Mastering RPA: Top 10 Tips for Building a Center of Excellence in Financial Institutions

Perform Testing and Initial Assessment

Conduct a comprehensive analysis of RPA benefits and costs specific to your business. This includes a cost/benefit analysis, ROI reporting, and estimation of improvements in operational efficiencies.

Seek External Assistance

Engage external subject matter experts (SMEs) to provide insights on RPA implementation, potential savings, and associated costs. This ensures a thorough assessment and effective strategy development

Form a diverse team or board comprising IT professionals, department SMEs, and holistic thinkers to oversee the RPA strategy's impact across the organization. This ensures mutual benefits across divisions and effective monitoring of implementation

Develop a detailed plan outlining the integration strategy, technological investments, staffing requirements, and employee training. Ensure clarity on roles and expected benefits for all stakeholders involved

 Collaborate with IT early on to configure robotic automation systems and address scalability issues. Define roles and responsibilities to ensure proper governance and prevent technology-related challenges.

Create Scalable Technology

Communicate the RPA strategy to relevant executives and staff, and conduct a pilot program with one division or line of business. Track progress, identify best practices, and address obstacles before scaling up.

Pilot RPA with One Division or Line of Business

Scaling the RPA Strategy

Expand the automation strategy based on insights from the pilot program while monitoring progress. Prioritize rollout, solve change-management issues, and ensure alignment with organizational goals

Governance

Implement best practices, report progress, and address challenges through effective governance. Utilize management dashboards to track performance, identify areas for improvement, and ensure seamless integration across divisions

Robust Communication Strategy

Maintain open communication channels to alleviate employee concerns, highlight successes, and empower involvement in the RPA strategy. Share success stories and quantifiable results to build confidence and support

Be Adaptable

Stay abreast of technological advances and be prepared to integrate new technologies into the RPA strategy. Adapt the COE to overcome future obstacles and continuously improve operational efficiencies