What is the best RPA Tool? (UIPath vs Blueprism vs AutomationAnywhere)

In 2022, there are many different Robotic Process Automation (RPA) Tools for you to choose from. It is a massively growing area, and with each passing year, more businesses are looking to RPA to solve many of their operational inefficiencies. One of the main benefits of RPA usage is the lack of any need to be a coder to use it, which is why many “no-code” aficionados are gravitating towards RPA tools.

Despite the large variety of options out there, there are three main contenders for the title of best RPA tool. The main tools are:

  • UIPath
  • BluePrism
  • AutomationAnywhere

UIPath

UiPath is a Robotic Process Automation software that enables the automation of business processes through the use of Artificial Intelligence (AI). UiPath studio offers drag and drop functionality for process automation, making it easy for even novice users to get started with RPA.

Benefits of UIPath

– UiPath offers pre-built automation templates for common business processes, making it quick and easy to get started with RPA

– UiPath’s drag and drop functionality makes process automation easy, even for novice users

– UiPath studio offers a free community edition, making it a cost-effective solution for businesses of all sizes

Drawbacks of UiPath

– UiPath does not offer as many features as some of the other RPA tools on the market, making it less suitable for complex automation tasks

– UiPath’s licensing model can be expensive for businesses that require a large number of licenses

BluePrism

Blue Prism is a Robotic Process Automation software that enables the automation of business processes through the use of Artificial Intelligence (AI). Blue Prism offers a wide range of features and capabilities, making it suitable for businesses of all sizes.

Benefits of Blue Prism

– Blue Prism offers a wide range of features and capabilities, making it suitable for businesses of all sizes

– Blue Prism’s licensing model is flexible and can be tailored to the needs of each business, making it a cost-effective solution

– Blue Prism has a strong community support network, making it easy to find help and advice when needed

Drawbacks of Blue Prism

– Blue Prism’s learning curve can be steep, making it difficult for novice users to get started

– Blue Prism does not offer as many pre-built automation templates as some of the other RPA tools on the market, making it less suitable for quick deployment

Automation Anywhere

Automation Anywhere is a Robotic Process Automation software that enables the automation of business processes through the use of Artificial Intelligence (AI). Automation Anywhere offers a wide range of features and capabilities, making it suitable for businesses of all sizes.

Benefits of Automation Anywhere

– Automation Anywhere offers a wide range of features and capabilities, making it suitable for businesses of all sizes

– Automation Anywhere’s licensing model is flexible and can be tailored to the needs of each business, making it a cost-effective solution

– Automation Anywhere has a strong community support network, making it easy to find help and advice when needed

Drawbacks of Automation Anywhere

– Automation Anywhere’s learning curve can be steep, making it difficult for novice users to get started

– Automation Anywhere does not offer as many pre-built automation templates as some of the other RPA tools on the market, making it less suitable for quick deployment

UiPath vs Blue Prism vs Automation Anywhere

So, what is the best RPA Tool? UiPath, Blue Prism or Automation Anywhere?

The answer to this question depends on the specific needs of each business. UiPath is a good choice for businesses that need a quick and easy solution for process automation. Blue Prism is a good choice for businesses that need a more comprehensive solution. Automation Anywhere is a good choice for businesses that need a flexible and cost-effective solution.

In short, there unfortunately isn’t a straightforward answer. The reality is that the best RPA Tool depends on your specific needs, and what your goal outcome is. Generally, if you’re completely new to RPA and just want to dip your toes in the water, then UiPath is probably the easiest to get to grips with, as they have a vast amount of tuition online in order to learn UiPath. However, for those looking for the most cost-effective option, definitely look towards Automation Anywhere.

If you have any other questions on what the best RPA Tool on the market is, then please leave a comment below and I will strive to get back to you as soon as possible.

How to Measure the ROI of Automation

It is essential to be able to calculate what the Return on Investment (ROI) of our projects are in the automation world. Measurement of key performance indicators (KPIs) will allow us to conclude whether a project has been effective or not. This can lead us down two paths. Either the automation process needs to be improved, or in less likely scenarios, scrapped altogether. It is important to have a clear understanding of how we can calculate ROI so that automation projects are executed seamlessly.

There are two types of automation KPIs that should be looked at when calculating ROI: process automation KPIs and software automation KPIs. Process automation KPIs focus on the overall performance of the process, while software automation KPIs focus on the performance of the software.

To calculate ROI, we need to take into account the following factors:

– The cost of automation

– The benefits of automation

– The risks of automation

– The return on investment (ROI) formula

Cost of Automation

The cost of automation includes the costs of the software, licenses, hardware, installation, set-up, and maintenance. The benefits of automation include increased efficiency, improved quality, increased consistency, and reduced costs. The risks of automation include the potential for errors and disruptions.

At the end of the day, automation projects should be evaluated on a case-by-case basis. There is no one-size-fits-all solution, and what works for one company may not work for another.

Benefits of automation

There are many benefits of automation that can be realized, such as increased efficiency, improved quality, increased consistency, and reduced costs.

Increased efficiency: Automation can help you get more work done in less time. This is because automation can help you eliminate manual tasks and processes. For example, if you are a data entry worker, automation can help you input data faster and with fewer errors.

Improved quality: Automation can also help improve the quality of your work. This is because automation can help you eliminate manual tasks and processes that are prone to errors. For example, if you are a data entry worker, automation can help you input data with fewer errors.

Increased consistency: Automation can also help improve the consistency of your work. This is because automation can help you eliminate manual tasks and processes that are prone to human error. For example, if you are a data entry worker, automation can help you input data with fewer errors.

Reduced costs: Automation can also help reduce the costs associated with your work. This is because automation can help you eliminate manual tasks and processes that are costly. For example, if you are a data entry worker, automation can help you input data faster and with fewer errors, which can help reduce the cost of data entry.

It is important to evaluate each automation project on a case-by-case basis, as the benefits can vary significantly depending on the individual project. Some may lean more towards consistency being the overall goal, while others may purely be a cost reduction measure. This links into an earlier point on measurement of key performance indicators, and the “key indicators” will therefore differ in each scenario.

Measuring Risks of Automation

There are many risks associated with automation, such as the potential for errors and disruptions.

Potential for errors: One of the risks of automation is the potential for errors. This is because automation can help you eliminate manual tasks and processes that are prone to human error. For example, if you are a data entry worker, automation can help you input data with fewer errors.

Potential for disruptions: Another risk of automation is the potential for disruptions. This is because automation can help you eliminate manual tasks and processes that are subject to change. For example, if you are a data entry worker, automation can help you input data faster and with fewer errors, which can help reduce the cost of data entry.

Automation ROI Formula

The ROI formula is as follows:

ROI = (Benefits of Automation – Costs of Automation) / Costs of Automation

For example, if the benefits of automation are $100,000 and the costs of automation are $50,000, then the ROI would be 100%.

It is important to note that ROI is not the only factor that should be considered when making decisions about automation projects. Other factors such as risk, business objectives, and time frame should also be taken into account.

When calculating ROI, it is important to use accurate data and assumptions. Automation projects can be complex, and there can be many variables that impact the outcome of the project. As such, it is important to work with a team of experts who can help you make accurate calculations.

Is the ROI on the Automation Project Good Enough?

The answer to this question depends on your automation goals. If your goal is purely to reduce costs, then you will need to determine if the cost savings are sufficient to justify the investment. If your goal is to improve quality or consistency, then you will need to determine if the improvements are sufficient to justify the investment.

Should you Discontinue an Automation Project if it is not meeting ROI expectations?

This is a difficult question to answer, as there are many factors that need to be considered. If the automation project is not meeting your ROI expectations, you will need to determine if the cost savings are sufficient to justify the continued investment. If the automation project is not meeting your quality or consistency goals, you will need to determine if the improvements will take significant time or money in order to implement them. This involvement is likely to be dramatically impacted by how far away from the ideal goal you are. If, for example, your goal is to save 10 hours per month, and currently the project saves 30 minutes per month – you have a lot of work to do! However, if you’re currently saving 9 hours per month, it could be that the process just needs to be fine tuned in order to reach your ideal target.

Conclusion

Overall, the measurement of ROI of your automation project is very personal. We all have different goals in mind, and therefore it is impossible for one person to tell another how they should be measuring their goals. The best advice to give here is simply to truly understand what your expectations are, and what you are aiming for.

Can RPA Convert Speech to Text?

What is Speech to Text?

Speech to text is the process of converting spoken words into written text. This can be useful in a variety of situations, such as when you want to transcribe a meeting or lecture, or dictate a document. In short, RPA can be used to automate this process, making it easier and faster for you to convert speech to text.

Ways RPA can Convert Speech to Text

There are a few different ways that RPA can convert speech to text. One popular method is using speech recognition software. This software is designed to listen to speech and then convert it into text. RPA can use this software to automatically transcribe speech into text.

Another way that RPA can convert speech to text is by using optical character recognition (OCR). OCR technology can be used to scan and recognize text from images or documents. RPA can use OCR to scan spoken words and then convert them into text.

RPA can also use a combination of speech recognition and OCR to convert speech to text. This approach can be used to transcribe audio files or live speeches. RPA can first use speech recognition to listen to the speech and then use OCR to recognize the text from the audio. This approach can provide more accurate results than using either speech recognition or OCR alone.

There are many benefits of using RPA to convert speech to text. RPA can automate the process, making it faster and easier for you to transcribe speech. RPA can also provide more accurate results than using speech recognition or OCR alone. RPA can also be used to transcribe audio files or live speeches.

If you are looking for a way to convert speech to text, RPA may be the right solution for you. RPA can automate the process and provide more accurate results than other methods. RPA can also be used to transcribe audio files or live speeches. Contact us today to learn more about how RPA can help you convert speech to text.

Can RPA Recognize Voice Commands?

Yes, RPA can recognize voice commands. RPA is equipped with speech recognition capabilities that enable it to understand and respond to voice commands. This makes RPA an ideal tool for automating tasks that require human-computer interaction, such as customer service or data entry. RPA can also be used to control other software applications, making it a versatile tool for a variety of business processes. Thanks to its speech recognition capabilities, RPA can significantly improve the efficiency of any process that relies on human-computer interaction.

RPA & Speech Recognition

Speech recognition is a technology that enables computers to convert spoken words into text. RPA uses speech recognition to understand and respond to voice commands. This makes RPA an ideal tool for automating tasks that require human-computer interaction, such as customer service or data entry. RPA can also be used to control other software applications, making it a versatile tool for a variety of business processes. Thanks to its speech recognition capabilities, RPA can significantly improve the efficiency of any process that relies on human-computer interaction.

RPA is an excellent choice for automating processes that require human-computer interaction because of its speech recognition capabilities. RPA can be used to automate customer service, data entry, and a variety of other business processes. RPA can also be used to control other software applications, making it a versatile tool for process automation. Thanks to its speech recognition capabilities, RPA can significantly improve the efficiency of any process that relies on human-computer interaction.

HOME AUTOMATION HACKS

5 Amazing Automation Hacks you can use at Home

We are seeing a growth in automation in the business world. However, we are also seeing a growing interest in ‘Smart Automation’ in our homes too! “Smart Homes” have been a thing for quite a while, both in reality and in the world of Hollywood. However, until recently, really cool smart tech was out of bounds for anyone without a massive spending budget for their home. We have seen automation gadgets become more mainstream recently, and as a result, the price bracket has become far more approachable by the masses.

Your average person can now begin adding sensors and little automation gadgets to their home, starting from as little as $30! Furthermore, these gadgets have become so accessible that you no longer need to be a tech whizz in order to implement them.

With all of this in mind, it can still be somewhat overwhelming knowing exactly what you could implement into your home in order to create a smart home environment. Therefore, we’ve pulled together five amazing automation hacks which we have implemented into our own home, and what we believe anyone looking to do the same should start off with.

There are an increasing number of options available to those who want to automate aspects of their home life. Here are 5 amazing home automation hacks that can make your life easier:

1. Remotely control your home lighting using your smartphone or home assistant. This is a great way to save energy and add convenience to your life.

2. Automate your home security system to include features like motion-activated cameras and door locks. This will give you peace of mind and deter burglars.

3. Use home automation to control your home appliances and save energy. For example, you can program your washing machine to only run during off-peak hours.

4. Create a home entertainment system that can be controlled from your smartphone or home assistant. This will make it easy to play music, movies, and TV shows at the touch of a button.

5. Use home automation to make your life more convenient. For example, you can program your home assistant to remind you of upcoming appointments or to turn off all the lights when you leave the house.

Now, let’s go into a little more detail in how you could implement the five suggestions into your own home.

Automated Home Lighting

An automated home lighting system is a great way to improve your home’s energy efficiency and security. With an automated system, you can control your lights from anywhere in the house, whether you’re at home or away. You can also set timers and schedules to suit your needs. Plus, automated systems often come with security features like motion sensors that can deter burglars. So if you’re looking for ways to save energy and money, or improve your home’s security, an automated home lighting system is a great option.

Automated Home Security System

An automated home security system is a home security system that uses technology to automate the process of keeping your home safe. This can include features like automated door locks, security cameras, and more. Automated home security systems can offer a high level of protection, making them a great option for families or businesses.

Automated Energy Saving (Appliances)

There are many platforms, services and products which you can use in order to reduce your overall energy consumption within your home. Some products will help you monitor your energy usage, and make you more conscious of where you may be over-consuming. Other products will actively reduce your consumption. Automated energy saving products are becoming increasingly available and popular, as they can be very effective in saving you money on your energy bills.

One automated energy saving product is the Nest Thermostat. The Nest Thermostat is a learning thermostat which programs itself to save you energy, based on your usage patterns. It can also be controlled remotely, so you can make sure that your home is not using more energy than necessary when you are away.

As already mentioned, there are home lighting options. These can not only be ‘automated’ but also actively benefit your energy consumption. Automated energy saving products include LED light bulbs, which use less energy than traditional incandescent bulbs, and occupancy sensors, which can turn lights off automatically when a room is empty. There are also many smart home devices which can be used to automate tasks like turning off appliances when they are not in use, or setting the temperature of your home based on when you are typically away.

Automated Home Entertainment System

If you’re looking for a way to have an automated entertainment system in your home, there are a few things you’ll need to do. First, you’ll need to choose the right equipment. You’ll need a TV, a Blu-ray player, and a surround sound system. Next, you’ll need to set up the system. This includes connecting all of the equipment and making sure it’s all working properly. Finally, you’ll need to test the system to make sure everything is working as it should. Once you’ve done all of this, you’ll be able to enjoy your automated entertainment system!

Automated ‘Smart Home’ System

The overall goal of automation in your home is to create an overall ‘smart home’ environment to live in. To do this, you’ll want to consider the various smart devices available on the market and how they can work together to create a smooth, cohesive experience in your home.

You’ll also want to take into account things like your budget and any specific needs or wants you have in terms of automation features.

Once you have a good understanding of what’s available and what you need, you can begin creating your smart home setup.

One of the first decisions you’ll need to make is which smart devices to include in your setup. There are many different types of smart devices available, from lighting and security systems to appliances and entertainment systems as discussed above.

As you’re choosing which smart devices to include, keep in mind how they’ll work together and how they can complement each other to create a cohesive smart home experience.

For example, you might want to include a smart thermostat as part of your automated smart home setup. A smart thermostat can help you save energy and money by automatically adjusting the temperature in your home based on your daily routine.

You can also use a smart thermostat to control other devices in your home, like your lights and security system.

Another important consideration when creating an automated smart home is your budget. There are many affordable smart devices available, but some can be quite expensive.

Take the time to research different products and compare prices before making any final decisions. You should also consider whether you want to purchase a complete smart home system or build your own custom setup.

If you’re considering purchasing a smart home system, there are a few things to keep in mind. First, make sure the system is compatible with the smart devices you already have or plan to purchase.

You should also make sure the system offers the features and flexibility you need to create the smart home setup you want.

Once you’ve decided which smart devices to include in your automated smart home, it’s time to begin setting everything up. If you’re using a smart home system, the process will be fairly simple. Just follow the instructions that come with the system. If you’re creating your own custom setup, you’ll need to do a bit more research to figure out how to connect all of your smart devices. You might need to purchase additional equipment or software to get everything up and running smoothly.

Once everything is set up, it’s time to start enjoying your new automated smart home setup! You can use your smart devices to control every aspect of your home, from the temperature and lighting to entertainment and security.

With a little bit of planning and effort, you can create a smart home that perfectly suits your needs and lifestyle.

In Conclusion

By using these home automation hacks, you can make your life easier and save time and energy. So, what are you waiting for? Start automating your home today!

AUTOMATION-TOOLS-FOR-ACCOUNTANTS

Automation is a Kick-Ass Tool for Accountants

Robotic Process Automation (RPA) has become incredibly useful for accountants in recent years. The technology is allowing them to vastly improve efficiency and work output. The pandemic has only caused the uptake of automation in the accounting space to speed up significantly.

The Big 4 accounting firms are starting to increasingly rely upon automation, which is leading to significant improvements in the output for their clients. Big 4 staff have historically been over-worked during busy season, and automation is leading towards an increase in overall staff happiness, as they are able to eliminate some of the more mundane aspects of their roles.

“RPA is the here and now kind of technology that organizations are utilizing,” said Brian Cassidy, audit and assurance partner (Deloitte)

Despite the obvious benefits that automation can bring to an accounting team, there are also plenty of reservations and fears surrounding automation software. Ultimately, this stems from a misunderstanding of automation as a general tool. Some assume that automation will take over the majority of the accounting process. However, in reality the automation software will simply increase task accuracy and efficiency, while the professionals are still in place to perform the crucial tasks of analysis and data interpretation.

What is Accounting Automation?

Simply put, there is software out there which will allow accountants to automate certain aspects of their role. Predominantly the manual repetitive tasks which have reliable inputs and outputs. Think data gathering, reporting running, reconciliations etc. All of these mundane tasks can be completed by an automated process instead of completed manually. Often automation can not only reduce human error, but it can also complete tasks infinitely faster than a human can. When implemented correctly, automation can become an integral part of an accounting team’s arsenal of tools

Difficulties of Accounting without Automation

Accounting is a highly error sensitive area of business. One accidental typo or error can lead to significant costs and issues for a business or client. Therefore, any accountant values to potential to reduce human error. There are plenty of disadvantages of manual accounting which could potentially be resolved by the implementation of an automated process instead:

Potential for Errors

Naturally, anything which is completed by a human has at least a small risk of having errors. As the Rag n Bone man song goes: “I’m only human”. Whether it be through stress, distraction, or any other number of reasons. If you have never made a genuine error by mistake, then you’re lying.

Anything which can be implemented in order to reduce the risk of these errors should be appreciated greatly. Some common mistakes which can be mitigated in the accounting world are entering incorrect information, errors in transporting figures, record keeping errors.

The more manual a process is, inherently the higher the risk of human error. And let’s be honest, do you want to be the person who has to trawl through other people’s work in order to make sure it is correct. I’ve worked in audit….trust me….it isn’t fun! Therefore, the more confidence you can have that work is error free, the less checking that is needed. In fact, you can even potentially use automation in order to run checks for you instead.

Time Intensive Tasks

As the saying goes…time is money! The more time that is spent on a task, the less value that can be derived from it. Whether you are an employee within an accounts department, or running an accounting firm, this mantra still rings true. As an employee, you will relish having extra time to spend on the tasks that really matter within your role. Having a day of mundane repetitive tasks which you do not enjoy, but unfortunately need to do is a feeling which resonates with many employees worldwide. Unfortunately, when a business continues to focus on manual tasks, this will continue to happen. And guess what? The more mundane you find a task, the more likely your concentration will slip, and you will make a human error. Revert to the previous point on error reduction.

You should never look at a task and think of it as wasted time. Ultimately, if you are doing the process, then it should provide value. If it doesn’t then automation isn’t the answer. The answer is just removing that time wasting process. The point to be made here is that some tasks provide more value than others, and some require more human intervention than others. Therefore, if we can somehow transfer our working time onto those value creating, human required tasks, we’re onto a winner!

How Automation can Help Accounting Businesses and Accounts Departments

Time Saving

I’ve been harping on about time saving throughout this post. The reality is that one of the core benefits of automation is the potential saving of time. Firstly, automation works quicker than a human ever can. Therefore, a task which might take 25 minutes for a human, could take 25 seconds for a bot to complete. This means that processes are completed quicker, and the aspects that require human interaction can be started on a more timely basis.

In addition to the reduction in process timing, using the above example, an employee now has saved 25 minutes of their day, which can be spent on other tasks which require more attention. During my time in audit in the first few years of my accounting career, we were expected to work a minimum of 60 hours a week during busy season. I’m aware that many work far more than that year round (I’m looking at you Investment Bankers…) With the ability to implement more automation, there is potential for accountants to reduce the need for longer hours. Instead, focusing their time on providing extra value to the client.

There are many other key performance indicators of automation other than just time savings as well. It can be anything from cost savings, to error reduction, or efficiency of task completion. I have an article about measuring automation KPIs.

Comprehensive Analytics

Not only is automation good at streamlining tasks to be completed quicker, but it can also quickly provide a whole host of analytics. That can involve gathering data through APIs and then outputting that data into a report which is a mixture of internal and external data.

To give a real-life example: While working at a Hedge Fund, I was tasked with the rather mundane job of checking for updates to Share Denominators. For those not in the know, this is effectively the total number of shares held in a company in order to calculate your ownership in that company. For example 1,000,000 Shares Outstanding in a UK company you hold 1,000 shares of means you own 0.1% of that company. Now, why was this important? Well, there are disclosure thresholds, and if an Investor passes that threshold without disclosing, there can be potentially costly ramifications. These Share Denominators can change, and often do only a monthly basis (share buybacks etc). Previous to me taking on this role, the task was completed manually every two weeks. The risk here is that if a threshold is passed, you usually have around 2-4 days to make the disclosure. So, if a figure changed during that two week period, you’d be in a sticky situation.

Solution? Well, I created a script which would go through all the company websites checking for updates. This would then compare to the prior day’s figure and create a report based on any updates. Not only did this save a lot of time, as the task took around 20 minutes manually (1.5 minutes via the script), but it also greatly improved job satisfaction. Nobody wants to be that guy having to trawl through websites on a regular basis. On top of that, and arguably the biggest benefit is the reduce risk of figures being changed without us knowing.

Will Automation Ever Replace Chartered Accountants or CPAs?

Businesses will always need accountants, and automation will never get to the point where it can completely eliminate the need for human decision making. I do think automation will become more prevalent in the future, but only time will tell as to how clever it will become.

The reality of the situation is that the role of an accountant will be forced to modernise, but not be replaced over time. Accountants who refuse to take on knowledge and accept these new areas of technology may find themselves left behind by other accountants more accepting of it.

As automation becomes more relevant in the world of accounting, accountants will have significantly more time on their hands to work on more vital aspects of their jobs. Aspects which cannot be automated, such as strategy, consulting, advice, and value creation. Arguably, these are the most enjoyable aspects of your role as an accountant. If anything, automation will just make the role of an accountant far more enjoyable. Maybe we will shake the assumption that we’re all boring? Or maybe I’m being optimistic…

Overall, automation can increase the efficiency of Chartered Accountants and CPAs throughout the world, which will allow them to become far more valuable to their clients and companies.

IS-RPA-THE-ANSWER

Stop and Think Before You Use RPA

With the growth in popularity of Robotic Process Automation (RPA), it can incredibly easy to rush into trying to automate absolutely everything. It is quite common initially for people to try and “over-automate”. Whatever the task at hand may be, people feel as though there should be an automated solution for it. However, that isn’t the reality. Some processes just aren’t suitable for automation. Also, some processes should be improved before they are automated. Automation isn’t a one-stop-shop solution, and it certainly isn’t a solution for an inefficient process.

Many companies are seeking improved efficiencies, process streamlining, and reduced errors through automation. The reality is that if you automate the wrong things, you will be fighting a losing battle. So, the question here is when is it not suitable to try and utilize RPA within the business? Let’s look at some potential scenarios:

The Process Shouldn’t Be Automated

Not all processes are suitable for automation. The standard rule of thumb is that anything which involves a lot of consistent manual input with repetition should be suitable as an RPA candidate. However, this is a general rule and isn’t a guaranteed result. Some processes just simply don’t suit being automated.

You should take a look at the process you are considering automating and ask yourself the following questions:

  1. How stable is the process? Does it go through changes, or diversions in the process regularly?
  2. How often does the process change?
  3. Is the process well documented?

As a general rule of thumb, you may be setting yourself up for more pain than it is worth if you try to automate something which is highly unpredictable or unstable. In saying that, it isn’t impossible to automate these tasks. However, my recommendation would be to always try to improve those processes so that they do become more stable if possible before you attempt to automate them.

A process that changes constantly generally isn’t suitable for automation. We’re getting to the point where AI is becoming a reality, and once that arrives, we will be able to handle tasks with a little less predictability. However, for the time being, true AI is likely going to require a significant custom cost implication, and will likely outweigh the benefit of the automation.

The Benefit Does Not Outweigh the Effort

This is incredibly common when someone first gets introduced to automation. The attitude can lean towards trying to automate absolutely everything. As discussed above, some tasks just aren’t suitable for automation, and the cost of automating can outweigh the benefit gained. There are also instances where the process just isn’t worth automating due to its simplicity, or manual requirements. An automated process can sit side-by-side with manual inputs, but sometimes the entire process is better as a wholly manual task rather than partially automated.

Having an effective KPI setupset up in order to decipher whether your automated processes are valuable or not is essential. However, all automated processes should be assessed for their likely effectiveness before they even enter production.

It is always worth measuring the potential ROI on an RPA project before you deploy it. It can save you significant headaches later on down the line when you realize the manual process was better, and you need to unravel your process to become a manual task again.

The Process Requires Improvement Rather Than Automation

It is easy to look at automation as the savior of all inefficiencies within a company. But the harsh reality is that sometimes the process just isn’t very good. This can come from years of using old processes and stitching new additions to that old process. This ultimately creates a poor process with a mishmash of other sub-processes bolted onto it over time.

Simply put, the best outcome can sometimes just be taking that process to the drawing board, and figuring out how to improve it. Sometimes there are steps that you no longer need. Sometimes an aspect of the process could be improved to make the whole process more efficient.

However, once a process has been improved, then perhaps you could look at options for automation. As I have already mentioned, trying to automate a task that is poorly set up, inefficient, or requires improvement can end up costing you more than the benefit of the automated outcome.

The Process Isn’t Valuable

Sometimes you just need to take a hard look at what produces value in a company. So many times I have seen processes executed which are completed by someone purely because “that’s how they have always done it”. Once you strip back the fact the process has always been there, and really look at the effectiveness and value the process brings. Often you realize that the process isn’t even needed.

Ultimately, removing a process that isn’t providing value will provide more efficient benefits to staff than implementing an automated process in its place.

Conclusion

I think the main conclusion you can draw from this article is that understanding your processes is the key. Constantly looking at processes and wondering whether what you are doing is the best way to do it. Just trying to chuck automation at a problem won’t necessarily solve it, it will just make a bad process an automated bad process, to begin with, An efficient process to begin with will be far more suited to an RPA implementation project than an inefficient one.

How to Measure Automation KPIs

When I first started creating automated processes, I didn’t even measure their performance. I just created them, ran them, and hoped for the best. Which, to be fair, was initially fine. If you are creating automation solutions just for yourself, then you could argue that monitoring performance is somewhat redundant. However, if you’re in a team and promoting your automated processes, or trying to show the improvements they have brought, you will need to set some benchmarks.

This all came to me when I was trying to convince my colleagues that automation was great, and they should get on board with using it. It can be surprisingly difficult to convince people who aren’t “into automation” that it is a great tool. But, your purpose for automation key performance indicators (KPIs) may not be the same as mine originally was. Some general usages of KPIs might be:

  • Monitor improved efficiency/gauging progress
  • Setting targets/goals to achieve
  • Making a case for automation implementation
  • Decision making

How to Monitor Automation KPIs

There are a few options you have here, but in my view, the best option is creating a ‘KPI Dashboard’. Again, a variety of options for a dashboard. I tend to go with simplicity, so I just created an excel dashboard. The core of this is obtaining important data points. My initial KPI dashboard was very simplistic and just focussed on some really basic metrics.

How did I get the data? At the time I was using Python to run all of my automated tasks. So, I simply created an excel file for the Dashboard, and my first tab was just a log of all of my automated processes. Each Python script I made would include measurement of time: When the process started, and when it ended. Therefore calculating the time it took to run each process. Each time a script ran, it would add the following datapoints to the log’s last line:

  1. Name of Process
  2. Date of Process
  3. Time of Process
  4. Average Manual Process Time
  5. Actual Automated Time
  6. Time Saved

Manual Time vs Automated Time

Let me touch on the manual process time for a moment. In order to obtain this, whenever I created an automated process, I would time myself three times completing the manual task. Nothing fancy, I would just start the stopwatch on my iPhone and time it. I then took an average of the three attempts, and then the script would hard-code that time into the log each time. Based on this, it would calculate the time saved.

For example. If a manual process took 20 minutes (1,200 seconds), but the automated process took 36 seconds. The script would log that the process saved 1,164 seconds in that specific instance.

Fundamentally, the success of a KPI dashboard is in the actual underlying data. Get this right, and you can do whatever you want with the dashboard within reason. The trick here is to just sit down and think exactly what data metrics you may need for your specific scenario.

Remember, there is a lot you can do with simple data. You can create averages, extrapolations, visuals, estimates, etc. One useful metric I used was a hypothetical cost saving. I took a rough salary of someone in the team handling the manual tasks @ $30/hour and then I calculated the monthly monetary saving from the time which was saved running the automated processes.

How Often to Look at Automation KPIs

Trust me, it can be very easy to check on these every single day. Don’t. You’ll drive yourself mad.

I used to report the metrics to the team on a quarterly basis but would check how they were looking every two weeks roughly. This was primarily a check to make sure nothing was going wrong with the logging of the data more than anything else.

Common Automation KPI Metrics

  1. Total Automated Proccesses Complete
  2. Average Time of Automated Process
  3. How Often Automated Processes Ran (EG – Average Daily Number)
  4. Error Tracking
  5. Estimated Value
  6. Process Break Tracking

Amazing Improvements to Audit through RPA

As someone who once worked in the world of Audit, I can attest to the fact that it is the bastion of boring repetitive tasks. Which, as it so happens, makes it one of the perfect candidates to benefit from an RPA tool. Audit has adapted quite significantly over the years, but fundamentally it runs on the basis of very specific rule-based tasks. Does X match Y? If X is more than Y, include in sample. You get the point…

Audit involves a lot of gathering of data, and copying and pasting of data, and inputting manual notes onto documents. These are incredibly time consuming tasks, but most importantly, they can be mind numbingly dull. The Big 4 firms are seeing a mass exodus from the industry as a result of the pandemic, and one can’t help but think that the actual work itself is one of the core reasons.

Something we always harp on about here at Solutionyst is the mental health benefits of RPA/Automation. Enabling employees to engage their brain, rather than burying their day in endless copying/pasting. Which, unfortunately, can be the reality of an audit junior. I know…I’ve been there!

Robotic Process Automation (RPA) in simple terms is a software tool which interacts with other applications in the same way a human would. It performs actions based on a set rule and trigger. This means that assuming the logic and ruling is consistent, it makes a perfect addition to an auditors arsenal of tools in order to make an audit much more efficient. Moffitt et al (2018) wrote a research article on RPA in the Audit industry, and described it as having the potential to disrupt the traditional audit model. So, fundamentally, on the surface RPA has the potential to not only improve audit efficiency, but also audit quality, and employee satisfaction as well.

Audit Applications for RPA Usage

I used very minor automated processes during my time in Big 4 audit. Primarily, they were small solutions which made the selection of samples a little quicker. But the focus of this wasn’t to save time and improve efficiency, the processes here were to create a “third party” selection process (IE – a robot select a sample, rather than a human). This meant that as auditors we could argue that the samples being selected had no element of bias from the auditor themselves.

However, we could have taken this one step further. For example, an RPA solution could be used to select a series of items for the sample, extract those items, and then send out the requests for backup of those same items to the client. All with the click of a button. This normally would have taken some time between selection, highlighting, extraction, approval and sending. However, with RPA something which might have taken 30 minutes to an hour, now takes seconds.

The main benefit of RPA usage within the audit world is certainly surrounding its ability to improve the audit evidence gathering process. RPA can take standard data and combine it with external sources and reconcile in order to create a fully reconciled audit paper. Whether that be Cash balances reconciled to bank statements, or invoices reconciled to expense log items. Assuming the process is streamlined enough, in theory, you could use RPA to fully automate a whole section of the audit process. For example:

  1. Select a sample from a list of expenses
  2. Send a request to the client for the invoices to match those expenses
  3. Monitor emails for receipt of the invoices
  4. Once received, match up the invoices to the selected expense balances
  5. If there are any errors, not these to the team
  6. If no error, display the outcome in the audit work paper

Obviously this is somewhat of an over simplification of the process, and nothing ever runs that smoothly. It is most likely that the client will drip feed invoices to you over time, and some will be missing or they’ll have accidentally sent the wrong invoice. However, what you can do is split an RPA process into two sections. The gathering stage, and then the reconciliation/reporting stage.

Because RPA can significantly improve the efficiency of an audit, it will inherently have improvements to the overall quality of the audit as well. This is because the auditors themselves will have time to manually work on the more complex aspects of the audit. With more time, there will be less pressure to complete the audit on time, which means no rushed decision making. The overall effectiveness of the audit process will improve. While the client often does not care about the audit itself, and just views it as a tick-box checking exercise, they will likely appreciate the improved awareness of the accounts that the team will have with less time-constraint. There’s no doubt that the audit client hates receiving last minute requests, so the time savings will also benefit the client in this manner too.