In my last blog on virtual workforces, I introduced the idea of an automation spectrum and encouraged you to find your organization’s place on that continuum. For many capital markets firms, the next logical step is a virtual workforce powered by robotics process automation (RPA). If you find yourself in that situation now, this post is for you.
Setting the stage for a virtual workforce
Before you embark on an RPA implementation, it’s important to take a critical look at your organization and make sure you’re ready for the journey ahead. Drawing on Accenture’s collective experience in the field, I’ve developed a list of “dos” and “don’ts” to help steer you in the right direction.
- Do align RPA with overall corporate/ business strategy and organization’s culture.
- Do be clear how RPA differs from other solutions like desktop automation and what that means for different aspects of your organization, including technology, processes and human resources.
- Do be prepared for an investment up front to establish the technical infrastructure required for your chosen RPA solution.
- Do take data restrictions and regulations into consideration when making technical architecture and staffing decisions.
- Do consider establishing a centralized RPA factory or center of excellence that can provide standardized services and support internally to different teams / business lines.
- Do use metrics to monitor your automation performance over time.
- Don’t implement RPA as a series of siloed efforts in different business lines. It’s a drain on your financial and human resources that will eat into the business case benefits of your virtual workforce.
- Don’t make your virtual workforce dependent on human workers. Instead, setup the chosen RPA tool appropriately to turn robots into virtual workers that can act on their own.
- Don’t venture down the RPA path without buy-in from key stakeholders—buy-in and sponsorship is needed from the C-suite level down through all levels of the organization.
- Don’t turn your robots loose. Identify who is ultimately accountable for each automated process, then codify that responsibility with policy and governance measures.
In the past, many capital markets firms might have shied away from RPA when faced with the challenge of large-scale implementation. But as more organizations get on board, the only direction left to go is forward. For more on RPA, check out: “Learning from Experience: A Guide to an Efficient Virtual Workforce in Capital Markets”.
If you’re interested in finding out how robotics process automation could make a difference in your organization, get in touch with me directly via email.