As business process automation has become more widespread in banking, there’s been a focus on developing strategies to address the cultural, organizational, and executive changes needed to enjoy the benefits of RPA. This blog shows 6 RPA change management best practices that enable banks and credit unions to adopt business transformation successfully.
Change management has always been a difficult task that needs the utmost attention to detail, an understanding of the working systems, and the ability to forecast and plan future working orders.
The process of RPA change management can be overwhelming if you do not know where to begin. But, not to worry, this blog aims to provide you with 6 Robotic Process Automation change management best practices for your financial institution.
6 Best Practices of RPA Change Management for Banks & Credit Unions
According to the Shared Services and Outsourcing Network's (SSON's) Global IA Report, 44% of businesses reported change management as the main reason behind failed RPA implementation. There are several forms of change management. The simplest definition of change management can be defined as the process of examining, authorizing, testing, and installing a new release of an application.
Change management, without a doubt, is the most important component of your successful RPA implementation plan. Let's explore the 6 best RPA change management practices for banks and credit unions to succeed with digital transformation.
1. Right Selection of Tasks that RPA Must Automate.
There goes a lot into automating any task. You invest a lot of time, resources, and effort in it. While you can automate it, you shouldn't necessarily automate every process or task.
RPA is recognized to offer a significant return on investment. However, if you automate the incorrect activities, this promise rapidly disappears. Applying RPA to processes that are highly complicated, non-standardized, and have more than 40% exceptions is a common error. These procedures frequently involve human judgment and fluctuate in their labor demands.
You must do research before automating processes to not disrupt the working order all at once and, thus, give rise to a scenario where you’ll have to begin everything from scratch again. After thorough research, you will learn about the potential areas for improvement and existing loopholes in the functioning of the current working system. Then you can select the process RPA can automate for better work efficiency.
To get the most out of your RPA investment, it's crucial to carefully assess your processes because certain processes create better RPA use cases than others. Then, enlist the help of both your IT team and business analysts to determine your most excellent RPA use cases. We advise you to look for procedures that exhibit some of the characteristics listed below:
- Processes that are manual, prone to error, time-consuming, and time-sensitive
- It does not require human judgment
- High-volume, repetitive, and tedious
- Constant over time and handles a high volume of transactions
- Has easily accessible test data and low exception rates
- Involved with sensitive data and impacts the bottom line
2. Provide Sufficient Training for Bots and Employees.
You can't just set RPA bots up and leave them alone. Too frequently, businesses merely provide their bots with a brief training at the start of installation. RPA bots can operate autonomously and without error, but they need some assistance at the beginning and little upkeep throughout their lifetimes.
Businesses frequently neglect to train their staff on correctly utilizing RPA bots. Employees may start doing this work typically performed by a project team as bots make writing new code simpler than before. This addition raises the danger of shadow deployments, which might harm your operations and cybersecurity. A task's complexity may increase exponentially until it exceeds the complexity of a manual procedure.
3. Research and Review the Current Working Conditions.
Before implementing RPA change management best practices for your bank or credit union, you must conduct complete research and review the working condition and current working system. The research and review must include the working hours taken to perform various tasks, the value return for these tasks, and the associated expenses.
Your RPA investment shouldn't be a one-time thing. Without adequate long-term planning, you risk missing out on many of RPA's advantages, and expanding will be next to impossible. Not having strong governance or a team of individuals from throughout your business committed to the success of your RPA investment is another typical RPA error. According to CIO.com, this error is the single biggest driver of value accretion in RPA, making it particularly harmful. It will also be challenging to stay on track and accomplish your objectives without a capable project management team at your side.