By Jincy Oommen, Solution Consultant at AutomationEdge - The Secrets Of Success in RPA Initiatives (Part-1) 

“So many automation initiatives do not meet their objectives and deliver on their promised ROI. Organizations aren't maximizing their returns from hyper-automation because automation teams aren't focusing on the right metrics”

In this Special Bytes episode, our guest Jincy Oommen talks about The Most Important Topic, Measuring the Right Metrics in RPA Initiatives. Jincy is working as a Solution Consultant at AutomationEdge.

She discusses 7 Key Metrics to Measure & Improve RPA Initiatives and How to Measure ROI, Delightful Employee & Customer Experiences (DECx)?

Don't miss the part where she discusses about the formula for calculating Return on Investment (ROI).

“The most important metric that automation initiatives fail to measure is DECx - Delightful Employee & Customer Experience. Automation is not meaningful until it changes the experience positively.”

Learn and Grow With AITSM Show!

Curated from a viral thread of AITSM Co Op community: https://community.aitsmcoop.com/t/which-are-the-best-it-process-automation-itpa-metrics-kpis/556/8

Learn and Grow, With AITSM Show!!!

Transcript

Jincy Oommen: Welcome back to the AITSM Show. I am Jincy Oommen, and I work as a Solution Consultant with AutomationEdge. In today's special bytes episode, we will discuss a topic that is the most important for the success of any automation initiative. Yes, it is about measuring the right metrics.

So many automation initiatives do not meet their objectives and deliver on their promised ROI. Organizations aren't maximizing their returns from hyper-automation because automation teams aren't focusing on the right metrics. Here are the most useful metrics starting from the basic to advanced. You should start monitoring to drive automation success.

#1 - Total Number Of BOTs or Automated Processes

Measure the total number of BOTs or Automated Processes in production working as a digital workforce.

It shows how Automation programs grow, how proficient teams are at identifying automation opportunities and prioritizing for development, and how mature the organization is in its automation journey.

An industry standard for a medium to large organization is >100 BOTs, though it is a basic metric, and more qualitative data or metric needs to be tracked.

#2 - BOT Execution Velocity

BOT Execution Velocity is the average time to execute an automated process or BOT. It evaluates the time, effort, and cost savings of having a bot assistant do the work faster than a human staff member.

#3 - BOT Utilization

BOT Utilization is how frequently a BOT or an automated process executes.

BOT Utilization shows if you are leveraging 24 by 7 BOT availability and efficient use of every BOT, one of Automation's key benefits. This is used to keep a check on underutilized bots.

#4 - BOT success rate

The number of BOTs/process executions finished successfully without errors. This is an important metric to know the effectiveness of Automation.

#5 - Process Cycle Time Reduction

The reduction in total time taken to complete an end-to-end process (not sub-processes) after implementing Automation.

#6 - ROI - Return on Investment

When annual savings of costs and effort cross the break-even point of input costs or investments, including tool license cost, development, rework, and maintenance cost.

The formula for it is contextual but largely follows this:

Return On Investment = (Net Gain Over Investment / Input Cost of Investment) * 100

#7 - Improved DECx - Delightful Employee & Customer Experience

It is the most important metric that automation initiatives fail to measure; DECx - Delightful Employee & Customer Experience. Net Promoter Score (NPS) and Employee & Customer Satisfaction Surveys (CSAT) measure it. Automation is not meaningful until it changes the experience positively.

Let us know in the comments if we missed any key metrics or important considerations.

Thanks a lot for listening. Please let us know what topics we could add here. And give us feedback. And if you have loved it. Please share it generously.

Thanks again. Bye-bye.

Curated from a viral thread of AITSM Co Op community: https://community.aitsmcoop.com/t/which-are-the-best-it-process-automation-itpa-metrics-kpis/556/8

Jincy Oommen Profile Photo

Jincy Oommen

Solution Consultant at AutomationEdge

Expertise in Client Handling, Tender Submissions, Tender Writing, Public Speaking, Market Research Project Management, and Management Information Systems (MIS). Strong engineering professional with a Bachelor's degree focused in Electrical, Electronics and Communications Engineering from Savitribai Phule Pune University.