The RPA Roadmap: A Walk Through the Implementation Process

An RPA roadmap is crucial in determining the success of an automation project, clearly detailing every step to ensure proper implementation, from start to finish.

Robotic Process Automation (RPA) brings significant benefits for organizations across industries, including for software providers in the investment management space.

RPA is the key to streamlining operations, reducing costs, and improving accuracy by automating repetitive, time-consuming manual tasks.

However, the success of any RPA project depends heavily on a well-structured implementation process.  

Below are the typical steps involved in bringing RPA to life within your organization.

The 5 Phases of the RPA Roadmap

Phase 1: Opportunity Assessment

The journey begins with a thorough analysis to pinpoint processes ripe for automation and ensure alignment with the firm’s business goals. Consider these key aspects:

  • Identifying High-Potential Processes: Look for workflows that are rule-based, repetitive, involve structured data, and have a high volume of transactions. Examples include data entry, report generation, and invoice processing.
  • Determining Feasibility: Assess if a process can be successfully automated with RPA. Analyze technical complexity, data quality, and the potential for exceptions.
  • Estimating ROI: Project the potential return on investment (ROI) by calculating expected cost savings, increased productivity, and improved efficiency. This helps you prioritize automation initiatives.

Phase 2: Vendor Selection

Choose a partner who aligns with your industry. It’s not enough for the vendor to know RPA, but do they know your industry? Your specific needs and technological requirements?

If you’re a software company for investment managers, choose a vendor like Empaxis that has experience building RPA for solutions for investment management software companies.

In any case, evaluate factors such as:

  • Technology Capabilities: Does the vendor have the necessary features and functionalities? Does it integrate seamlessly with your existing systems?
  • Domain Expertise: Is the vendor familiar with the types of processes you seek to automate? Do they have a proven track record in your industry?
  • Pricing and Licensing Options: Do their pricing models fit within your budget? Explore the scalability and flexibility of their licensing structures.
  • Support Services: Consider ongoing support, maintenance, and training offerings. A dedicated support team is essential.

Phase 3: Process Design and Development

This is where your RPA vision becomes a reality. Collaborate closely with your vendor to map out processes and build the bots:

  • Detailed Process Documentation: Meticulously document existing process workflows, including all steps, decision points, and potential exceptions.
  • Bot Development: RPA developers carefully configure software robots to carry out human actions within existing systems, following the documented process workflows.
  • Thorough Testing: Rigorously test your RPA solution in a staging environment to identify and address any issues before deployment. This includes unit, functional, and integration testing.

Phase 4: Deployment and Monitoring

With robust bots ready, it's time to unleash their power into your live environment. Careful planning ensures a smooth transition:

  • Phased Rollout: Consider rolling out RPA processes in a phased manner, starting with small-scale pilots before wider implementation.
  • User Training: Provide comprehensive training for your employees who'll be interacting with the RPA bots.
  • Change Management: Communicate proactively with all stakeholders to ensure buy-in and smooth adoption of the RPA solution.
  • Performance Monitoring: Establish metrics to measure the success of your RPA implementation. Monitor performance, track efficiency gains, and identify opportunities for continuous improvement.

Phase 5: Maintenance and Optimization

RPA is an ongoing journey, never a one-time project.  

To maximize benefits and ensure proper functionality, the bots must be updated regularly:

  • Updates and Enhancements: Adjust your RPA bots as processes change, requirements evolve, or new technologies emerge.
  • Governance Model: Establish a governance model to manage your RPA program, including regular reviews, change management processes, and ongoing maintenance.
  • Scaling Success: Identify additional processes suitable for automation and expand your RPA program across the organization.

Key Considerations for RPA Success

To get optimal results from your RPA experience, remember:

  • Strategic Alignment: RPA implementation should support your broader business goals. Start with processes that bring the most tangible value.
  • Change Management: Proactive change management, communication, and training are crucial for employee buy-in and acceptance of the new technology.
  • Center of Excellence: Consider establishing a dedicated Center of Excellence (CoE) to manage your RPA program, driving continuous learning and following best practices.

The Future Is Automated

RPA implementation is a transformative step toward a more efficient and data-driven workplace.

In fact, 78% of companies (surveyed by Deloitte) have begun implementing RPA and expect to increase investments in automation, but scaling RPA has proven more difficult than expected.

That is why a well-executed strategy, careful planning, and ongoing optimization are essential for harnessing the full potential of automated workflows.

By following the roadmap above, firms will greatly increase the likelihood of success with RPA, propelling your organization towards operational agility and increased competitiveness.

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