The purpose of RPA is to automate repetitive processes in your organization to improve productivity, reduce instances of error, create a better customer experience, and more. But how would you know that the RPA solution is helping you achieve these goals? There is a possibility that the solution improves one area while causing a decline in the other.

For instance, the productivity paradox states that technology investments lead to lower employee productivity. As an organization, the last thing you want is for your employees to contribute less, even after considerable investments in technology. This problem brings us to RPA metrics.

RPA Success Metrics

You must first remember that you don’t need to know all the metrics. Instead, focus on metrics that will be helpful. How can you determine this? There are several ways, including assessing your organizational requirements. The RPA bot type will determine the kind of metrics that you can use.

Return on Investment (RoI)

The RoI is the most common and easy metric to use. This metric calculates the return (profit or benefit) you earn on the RPA investment. An easy way to calculate the RoI is as follows:

= [(VTG*AC + VoPA + VoER) – AC]/AC x 100%

Where:

1. VTG is the Value of Time Gains.

It means the cost of completing a process by humans and the RPA bot.

2. VoPA is the Value of Process Acceleration

The money that the business is gaining from the RPA implementation.

3. VoER is the Value of Error Reduction

The money that the business is saving by reducing/eliminating errors.

AC is the Cost of the RPA (development, implementation, licensing, or maintenance)

Downtime Rate

Another simpler way to measure the bot’s success is by calculating the downtime rate. If the bot regularly makes mistakes or is down due to maintenance, it indicates a high downtime rate. Each organization will have a different acceptable downtime rate.

Uptime Rate

It is the opposite of the downtime rate. It refers to how much the bot is functioning without error. Again, the acceptance rate varies for each organization.

Accuracy

If your employees make ten mistakes on average in a year and the bot has a similar accuracy, it offers no real value. So, the bot’s accuracy is an effective way of measuring its success. While each organization will have different acceptable levels for accuracy, the minimum acceptable rate is 80%. In the case of Agile Managex Technologies’ RPA solutions, our accuracy rate is at least 90%. As we keep working on improving our bots, this accuracy rate will only increase further.

Cost Per Error

We mentioned downtime rate as one of the metrics. In the case of a business, downtime means losses, including financial and lower customer satisfaction. If the RPA bot makes an error, what is its cost? You can compare that cost with an employee’s cost per error to ascertain if the bot is worth the investment and effort.

What’s Next?

You can easily create your metrics without much hassle. All you need is a comprehensive understanding of your business and the bot. You can use the knowledge to develop a metric that measures the bot and its impact on the business. Contact us if you are having trouble creating a metric, developing an RPA solution, or implementing one. Our RPA team can help you with any aspect of RPA. We can help implement RPA solutions in any industry, including insurance, manufacturing, education, and others. We offer RPA solutions in the UAE and globally.

Share: