An RPA implementation yields numerous benefits and an expected ROI only when the strategies to maximize ROI are in place. Read the blog to know about various strategies and which ones to adopt to maximize your RPA ROI.
Calculating the ROI on RPA deployment feels like a cakewalk, but in reality, it is a challenging task. From taking account of hours saved to measuring productivity and development costs, it becomes a conundrum to measure the ROI besides there are a lot of intangible benefits of RPA implementation too.
Companies of different sizes follow a different approach to measure and chalk-out their unique path to calculate the ROI. While small companies automate the low-hanging fruits first, i.e the first processes which need immediate attention, the larger ones often choose an entire RPA program to automate. The former identify the staff hours that can be saved and estimate the benefits relatively quickly. But for the latter ones, the benefits can not only be limited to a specific process but rather to a portfolio of processes and require a 24 to 36 month period.
There are multiple ways, methods, formulas and approaches to calculate the ROI on RPA, but designing a strategy or framework is the first logical step to maximize the ROI. for any organization.
So, here we are listing a few of the strategies that you can implement in your organization and reap maximum benefits from your RPA implementation.
Right Processes – Well begun is half done! When you choose the right processes to begin your automation journey, you are already halfway through successfully achieving the ROI. Choosing the front office time-consuming repetitive tasks first as they directly interact with the clients and often require more human intervention is the right step. It will make the action error-free and the team can devote more time to attending to unique customers.
On the flip side, back-office systems can be chosen after the front office tasks are automated since the back-office ones are easy to implement, requires less human intervention, and can run completely autonomously.
Right Team – An outstanding human team is a key to a successful RPA implementation and the best strategy to gain maximum returns. But, as every story has two sides, deciding on whether an organization should build an in-house team or hire a third-party provider is challenging.
Though an in-house team will result in lower costs and better support for business initiatives, training the workforce incurs high costs and a lot of time goes into training the workforce that might further delay the implementation. Alternatively, hiring a third party incurs huge consultancy and post-implementation support costs which might be heavy on the pockets and suitable only when there is plenty of implementation in the pipeline.
The best for most companies is to adopt a hybrid model that leverages the resources, knowledge, and experience of a third-party RPA provider with the business expertise of in-house staff that delivers the best RPA ROI.
Right Time – Initial – Before implementation, project leaders can use ROI benchmarks and data from previous implementations to build the case for RPA. By showing what the technology is capable of delivering, companies can better plan for implementation and ensure that business leaders give the project the necessary resources.
Ongoing – As an RPA implementation develops and becomes more mature, it is important for the organization to understand the effects of the project, including those that are more difficult to quantify such as customer experience. Collecting ROI data during the entire project cycle helps validate the initial assumptions, identify areas for improvement, and help build support for additional initiatives.
Right Platform – A number of factors need to be considered while choosing the right platform as it is one of the most determining factors to calculate ROI, such as scalability which is paramount in accelerating the RPA payback period. Also, look for tools that easily integrate with the widest array of systems when choosing a platform. A platform with diverse functionalities should be preferred over platforms with minimal functionalities.
Right Automation – It’s difficult to understand which type of automation to integrate; attended or unattended, just by going through their names. Moreover, automating operations involves a lot of time and resources. If your business involves small-scale processes which a user primarily initiates, attended robots are suitable. Whereas, for processes that can be automated from beginning to end, unattended robots should be preferred.
Orchestration – From provisiononig to configuration, deployment, monitoring and logging, orchestrator performs numerous functions and is capable of streamlining all operational processes. Working with orchestrator is the ultimate way to reap high ROI from automation.
RPA has the ability to deliver real value in a variety of ways with minimal upfront investment. ROI is crucial for organizations and the right strategy at the right time with the right set of people will definitely propel your investment.